Kenyans who want to join Co-operative Bank will no longer have to fill account-opening forms after the bank rolled out its all-digital account opening process. This is in line with the Bank’s aggressive digitization process.
Only the National ID will be required, with the other Know Your Customer (KYC) documents automatically generated by the bank system, which will also confirm and validate the KRA PIN, take clear photos, and enable electronic signatures.
The end-to-end digital account opening also aims to reduce in-person contact between customers and staff in order to help flatten the curve of the Covid-19 pandemic.
When a customer opens an account with Co-op, they will instantly receive a text message providing details of the account, instantly enabling the customer to transact such as making a cash deposit to the new account via mobile phone.
Recently named ‘Bank of the Year in Kenya’ by the Financial Times of London in the 2020 FT Banker Awards held on Wednesday, December 2nd, the bank boasts of already having moved over 90pc of all its customer transactions to alternative delivery channels from branches through its multi-digital channels strategy.
According to the Financial Times, Co-op’s digitization plan had resulted in several gains.
“As Co-operative Bank of Kenya implements its digitization strategy plans, it is enjoying gains from increased efficiency and enhanced digital offerings to its customers.
“Products such as E-credit and Mcoop cash are continually upgraded,” the publication noted.
