16 May 2017

Kenya: Stanchart Rolls Out Video Banking As It Steps Up Digital Services

Standard Chartered Bank (StanChart) #ticker:SCBK has launched video banking services in Kenya in its ongoing migration to digital banking.

The move following the successful roll-out of the video banking service in Asia.

Video banking, in which customers are served via video and audio links, are in the next three years expected to replace the traditional across-the-counter service offered by bank tellers.

Standard Chartered Kenya and East Africa CEO Lamin Manjang said the new service will boost efficiency for the lender and enhance convenience for its customers.

"Video banking is about giving our clients more choice and more convenience. Now you don't have to come to a branch to talk to somebody face-to-face. We are investing in technology that makes banking secure, simple and personal for our clients," said Mr Manjang.

Staff cuts

The automation could lead to staff cuts or slow down fresh recruitment for the lender, which let go about 167 employees in 2015 in a restructuring that was initiated by its London-based parent company.

Mr Manjang, however, played down fears of further job losses saying its staff had been trained to complement the technology service.

The video banking service is part of Standard Chartered Bank's $1.5 billion global investment in technology announced last year.

Under the investment package the bank has already introduced in Kenya a mobile banking app, an iPad-based digital sales and service tool, a new online banking platform and fingerprint log-in technology.

Video banking will be available to all clients via the bank's website between Monday to Friday, 9.00am-6.00pm.

Cyber security

Speaking at the launch ceremony, ICT Cabinet secretary Joe Mucheru tipped financial institutions to invest in cyber security to guard against rising cyber fraud.

"Financial institutions must invest in improving financial crime governance and control framework. Whereas this will require significant investments in IT upgrades and improved data handling, it will go a long way in protecting data," said Mr Mucheru.

The bank will upgrade the service in the second phase to make it available through mobile devices.

The upgrade will also enable priority banking clients to use video banking to consult "face-to-face" with investment advisers to explore new wealth management opportunities.

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