Faulu Microfinance Bank has launched a new digital banking app called Faulu DigiCash App. The new app will allow Faulu’s retail and business clients to access cashless banking as the Bank ramps up its focus on technology to better manage customer relationships.
New and existing Faulu customers can now download the mobile app to access loans and other financial solutions in real time using smartphones. They are also able to open accounts, apply for loans, post queries and even buy insurance using smartphones. Individuals and businesses can also access and track payments and manage cash using the platform.
The bank says that it targets to reach one million customers within a year as it rolls out its technology strategy which has digitized its entire operations. The bank has also upgraded and launched an electronic data management system, a customer relationship management system, an agency banking app and upgraded the USSD platform.
This is in response to the rapidly evolving trend, where customers are making less trips to banking halls resulting in increased demand for digital financial solutions.
Commenting on the new Faulu Digicash App, Faulu Bank CEO Apollo Njoroge said, “The digital solution we are now rolling out is driven by underlying trends in the market where many customers are no longer interested in going to the banking hall or spending time in long queues. Economic activities are now increasingly cashless. We had to come with a solution that empowers our customers to meet their banking needs without having to walk around with cash or keep large amounts of money in their business premises thus ensuring their safety.”
In addition to enabling banking services, the Faulu Digicash app will also offer a digital-enabled customer experience to unlock opportunities, investments and time for its growing clientele. The mobile app also includes other services like digital loans and credit scoring capabilities, customer relationship management and bancassurance. Clients can also use the Faulu Digicash solution to purchase and pay for insurance policies.
Faulu has strategically aligned its business model to provide a wide range of accessible financial services through its branch network, Faulu Mobile Banking through *339#, Faulu ATMs and through any Visa enabled ATMs countrywide.