Faulu Bank has announced a move to expand its digital offering following a thorough product rationalization exercise that saw the bank revamp its product offering. This was a strategic move to boost customer experience, offer convenience and tap into the available youthful customer base.
Commenting on the revamp, Faulu Microfinance Bank Managing Director Apollo Njoroge said, “The future of Banking is digital. We believe this move will enable more people, especially the younger generation to not only access soft loans easily but also enjoy a seamless and easy service offering.”
The product rationalization comes at a time when the bank announced a branch consolidation exercise to reduce its physical branches and shift to alternative channels such as agency and digital banking.
Currently, the bank’s alternative channels within its digital offering include DigiCash mobile application that allows its retail and business clientele to access cashless banking from anywhere, anytime. The paperless Faulu Digital account can be operated from anywhere and at any time via USSD *339# or the DigiCash App and by the 3D secure Faulu Contactless Visa Card which allows its users to tap and pay on the go. This offers a fast and convenient way to make transactions as it does away with the hustle of looking for hard cash. The card is hailed for its fraud detection intelligence and acceleration of digital transactions with a fast and secure authentication.
Since its launch, the bank’s digital platforms have cumulatively attracted over 4Million transactions and have over 100,000 customers who have since signed up.
To further ensure improved customer experience, Faulu has invested in document management and loan tracking systems EDRMs to ensure the timely delivery of services while updating the customers on the service progress. The Bank is already building capacity through training the staff on the new products offering and customer management skills.
“We will also be relying on a customer relationship management tool that will ensure the effective resolution of customer queries. We also want to leverage on DigiCash and our over 500 Agents countrywide as a delivery channel for dispensing our banking solutions.” Said Njoroge.
To own a digital account with the bank, users can open one through their mobile phones and access limitless banking and digital loans 24/7. The account can be accessed via the DigiCash mobile application or USD *339#.
The minimum operating balance is Kes.250 and allows a maximum account balance of upto Kes 250,000. Account holders can carry out unlimited withdrawals via the mobile app or USSD code as dictated by M-PESA limits. The account has no ledger fees.