The Future is Digital Banking: Eazzy Banking at Equity Bank

I am part of a generation that has been accused of being the instant generation. We want everything now and with very little hassle. I have to say that this has been greatly exaggerated as a negative thing and the push for convenience is a noble cause. The generations before the millennials spent an inordinate amount of time on mundane things that could have been directed towards other activities. Some of the things that feel like torture are waiting lines especially at the bus stop, supermarket, hospital and the bank. It’s not necessarily a lack of patience but a recognition that the time spent on long queues could be better spent. The companies of the future are aware of this and have at least begun to design their processes with this in the mind. Equity Bank is one of those forward-thinking companies.

I’ve had one of my personal accounts with Equity Bank for almost 10 years and I’ve kept it open mostly because I think it’s a good idea to have one of my accounts with a solid bank. The popularity of the bank has meant that at times the lines are quite long, but thankfully their systems are robust and I’ve been able to comfortably access my money through ATMs and conveniently pay my bills without having to move money from my account to another platform through their Eazzy 247 service. When I heard that the bank was going digital, I was excited but also curious to see if their definition of digital was more than just use of apps or viewing digital as a department rather than as the core of the bank. I was pleased to discover that they meant business and were indeed making digital the core of the bank.

Equity Bank carried out a survey whose results showed that customers want more control, flexibility and convenience in their banking experience. They not only listened to customers but also acted by launching Eazzy Banking, a range of digital products that reduce the hassle in banking by fitting banking into the lifestyle of customers. The products introduced are:

EazzyPay

You can pay for goods and services and bills straight from your phone using your Equitel Line or the Eazzy App.

EazzyApp

Everything you do at the bank from sending money to paying bills, paying for goods and services, accessing loans, checking the status of your account or saving for your future goals, is available on the app. Download the Eazzy App from Google Play Store or the App Store.

EazzyLoan

Get an Eazzy loan instantly on your phone and monitor your balance as well as make repayments. You don’t have to fill in any forms and no need for guarantors.

EazzyChama

Investment clubs/groups and chama account holders can now manage their group activities like record keeping and banking transactions, while maintaining transparency and accessibility among all group members. Even better, you can now use your Equitel line to approve group account transactions using your PIN. Multiple approvals allows signatories to transact wherever they are eliminating the need to physically meet in order to sign a cheque or to authorize transactions.

EazzyNet

EazzyNet, offers retail customers better online experience and slso enables PayPal account holders to withdraw their funds direct to their Equity Bank accounts within three business days.

EazzyBiz

This is a robust, secure and comprehensive Cash and Liquidity Management solution that caters to Corporate and SME clients, enabling them to make payments and manage cash flow and balances across multiple currencies and locations.

EazzyAPI

With Eazzy API, application developers, businesses, institutions and payment providers can now leverage the full capabilities of a digital bank. Some of the APIs available include: Funds transfer, Airtime top up and Pay bill.

These range of products and the direction Equity Bank is heading where the bank will transition from brick and mortar to a self-service digital model, prove that it indeed is a digital bank. Bank branches will still exist but will transition to relationship management and focus on high value banking for SME and corporate banking. It’s disruption at its best and a bold step that portends an exciting future in banking, especially on the African continent.