The digital banking landscape continues to evolve with growing consumer demand for more convenient and efficient ways to access banking services and manage their finances anywhere and anytime outside of bank branches.

We have seen, in the wake of the current pandemic, virtual banking services take center stage in the banking space. A Kenya Bankers Association survey published in February 2022 indicated that “six out of 10 bank customers preferred mobile banking, and another two out of 10 recorded their preference for internet/online banking.”

For the banking industry, this has created a need for increased investment in technologies that improve productivity and increase operational efficiency to deliver reliable and more secure digital banking solutions to customers.

Equity has been at the forefront of innovation to ensure its clients have tailored solutions that simplify their lifestyle and meet their needs. In line with the Bank’s innovation strategy, the Bank has introduced a new single sign-on digital banking platform that allows customers to access digital banking services through the platform as an App, Web or USSD service. . These platforms offer the Bank’s customers a seamless experience: simplified customer journeys and enhanced security.

Customers who wish to access services through the app can download the new Equity mobile app from Play Store: http://bit.ly/EquitymobileAndroid or AppStore: http://bit.ly/EquityMobileIOS. The application, which is highly scalable, versatile and efficient, now provides financial, savings and borrowing services. Those wishing to access the services via the web can register on the Bank’s Equity Online online banking platform: https://equityonline.equitygroupholdings.com/en/access/loginformerly known as EazzyNet.

The Bank also introduced Equity Virtual Assistant (EVA), the Bank’s chat banking platform that takes financial services to the next level by presenting banking transactions as virtual conversations on social media platforms, including WhatsApp, Facebook Messenger and Telegram. The platform is accessible via:

Equity’s recently updated USSD service (*247#) accessible by dialing *247# on any mobile network also provides customers with a unified service offering across mobile networks and an enhanced customer experience with journeys simpler customers. Customers in Kenya can now easily access USSD service on Safaricom, Airtel, Telkom and Equitel. Some of the new platform features include:

  • Access to instant loans ranging from 100 to 3 million shillings
  • Loans repayable up to 12 months
  • Self-registration or onboarding of existing Equity and non-Equity customers on the service
  • Ability to save or retain recipient’s bank details, making repeat transactions easy and convenient.

The *247# USSD service also allows customers with any mobile device to access banking services regardless of the brand of the device – feature phones (Kabambe) or smartphones.

Customers can easily send money, transfer funds, borrow loans and print statements among many other services on these platforms from the comfort of their cell phones, laptops, desktops, etc. at home, in the office or anywhere else.

For example, to get an instant loan through *247# from Equity, a customer simply dials *247# from any mobile network and follows the simple steps; Borrow > Get a loan > Loan, then follow the instructions. The service also allows customers to check their loan limit, loan status or loan balance, as well as make partial or full loan repayments. To apply for a loan of any amount using the code *247#, there is no need to fill out any physical forms or submit guarantors or collateral.

Customers can self-register for the service by first dialing *247#, then selecting their preferred language (English or Kiswahili), linking existing Equity Bank account, entering their Equity account number, identification, accepting the terms and conditions and setting their PIN.

As the banking industry transforms due to advances in technology, Equity has taken the opportunity to offer its clients tailored digital solutions to conveniently meet their needs. This has gradually led to consumers preferring to do most of their transactions digitally rather than going to a branch. The Bank’s transactions on mobile, internet and third-party networks increased to 97.1% in the first quarter of 2022, compared to only 2.9% of transactions carried out in physical branches and ATMs during the same period. last year.

The increased adoption of off-branch transactions while providing convenience has also come with its own set of challenges. Fraudsters have also evolved and now use advanced technologies and social engineering techniques to defraud targeted institutions and customers.

Some of the common fraud schemes affecting customers include account takeovers, where a fraudster gains access to a customer’s bank account and makes fraudulent transfers. This can be done through unauthorized access to personal information which allows fraudsters to gain unauthorized access to customer accounts.

To ensure that they are not victims of fraud on digital banking platforms, customers are advised never to share personal information such as username, password, PIN and OTP with anyone. whatever, including traders, relatives and friends. Sensitive information such as passwords or account numbers should also not be stored on their cell phones as they have a high probability of being stolen or lost. Additionally, customers are encouraged to immediately report to their mobile service providers whenever their mobile phone loses connectivity or reports a SIM card problem to avoid falling victim to SIMSwap fraud.

Those using mobile banking apps should ensure that they log out of their mobile banking app when they are finished using it, rather than simply closing the app. This protects them from unauthorized transactions on their bank account in case the device falls into someone else’s hands.

Other security measures include updating mobile banking apps regularly and ensuring that customers only download banking apps from approved sources (Play Store or App Store). When using online banking platforms, submit online account login information only to websites using the encryption indicated by “https://” (the “s” stands for secure).

For extra protection, create tough passwords using a combination of letters, numbers, and symbols whenever possible. It shouldn’t be easy-to-guess personal details like date of birth, city or town of residence or birth, or names of family members.

Equity clients are encouraged to contact the Bank whenever they believe they may be the target of fraud. One can contact via the Bank’s verified social media channels on Facebook and Twitter: @KeEquityBank and also call 0763 000 000 with details of their fraud complaints. Customers are also encouraged to forward suspicious text messages and numbers to 333. Equity says it will only call customers from 0763 000 000, and to ignore anyone calling from another number claiming to belong to Equity. Always remember that your PIN is your secret and Equity staff will never call you asking for your PIN.