During the recent tabling of Equity Bank Group Financial Year 2017 report, the CEO, Dr. James Mwangi, said the bank will by mid-2018 letting artificial intelligence (AI) fully handle their lending services. This development comes as part of a bigger digitization drive of the bank’s operations.
Already, up to 96% of the bank’s transactions happened outside its branches. Primarily through the MVNO Equitel, which is said to handle up 54% of these out-of-the-bank transactions. Then followed by the Eazzy Banking App, which handles 20% and the Agency Banking handling 14%.
It is interesting to note that Eazzy Banking App was launched barely two years ago, and has grown from zero to becoming the second most popular digital platform for Equity Bank’s customers. The app only goes to shows how customers appreciate the convenience of digital banking. Also, the bank shows 94% of their loans are now being dispensed via digital platforms.
During the tabling of the FY 2017 report, Dr. Mwangi further revealed that the Group is planning to fully digitize their operations by June 2018. That will mean all banking services at Equity Bank will be online …read more