Firsthand Experience of Loop, CBA’s Gift to Millennials

On Monday, I got an opportunity to attend an event that had been organized by Commercial Bank of Africa (CBA) at the Kenya National Theatre in Nairobi.

The lender had indicated in the invitation that they were going to launch a product that was going to change and revolutionize the mode of banking in Kenya. First, I did not know what was going to be launched but the tagline made me even more curious. The tagline for the event was ‘Unbank Yourself’ or as the millennials put it, #UnbankYourself.

For a very long time, there has been a gap between banks and the millennials (those born between 1982 and 1996) or as some people correctly put it, those born in the era of the mobile phone. The disconnection between these millennials and the banking industry has often created an economic vacuum ruled and surrounded with a wave of misunderstanding between the two divides. The banking industry has for a long time, not understood the millennials and the millennials have not understood the banks either. I came to learn that Commercial Bank of Africa, (CBA) was set to change this. The institution had discovered the immense potential of wealth creation that the millennials have but with no one to hold their hand and walk with them across the challenging economic journey.

It was in the spirit of understanding and supporting the millennials that the Commercial Bank of Africa was launching LOOP, a mobile banking app that features a personal financial management tool that enables customers to track, plan and analyze their income in comparison to their expenditure on a regular basis. The uniqueness of the tool is that the information presented to the customer is given in graphical forms and tools for easy interpretation. The new App, I discovered, makes it easy for customers to plan for and finance their personal goals as well as other aspirations for a given period of time.

As I went through the new banking experience developed and launched by CBA, I asked myself a set of questions such as; What is Loop? What is it all about? And why should the millennials embrace this new banking experience? Of all these questions crossing my mind, I got the answers at the Unbank Yourself event which I would like to share with you.

I discovered that Loop is a new edgy money management tool that is developed to target individual consumers as well as entrepreneurs and that it is also a full banking service delivered through a mobile and web application that allows you to be in a complete control of your finances. I also learned that Loop is about delivering experiences through all customer touchpoints, both electronically and physically while, in the process, allowing freedom to perform payments, set up savings goals and investments, access loans, pay bills as well as many other services. The tool also helps one to analyze the spending patterns, budget and plan for their services. But the most valiant lesson that I learned was that Loop, rewards.

Why should millennials embrace Loop?

There are three major reasons as to why the millennials should embrace Loop, a new invention by CBA that is set to change the banking experience of customers in Kenya:

1. Experience. Loop provides a delightful user experience through a user interface that is fun and interesting. It gives you access to payment, credit and investment solutions without paper or promise. The loop store further enriches this experience by providing a space that is aesthetically pleasing as well as functional.
2. Personal financial management. Loop becomes part of your lifestyle. It analyzes your spending habits giving you control of your money. With Loop, you are able to see where your money comes from and goes to. It makes you a better financial manager.
3. Rewards you. Loop provides you with joyful moments for using the service. Tell a friend, send money, pay loan and you will be rewarded.

Loop gives you the ability to categorize your expenses using the personal management tool. Download Loop today. #LoveLoop #unbankyourself pic.twitter.com/8e1yzRZTVW

— LOOP – Discover, Pay, Grow (@LOOP_KE) March 14, 2017

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