MSC has provided technical assistance and advisory services to Equity Bank since 2001. Our key services to the bank on products and channel development include:
- Agency banking channel: We developed a new agent management system; re-engineered the business processes and risk analysis of the entire agent network channel; set up a system for customer and channel satisfaction measurement and management; and prepared a strategic marketing approach to optimize marketing and communications for the agent network.
- Product development and rationalization: We conducted market research and segmentation to understand the use of Equity Bank’s services by its customers; rationalized the existing, over-complex savings, credit and insurance product suites; assessed the potential for delivering the simplified product suite through various channels—branches, agents, and self-service by clients using mobile phones; and prepared a suite of new digital savings products, specifically for delivery through the agent network and client self-service.
As a result of our support, the bank has deepened financial inclusion and broadened access for users. There has been a significant growth in depositors and deposits as well as borrowers and loan book for the bank. By the first quarter of 2018, over 97% of the bank’s transactions occurred outside its branches and 70% were self-service. The use of alternate delivery channels improved the cost-to-income ratio from 47.1% in 2015 to 44.8% in 2016.