The Evolution of Bank Account Opening: From Branch Visits to Digital Convenience.

In today's digital age, opening a bank account no longer requires a visit to a physical branch. Many banks now offer online applications through mobile apps, allowing you to open an account with just an ID and a selfie photo. Some may also request a photo of your signature, but the entire process can be completed from the comfort of your home or anywhere you are.

The era of brick-and-mortar banking is rapidly evolving. Many young people today have bank accounts without ever stepping foot in a bank, often only visiting to collect an ATM card. Some even bypass ATMs entirely, preferring digital transactions over handling cash.

For those of us who remember the old days, the transformation is remarkable. There was a time when opening a bank account required a referral letter from an existing customer. For instance, KCB required such a letter, while Barclays (now Absa) and Standard Chartered demanded utility bills as proof of residence.

The game-changer was Equity Bank, which revolutionized the account opening process by requiring only an ID. They would photocopy it and take your photo right in the branch. This simplified approach was soon adopted by other banks.Equity Bank has continued to lead in providing simple and efficient services. For example, they issue ATM cards instantly at their branches, while other banks still make customers wait for days. Today, even traditionally bureaucratic banks like Standard Chartered and Absa have embraced mobile app account opening, making the need to visit a branch a thing of the past.

The shift to digital banking has made financial services more accessible and convenient, reflecting the changing needs and preferences of modern customers.

Credits: E. Njega - FINTAK