Co-operative Bank has been named this year’s Bank of The Year in Kenya, in The Ft Banker 2020 Awards run by the Financial Times (FT) of London.
The Award Citation said the bank has been awarded for implementing its digitization strategy plans, and is hence enjoying gains from increased efficiency and enhanced digital offerings to its customers.
FT in the citation said products such as E-credit and M-coopcash which are continually upgraded.
The Bank of the Year Award by the Financial Times also recognises the bank’s firm support to customers in coping with the headwinds brought about by the pandemic, with the citation adding,
“While the bank increased its assets by 10.5{d59e984f9fbc5c09e4ab0305e27bfa5819922b7230cd324f89a660f78358ca33} and net profits by 12.4{d59e984f9fbc5c09e4ab0305e27bfa5819922b7230cd324f89a660f78358ca33} in 2019, unsurprisingly Covid-19 is expected to take its toll on profitability this year. Despite the difficulties during the pandemic, the bank has strongly supported its customers and employees.”
Meanwhile, the bank’s digital transformation journey has hit a new milestone today, with the launch of paperless, end-to-end digital opening of accounts by customers.
In a statement, the bank said with the digital account-opening, customers will no longer have to fill account-opening forms. 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.
Coop bank customers will also receive text messages instantly when they open an account. The message will provide details of the account, instantly enabling the customer to transact such as making a cash deposit to the new account via mobile phone.