Financial institutions have in the recent past made significant strides as far as customers experience is concerned.
Banks, to be specific have embraced the need to move from operating the analog way to embracing digital modes of carrying out operations. A significant amount of progress can be attributed to the investment that banks have made over the last year to enhance their digital offering.
As digital identity technologies have developed, the financial sector has taken steps to incorporate them into core services that safeguard the security and make banking easier. Most major banks now allow customers to check account balances from their mobile phones, often without the need to explicitly authenticate themselves, given the low-value risk.
The Co-operative Bank of Kenya (Co-op Bank) for instance offers support to corporates and institutions in account management and reconciliation
The lender has incorporated online banking solutions for their customers and specifically corporations through the Corporate Internet Banking Solutions.
Co-op Bank CIB Solution is a custom-tailored banking services platform for corporations. This platform extends online banking services on a financial level to corporate entities to ease their day-to-day operations.
Services available on the CIB platform:
- Real-time account balances
- Statement printing and downloading for the last 6 months
- Inter-account funds transfer
- Interbank funds transfers
- RTGS transfers
- Payroll processing and other bulk transfers
How to access CIB as a Corporate:
- Fill a CIB application form
- Deliver the filled form to the nearest branch
- Once set-up is done, a Product Manager from the TB team will train users on how to access the service (system orientation)