Which bank has got the digital agenda right?

In June 2020, my visa debit card expired. I tried to renew it without leaving my home but was unsuccessful.

I contacted the bank using the available customer helpline, after several attempts I got through to a lady who advised gave me that generic response, “visit your nearest branch for your card to be renewed.” When I asked, why, she replied “that is the requirements by the regulator.”

Coronavirus is a new era pandemic that has disrupted our ways of life. And banking has not been spared. It worries me that most banks have not leveraged from the pandemic to transform their offerings and incentivize customers who transact via digital channels instead of physically visiting bank branches. For example, one of the banks with a branch in Ntinda is yet to implement the minimum SOPs to facilitate physical distancing by customers! The money in running the branches would be better used in developing digital channels.

Since I had some money on my expired visa debit card, I decided to visit the bank to renew my visa debit card and withdraw my funds. I started by visiting another bank that positions as digital and most efficient. I spent over two hours in the banking hall, and finally, I got the visa debit card. I registered for mobile and internet banking. However, for the last month, it has been impossible for me to log in. Every time I request for help, I am advised to visit the nearest branch! It is so frustrating when banks always try to deliver digital banking services, manually.

I wonder what kind of digital banking this is.

It is difficult to transact only by visiting the bank branch.

Which bank would you recommend as a true digital-ready one? Which bank can someone initiate a loan, get it evaluated, and receive funds without having been made to visit the proverbial nearest branch?

I am stranded with two visa debit cards. I am yet to find a bank to facilitate my business transactions using my phone and or laptop. The basic transactions like checking bank balances, transferring money between accounts and mobile money as well as paying utilities are just that – red ocean transactions.

Banks can do better to play in the blue ocean and not merely talk about it in strategy discussions. Innovation is the ability to offer a convenient and novel product while overcoming current challenges and regulatory restrictions.

I would want to initiate new visa card renewal or apply to fix my funds or even chose to invest in fixed incomes all in the comfort of my home. That way, I have more options to make use of my savings other than just spending.

Copyright Mustapha B Mugisa, 2020. All rights reserved.

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