The Timiza Banking App by Barclays Kenya, which allows users to access instant loans, deposit funds, pay bills, buy airtime, and even purchase insurance, now has over 2.7 million users within just five months since its launch.
According to Moses Muthui, Barclay’s Kenya head of strategy, the bank has been able to achieve this using big data, risk management analytics, and automated banking processes.
Enter AI and Banking Automation
It seems that Barclays Kenya has made good use of AI and automated services to achieve this impressive milestone. The first phase of strategy included robotics automation, reconciliation automation, chatbot and paperless banking.
The second phase will go deeper and further into robotics automation processes, automated reconciliation, virtual assistants, and advanced analytics.
The impressive growth in Timiza is a good sign that Kenyans are becoming more receptive to lending apps and services that also integrate with other offerings to offer a more holistic services package.
Recently, FinServe launched the mKey app that offers a variety of services to the Kenyan consumer. This is a sign that the market is maturing and ready for such offerings.