Business

HFC banks on digital platform to drive growth

Financial institution seeks a slice of Sh1.2 trillion worth of digital transactions

HFC has unveiled a new digital platform that is expected to accelerate the growth of the bank’s digital banking strategy.

Speaking yesterday during the launch, HFC managing director Sam Waweru said the bank’s digital banking platform is part of the business strategy to diversify and grow its retail business.

The digital services platform dubbed “HF Whizz” is set to accelerate access to appropriate financial products and services from the bank needed by all sections of society in general and vulnerable groups.

“This announcement marks a major advancement of HFC’s strategic focus on digital banking, which brings together years of technological research and development and an expansive partner network,” said Waweru.

The bank is currently pursuing a growth strategy that includes customer recruitment, deposit mobilisation and branch expansion with the aim of becoming a top-tier bank by 2020.

Waweru said the platform is part of the business strategy to diversify and grow its retail business by ensuring access by all sections of society in general and vulnerable groups such as weaker sections and low-income groups in particular at an affordable cost in a fair and transparent manner by mainstream institutional player.

“Through HF Whizz, we want to deliver a frictionless digital experience across all our customer touch points with greater agility. It is our vision that the digital banking platform will enhance our customers experience, provide comprehensive business functionality and drive profitability,” said Waweru.

The platform has been developed to deliver on simplicity and speed of performance and allows users to open a bank account, access their accounts and perform end-to-end banking transactions directly from their smart phones.

“The platform will enable customers to instantly open an account using their national identification card, transfer up to Sh200,000 daily, purchase goods and services and make deposits,” he said.

“This platform affords our customers functionalities that will help them manage their bank accounts remotely,” said Waweru.

HFC seeks to get part of the Sh1.22 trillion worth of transactions through mobile phones in the quarter two of 2017. Kenya’s mobile penetration is estimated to be more than 90 per cent.

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