Equity Group Holdings has for the first time handled less than half of its transaction value within its branches, accounting for only 37.4 percent of such value with 62.6 percent of the value of transactions taking place outside the branch.
According to data from the Banks full year 2020 financial results, digitization enabled 98 percent of all the Group transactions to happen outside the branches with 85 percent of the transactions being on self-service mobile and Internet banking and 12 percent of the transactions happening on Agency and Merchant banking third party variable cost infrastructure.
“Adoption of digital payments was accelerated with the number of transactions processed over the Pay with Equity solutions growing by 31 percent and the value of the transactions growing by 58 percent to reach sh2 trillion up from sh1.3 trillion,” Equity Group Holdings Fully Year 2020 investor reports records.
The report further attributed the increased adoption to continued efforts by the bank to transform itself into a low-cost operating business model, by enabling self-service capabilities for customers and transforming the banking experience from the place you go, to something you do on the device.
During the review period, only 3 percent of the bank’s transactions happened on fixed cost brick and mortar branch and ATM infrastructure.
At the same time, 97 percent of the loan transactions were conducted on the mobile channel delivering unparalleled convenience to borrowers, round the clock banking that compresses geography and time to allow whatever time, wherever location banking experience. This showing how ‘easy it is for customers and the general public to access Equity Bank loans from their mobile devices through platforms such as Eazzy App, Equitel, Eazzy Net and *247#.
For instance, through *247#, Equity customers can access an EazzyLoan of up to sh250,000 with a payment period of up to one month and one can take up to three loans at the same time. Through the same platforms, customers can also access another type of loan EazzyLoanPlus of up to sh600,000 payable within three months.