A simple internet search for the key words ‘Digital Banking’ will return multiple results, with several sources giving related but somewhat different definitions.
According to www.avoka.com , Digital banking is the digitization (or moving online) of all the traditional banking activities and programs that historically were only available to customers when physically inside of a bank branch. Such activities include but not limited to Cash Deposits, Withdrawals, and Transfers, Accounts Management, Applying for Financial Products, Loan Management, Transacting and Paying Bills.
But, for whatever it is/not, Digital Banking involves transformation from traditional, physical, inside a hall mode of banking to personally managing your banking through USSD and internet enabled devices anywhere, any time.
With Digital Banking, there is nothing like a branch closing or opening as customers are able to self-serve themselves using their phones, ipads, tablets, laptops and desktops.
Over the years, several financial service institutions have progressively embraced digital banking as a complement to traditional banking.
Today, almost all banks have a digital banking feature. However, as explained by Everett Rogers in the diffusion of innovation theory, these banks are at different stages of digital banking adoption and roll-out depending on their technology absorption, resources to migrate, digital first thinking of their executives and the different traits of target audiences.
In the past one year, some 7 banks (not in any particular order of superiority) have been the leaders in Uganda’s Digital Banking ecosystem. These are Barclays Bank, Centenary Bank, DFCU Bank, Pride Microfinance, Stanbic Bank, Standard Chartered Bank and United Bank of Africa (UBA).
Centenary Bank boldly notes that its CenteOnline banking is ‘all a click away.’ Customers using it through internet enabled devices enjoy multiple benefits such as Easy account balance checking, Convenience – no going to the bank branch; no queues, Ease of paying/ receiving money without going to the bank, Relative safety, 24 hour access and No cash handling related risks. It also boosts of centemobile for its apps and USSD channels.
UBA categorically notes that ‘with our digital banking services, we offer you the choice to access your account anytime, anywhere from your laptop or smartphone.’ The digital services it offers include Email Moni, Install Bills Payment, Notifications, Internet Banking, Magic banking and the famous Chat ‘with Leo, the Virtual Banker’ service.
Pride Microfinance has Pride Mobile – a mobile banking service that allows Pride customers to transfer funds between Pride and mobile money, check their bank account balance & recent transactions, and pay for goods directly from their bank account.
Standard Chartered’s Digital Banking is headlined by a ‘Fresh New Face of Online Banking’ which is expected to bring a clean and modern banking experience closer to its clientele.
Stanbic Bank’s digital banking solutions include Business Online, Enterprise Online, Online Banking, Stanbic App, Mobile Banking and DigiCash.
DFCU Bank is positioning Quick Banking – a robust multi-channel (Mobile and Internet) that provides seamless navigation across all channels using the same credentials allowing customers to literally carry out their banking transactions on the go with dfcu QuickCode, dfcu QuickApp or dfcu QuickOnline/Quickconnect.
On the other hand, Barclays Bank’s Digital Banking Solutions let clients manage their accounts, send cash, pay for utility bills and much more.
Under the theme #IncludeEveryone, Digital Impact Awards Africa is a platform that promotes Digital Inclusion, Financial Inclusion and Cybersecurity. Precisely; the Awards seek to recognize, celebrate and appreciate different individuals and organizations that are spearheading the use of digital mediums to better serve their communities.
Winners of the different the categories including Best Digital Banking will be determined by a Jury/Research Panel assessment and public survey/vote.
HiPipo looks forward to host all the nominees and other players come 20th September 2019 at Kampala Serena Hotel. Contact the #DIAA2019 team to book your attendance package Standard ($1,595) for awards attendance only Or Corporate ($3,450), Corporate Branded ($5,200) that will give you access to Include Everyone – Digital and Financial Inclusion Summit and Panel discussions with Digital Leaders.