In an interview with The Kenyan Wall Street, Absa Bank Kenya’s Director of Consumer Banking, Moses Muthui, shares insights into how the bank’s recent customer-centric initiatives will continue to contribute to its success. According to Muthui, the bank’s recent launch of a new brand promise “Your Story Matters” signifies a shift towards a more inclusive approach as a way of bridging the gap between financial services and the needs of consumers.
The bank intends to continue accelerating its customer-centric approach by scaling its physical presence through the opening of additional branches, leveraging digital capabilities as well as enhancing its agency banking network to ensure uninterrupted service delivery while also driving financial inclusion.
“We come in as just an enabler because that is who we are to consumers, that is the story out there and that is the story that truly matters,” says Muthui.
The executive believes it is the consumer-centric ethos that drives Absa’s efforts to understanding and addressing the diverse needs of its clientele.
“2024 for us is staying very close to the consumer, and being dynamic and agile enough to truly understand that the voice of the customer determines the direction of our strategy,” Muthui said during the interview. “Distribution is a big play for us. We are scaling our business to be present physically in more locations, we’ve also expanded presence with agents, and digital platforms.”
The bank’s performance in 2023 is a significant indicator of the country’s recovery from the COVID-19 pandemic. Muthui attributed the bank’s growth in income and profit after tax to the financial resources extended to customers during this period.
For instance, the bank’s significant growth in loans and advances, which grew by doubled-digit figures in 2023, indicates increased financial support to customers. Additionally, he believes the bank’s investments in digital platforms and physical presence made it easier for customers to interact with the bank.
“The growth in the balance sheet is a testament to the financial resources we extended to our customers in what we believe was actually a year when the economy came fully out of the COVID-19 pandemic in terms of several metrics including loans and advances to institutions, businesses, small and large consumers, among others,” Muthui said.
The interview also focused on the challenges faced by the banking sector, particularly the increase in non-performing loans, acknowledging that this is a cyclical issue, linked to economic cycles and consumer behavior.
“We are seeing a squeeze in the consumers, but it throws in alternative opportunities, there are a lot of opportunities on insurance, investments, helping people invest disposable incomes that they have,” Muthui says.
Muthui sees these opportunities as aligning with Absa’s strategy of adapting to consumer needs, instead of a “build and they will come” approach. “We’ll stand for what people really care about which is their stories,” he says, “Beyond the numbers, there are real stories, and this is what matters to our customers and to us.”
ALSO READ; Absa Profits Grow 12% to KSh 16.4 Billion
