Ever heard a term, manual digital bank? Welcome to most East African banks.
Imagine a bank that proudly announces its “gone digital,” but it feels like stepping back into the era of paper ledgers and ink pots. Welcome to today’s “Manual Digital Bank”, where digital means you can log in online but for anything more complicated than checking your balance, you might as well pack a lunch and head to the nearest branch.
These banks are funny. You apply for a new bank account online, excited about the digital convenience. The website brings with sleek buttons and promises instant processing. But once you submit your application, a message pops up: “Thank you! Please bring a printed copy of your application to your local branch for verification. Processing time: 2-3 business days.” So much for ‘instant’! Another one will just send a message to your email inbox, “Your submission was successful.” You wait for the new bank account vain. You contact the bank via its online contact form and get no response. You try the bank’s social media, specifically X. You send an in-box message and get instant response that “share your account opening submission ID.” You religiously share the ID that came in your email message notification. After an hour or two, you get informed, “you will be notified in five working days.” And that for your account to be activated, you will need to visit your nearest branch! Something is still amiss with the digital agenda.
Even more jokes are the chatbot that are very dull. If you need help, the online chatbot cheerily suggests, “For faster service, please visit our nearest branch!” It seems ‘Manual Digital Bank’ took the ‘tele’ out of ‘telebanking’ and just left ‘banking’, the old-fashioned kind.
Now, what should a real digital bank look like?
A genuinely digital bank is your financial command centre at your fingertips, operating 24/7. Applications for debit or credit cards, loans, and new accounts are a breeze: fill in your details, click submit, and get approvals within minutes, not days. Customer support is a chat away, with real-time assistance (no “please visit our branch” autoreplies). !
Everything from updating your personal information to managing transactions is done in a few taps, without ever needing to print a single form or visit a branch. Now that’s digital banking
The service people should expect is streamlined, secure, and swift, aligning with the digital age where convenience and efficiency aren’t just nice-to-haves, but essentials.
Is your bank a digital one or a manual digital bank, a term coined by Mr Strategy of Summit Consulting. You can transform your bank into a true digital one with a sentient strategy that understands the realities of the business environment in which you operate. Contact Mr Strategy today for a chat.
