The Commercial Bank of Africa (CBA) has unveiled a new digital money management and consumer banking service called Loop. CBA has defined it as a revolutionary service which clearly targets millennials and tech savvy customers, if their YouTube adds are anything to go by.
The marketing tagline is “Unbank Yourself” an oxymoron of sorts for this niche bank, but approporiate because CBA seeks to eliminate the need to visit physical branches for core transactions. Loop features a Personal Financial Management tool, which enables customers track, plan and analyse their income against their expenditure on a regular basis, with the analysis presented using graphical tools for faster interpretation.
In all fairness, these don’t sound too groundbreaking, because such graphical and budgeting features are available on other existing Bank Apps such as KCB Bank Kenya and StanChart, albeit with much less furore.
“With Loop, the Kenyan customer is a winner again, with a financial services partner that is concerned about their growth. We aspire to change the nature and manner of conversations that customers have with their bank” said Eric Muriuki, General Manager, New Business Ventures at CBA.
Interestingly though, Loop customers are able to schedule their utility bills payments, send money, access loans, and pay for goods and services directly at retail outlets. CBA say they’ve developed it over the last two years, based on deep insights gained from the millennial and tech savvy customers.
“While the banking sector has effectively catered for its more established customers, it has fallen short in addressing the needs and preferences of millennials and particularly the new age entrepreneur. Square pegs cannot fit into a round hole. Loop is the realization that technological advancements and consumer changing behaviors dictate what and how we offer as financial solutions.”
Loop aspirants can download the application through the Bank’s site, enter their registration details and collect their cards from special retail outlets called Loop Stores. Then they can top up their accounts and start transacting. The savvy Loop Stores are located conveniently at the City Centre and select shopping malls. They are equipped with Wi-Fi and designed as both work and social spaces, where customers can interact with their financial services partner as well as amongst themselves.
CBA has established six outlets in Nairobi with more planned across the country.