By Nicholas Nduati
Banks based in Kenya as well as the African continent as a whole are being encouraged to move away from the traditional banking models of conducting a majority of their banking transactions in banking halls by promoting the adoption of internet and mobile banking to catch up with their European counterparts.
This is in view of the fact that even though some local banks have embraced internet and mobile banking, most of their services are still traditional because they have not partnered with financial technology companies to offer personalized solutions.
The banking sector in the country though has evolved tremendously is still hectic to many who still have to line up in banking halls to transact certain services.
This has to a certain extent been occasioned by the fact that even though some local banks have digitized their services, traditional forms of service delivery are still practiced such that one still has to physically sign with their signatures whenever they want to access certain services.
To catch up with the developed world, local banks have been challenged to be more innovative.
Another area that local banks are still performing poorly is their continued failure to update themselves on the profile of their clients leading to inaccurate segmentation when it comes to services delivery such as loans.
To further enhance innovation in the banking sector, Kenya is currently hosting the first Africa Financial Technology Conference that has brought together bankers and financial solutions technology companies across the continent with the aim of matching up the two.
However, with the continued increase in the access of smart phones, it is projected that more locals will eventually be in a position to use their phones as a banking tool.