The Kenya Bankers Association (KBA) revealed in a report on Tuesday, March 5, that more Kenyans are increasingly embracing mobile banking compared to previous years.
According to the Customer Satisfaction Survey 2023, the number of Kenyans utilizing mobile banking rose to 69.9 per cent in 2023 from 67.8 per cent in 2022.
This rise in numbers has been due to more and more Kenyans embracing the digital shift. KBA advised banks to evolve and ensure they integrate customer preferences to deliver diverse customer experiences.
In the report, Co-operative Bank emerged as the top bank in Kenya. The bank recently increased the withdrawal limit for its customers as it continues to prioritise customer satisfaction.
Per the recent review, customers can now withdraw Ksh60,000 per day from Automated Teller Machines (ATMs) across the country.
"The digital channel has become increasingly important in the banking industry, with mobile banking being the most preferred channel among customers," read part of the report.
Habil Olaka the Chief Executive Officer at KBA remarked that technology has continued to shape customer expectations making customer experience one of the most dynamic functions in many sectors.
"From the findings, preference for digital banking channels continues to grow, with more customers saying they would rather use automated banking services than physically visit a bank branch," he remarked.
However, the CEO emphasised that physical branches remain essential in the banking sector, particularly for human-assisted services such as customer support.
In addition to mobile banking, other banking channels preferred by customers include online banking at 24.6 per cent, bank branches at 19.6 per cent, ATMs at 17.7 per cent, and card payments at 7.1 per cent.
Other channels include bank agents at 6.9 per cent and cash deposit machines at 2.8 per cent. However, the report highlighted that cash deposit machines were the least favoured due to their limited penetration.
Additionally in the report, it was noted that there was a preference among Kenyans for fully automated services over human-assisted ones. The number of individuals favouring self-service channels increased to 45.7 per cent in 2023 from 45.6 per cent in 2022.
"The physical branch still plays a vital role with 16.5 per cent choosing human-assisted service (including call centres and branches), and 37.9 per cent are indifferent between them," read part of the report.
In search of more satisfaction and efficiency, Kenyans have also adopted using multiple bank accounts. About 53.2 per cent of customers have two or more accounts while 8.2 per cent have four to five accounts.
