Absa Bank Kenya has announced plans to invest Ksh. 1.6 billion (USD 16 million) in technology to enhance its service delivery.
Speaking at a media briefing at the bank’s Queensway branch in Nairobi, Absa Managing Director Jeremy Awori noted that delivering a differentiated customer experience remains at the core of the bank’s strategy.
“In the next year, we will be rolling out over 60 different technology projects, all aimed at transforming our customer experience. Some of these include automation of our loan top-up process, a first-in-the-market move which will enable our customers to apply and get top-ups on their existing loans within 15 minutes, and at the touch of a button. We will also be rolling out a fully-fledged online Business Banking platform in the coming weeks among other exciting innovations across our business segments,” said Mr. Awori.
Absa embarked on a brand transition in 2017 and set out to fully transform the business into a customer-centric organization. In this regard, the bank engaged customers across its different segments to better understand their needs further making commitments to fulfill these needs.
“In many ways, Covid-19 challenged us to live up to our commitments to all our stakeholders. The pandemic has taught businesses across the world that we must be prepared to live and operate in a volatile, uncertain, and complex environment. Today, I can say confidently that we lived up to our commitments to our various stakeholders”, said Mr. Awori.
Last year, the bank instituted different financial relief initiatives across its different customer segments to help customers navigate through the effects of the pandemic. These initiatives included loan relief and restructures valued at over Ksh. 62 billion.
For SME customers, the bank offered specific capacity-building programs to equip them with necessary skills to overcome the challenges presented by the pandemic.
Absa has similarly grown its business by introducing new propositions in its product portfolio. The bank introduced the first-in-market Absa vertical debit and credit cards as well as revamped its SME Wezesha Biashara proposition to play a bigger role in the SME sector. This proposition offers unsecured loans of up to Kes10 million which is the highest in the market, as well as LPO financing and invoice discounting of up to Kes50 million amongst other benefits.