Last week, the Bank of Kigali launched three products for the future as part of the bank’s wider plan to continue the digital journey of transforming lives.
#KTPress takes you through each of the futures and some interesting innovations from inside the BK’s digital banking segment- Digital Factory- now also tasked to secure the future for BK’s clientele.
BK MOBILE APP
This is a new version and one of its kind with 57,000 active users and suitable for all smart phone/gadget users in a digital world.
The app is convenient, flexible, and reliable but also gives a different experience from in-person banking today.
One will no longer queue, rely on a customer relations manager for information on an account, manage all accounts, beneficiaries and favorite billers, track all spending and incomes- all will be in one place.
Also with BK App, one can view their IBAN without relying on someone at the bank, schedule all payments to avoid fines from the taxman, and see all card details and know when to renew.
The product manager, Chanelle Umuraza said that customer’s expectation has evolved and thus need for a great mobile banking experience.
“This app has many features to suit clients and we are working hard to improve customer experience,” Umuraza said.
Demo on how this works shows the application can identify the person’s face to block a scam incident or impersonation and digital HQ for on boarding it can verify the documents and approve the account for use.
This feature has been tested many times and it will be unveiled soon as a new market product.
INTERNET BANKING (IB) 2.0
Demonstrated by Barbara Kayitesi, the product owner, is a new version coming in from older version 1.0 formerly used by BK and launched in August 2021.
The platform gives users more consumer choices in the technology world we live in. This means businesses have to find a way to make themselves accessible to customers at any time.
For example, BK customer Sara owns an online business and supplies to customers who expect Sara to deliver at any time without any restrictions- that means she has to have access to her accounts and account collections at all times.
Under traditional banking, she would have to call the bank or come to the branch which would cost her time and money.
With the IB 2.0 version Kayitesi says they are bringing banking to BK customers- which means providing clients like Sara access to their accounts all the time, a way for paying her employees and vendors from her comfort zone.
In just one year, the platform has also grown tremendously with about 3,000 users added per month and processing about Rwf 200 billion transactions per month.
IB 2.0 services are: account and mandate management, bank transfers, bulk payments, international transfers and forex services – the latter two being the latest additions.
“You don’t have to come to the bank, call your relations manager when you need a preferential rate. We have brought treasury right on your computers and can get preferential rates with our internet banking,” Kayitesi said.
This product is a result of feedback collected from clients and the difference between the two versions is- IB 1.0 was to deliver internet banking functions to clients, while IB 2.0 is an improved version focusing on user experience- to make life easy and no need to call.
For instance, IB2.0 has improved navigation and accessibility where everything is in one place and easy to see, fewer clicks and one view for persons with many accounts, processing in a single view (no next page-all).
Also added for corporates is; scheduled payments, managing corporate user access rights, mandate views (allows approval level for one user to make a transaction, then it is verified and approved by others- who can see the history of approvals), another is improved bulk payment experience (improved from bank to mobile bulk to bank to all taxes bulk.
This also has improved Comma-Separated Values (CSV) features and an interface to insert data without leaving the platform.
The bulk payment accounts will no longer be in templates but to an interface where one can click on an account to be debited but the platform provides the option to use the template (optionally). It will also provide edit and correct error options without going back to the file.
BK DIGITAL HQ:
This offers seamless digital lending, paperless and hustle-free. The application will be central in solving many challenges bank clients have to go through to get a loan- just tedious!
At BK, the bank has already been providing quick digitally processed loans – ‘BKQuick’ up to Rwf500,000 in addition to consumer/personal loans, mortgage, vehicle, agriculture; business and corporate loans.
Now, with a few clicks on your mobile phone, the application allows one to enjoy the comfort of home and not having to move whenever you want to know a loan status, extension, pay off.
“This will increase access to finance, control of finances and business expansion but also shift focus from operations to customers…In the next five years each Rwandan with a smartphone should have a BK application,” said Benjamin Gitego, the Application Team Lead.