Barclays Bank of Kenya’s Timiza Banking App has recorded over 2.7 million customers in just five months to July 2018 according to the bank’s head of strategy Moses Muthui. The bank has been able to achieve customer growth through a data partnership and risk management innovation.
The Timiza app allows customers to access instant loans, deposit funds, pay bills, buy airtime, and purchase insurance.
Data-Driven Growth
The bank is leveraging on big data “to build a powerhouse institutional bank, to drive transformation and diversification, to create the most digital customer obsessed bank, and to become a force for good in society.”
Muthui said: “Banks that win must use big data and analytics to redefine their end-to-end business models.” In addition, banks must develop new competencies such as a data-driven culture, management and programming of large-scale data, high-dimensional data skills, and data interpretation and visualisation.
Customer Data is the new currency – @mosesmuthui pic.twitter.com/WAwjcvbg5z
— Kenyanwallstreet (@kenyanwalstreet) September 13, 2018
Making Strides with Technology Adoption
During a recent presentation, Muthui said the bank has achieved several tech milestones such as the first stage of the robotics automation process, chatbot banking, paperless banking, reconciliation automation, and data and artificial intelligence which are driving customer engagement and acquisition.
Going forward, Barclays Bank of Kenya will be working on the second phase of the robotics automation process, reconciliation automation, virtual assistants, and advanced analytics.
Barclays recorded 6.2 per cent rise in profit after tax to Sh3.8 billion for the half year period to 30 June 2018. In addition, customer deposits rose 15 per cent to Sh217 billion while it increased its lending to government to Sh70 billion
