Introducing CBA Loop, a Mobile Banking Platform for Millennials
Commercial Bank of Africa (CBA) is the latest to go digital after introducing CBA Loop. For those who of us live online, you must have come across the hashtag #UnbankYourself. If not, it will not be long before you do.
The “Unbank Yourself” tagline surfaced about two weeks ago but initially, it was not clear who was behind it. CBA branding was not included in the campaign; hence, it left us with uncertainty.
That said, Loop is a digital money management and consumer banking service targeting tech-savvy consumers. Perhaps one of the reasons you have not seen the campaign is because you are not the target audience. Not calling you old but oh-well.
This product eliminates the need to visit a physical branch for core banking services. This is because Loop customers will access such services via their mobile phones. But, before you start finding this all too familiar; note that this is not your standard banking app. It comes with additional features.
A Personal Financial Management tool is perhaps Loop’s selling feature. This tool enables customers to track, plan, and analyze their income against their expenditure regularly. The results are presented using graphical tools. So, if you have been waiting for the day that you will you use Cosine and Calculus, its time. Kidding. It is an easy-to-interpret analysis.
That’s not all, the CBA Loop app allows customers to schedule and make their utility bills payments, transfer money, save, access loans, and pay for goods and services at selected retail outlets. The idea that it can help one schedule utility bills especially electricity is definitely welcome. It’s time to stop the typical Kenyan first reaction of knocking at your neighbor’s door to confirm whether their power is off because you have a feeling that yours has been disconnected.
CBA says that the platform was developed based on customer habits. CBA General Manager Eric Muriuki was quoted saying that Loop has several transactional features that simplify how customers save and invest. He added that the product will make easy for customers to manage their personal goals for a given period.
How it works
If you are sold on the idea of efficient banking, visit the app store and download the app. The app is called “CBA Loop”.
Below are screenshots of the app:
After installing the app, you need to regsiter for a new account. Among details you will need to key in include legal name, phone and ID numbers. After registeration, a PIN will be send via SMS and you will use this to activate your account.
After registering, you are expected to choose the preferred Loop Center so that you can collect your debit card. You will need your ID and Ksh. 550. So no, its not free.
I guess it’s time we put the last nail in the traditional banking coffin. A lot of good things have come our way since banks went digital. We no longer make long meandering queues and that’s not something we cannot take for granted. Remember the time when going to the bank required proper planning? It is, indeed, a new dawn and we feel good about it. The various Kenyan banks continue to invest in digital platforms.
Equity Bank is one of the financial institutions that made big strides last year with the introduction for EazzyBanking. We expect bigger and better things from various banks in 2017. But for now, we give props to CBA for the stride it has made.