Customer Centricity in the Banking Sector

Revenue is the cheapest and most accessible source of funding for any business. Every business should strive to attain and retain customers and create a sustainable revenue pipeline.

This statement serves as a powerful reminder of the fundamental truth that customers are the most critical element of any successful business.

We live in a fast-paced world, where digital innovation is king and customer preferences evolve at the speed of light. Therefore, it is important to keep abreast of market changes and adapt accordingly.

For example, the new wave of adults, GenZs and Millennials, are more tech-savvy and curious when it comes to savings and investments. It is critical to approach this group strategically.

The Kenyan banking sector has been evolving to keep up with these changing customer preferences.

Banking is easier now than it was 15 years ago. Customers no longer have to queue for services let alone physically visit bank branches. Mobile penetration currently stands at 124.4% while internet connectivity stands at 32% in Kenya. This means more and more customers are able to access digital banking platforms.

However, research by EY (Ernst & Young) shows that most banking transformations are business-driven and not customer-centric. Customers are the lifeline of any business hence it is wise to revise strategies to be more customer-centric.

For more customer-led transformations, it is important to:

1. Conduct Internal customer data segmentation research to detect trends and signals about what customers may be more inclined towards

2. Build capacity by hiring talent on Data Analytics, User Experience, Market Research and Product Testing

3. Budget efficiently for the transformation process

Equity Group Holdings stands out for its unwavering commitment to customer Centricity.

Here are a few lessons to learn from the bank on Customer Focus:

1. Embracing Tech-Savvy Generations: The future belongs to tech-savvy generations. These demographics demand seamless digital experiences and innovative solutions. The Equity App offers customers a comprehensive suite of banking features, from account management to money transfers, bill payments, and loan application features under one roof.

2. Putting the Customer First: Gen Z and Millennials seek transparency, efficiency, and ethical banking practices. Customers now enjoy the benefit of accessing their banking options through Equity Virtual Assistant (EVA) on social media platforms including WhatsApp, Facebook, and Telegram. The experience is transacting as if you were chatting with a friend on WhatsApp! Through the service, you can buy airtime, pay bills, and transfer money to mobile wallets. Further, the Equity Mobile App allows customers with smart devices to access banking services like withdrawals to mobile wallets, account-to-account transfers, payments to the One Equity Till Number, Kenya Power tokens purchase and so much more.

3. Training and Development: The bank provides comprehensive training programs that focus not only on product knowledge but also on vital skills, such as active listening, problem-solving, and empathy.

Equity Bank Limited emerged as the First runner-up for the Best Use of Technology Category at the 2023 ICX Service Excellence Awards

As Equity continues to adapt to the changing needs of Gen Z and Millennials, she remains a shining example of how a customer-centric approach can lead to lasting success in the world of banking.

By understanding the evolving preferences of its customer base, Equity Bank Limited continues to lead by example, thrive, and redefine what it means to serve customers in the modern era.

Remember that the customer is the glue that holds the business together, so it’s essential to tailor your products or services to meet the ever-evolving customer needs.

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