A Look At Co-op Bank’s Paperless Account Opening

The Co-operative Bank’s digital transformation journey hit a new milestone during the month of December when the bank launched the paperless, end-to-end digital opening of accounts by customers. This means that customers can open accounts from their homes.

With this digital account-opening, customers no longer have to fill account-opening forms as it was before.

Only the National ID is required, with the other Know Your Customer (KYC) documents automatically generated by the bank system, which also confirm and validate the KRA PIN, take clear photos, and enable electronic signatures.

When a customer opens an account, the system instantly sends a text message to the customer, providing details of the account, instantly enabling the customer to transact such as making a cash deposit to the new account via mobile phone.

The Paperless opening of accounts, which is one of its kind in Kenya, comes in at the right time when there is a need to reduce contact as a result of Covid-19.

READ: Features Of Co-op Bank Current Account You Need To Know

It also does away with the bulk of paperwork that the customer had to fill, reducing error rates that come with manual interventions.

“We continue to actively engage our customers to support them through this period, by re-aligning the servicing of facilities, funding, and transactional needs as the situation unfolds.

As at the close of the third quarter this year, a total of Kshs. 46 billion in loans have been restructured to support customers impacted by the pandemic,” said the Co-op Bank Group CEO Dr. Gideon Muriuki when releasing this year’s third-quarter results.

The Co-operative Bank has been among banks in Kenya whose digital footprint is unmatched to the extent of being recognized by the Financial Times of London as Bank of the Year in Kenya.

“As Co-op Bank implements its digitization strategy plans, it is enjoying gains from increased efficiency and enhanced digital offerings to its customers. Products such as E-credit and Mcoopcash are continually upgraded,” read part of the Award’scitation.

READ: Co-op Bank Named 2020 Bank of the Year In Kenya By Financial Times