Family Bank CEO Hosts chat, lauds Digital Innovation

Family Bank CEO Hosts chat, lauds Digital Innovation

posted on November 15, 2017

Despite what you may have seen in the movies, digital innovation is not about creating cyborgs to take over the world. It is about taking advantage of emerging technologies to do business better for you and your customers.

That was the message from Family Bank Managing Director and CEO Dr. David Thuku featured on the CEO Chat forum hosted by Kenya Bankers Association (KBA) where he emphasised the prominence of digital transformation in today’s world having revolutionalised many, if not all industries.

“The reality is that boundaries between customer segments and customer insights among others are fast disappearing as the focus becomes more and more of understanding the consumer and what they need. Whoever understands this, regardless of the industry will continue to remain relevant,” said Dr. Thuku in his chat over various social media platforms including Twitter and Facebook.  

Closer to home, Dr. Thuku revealed how digital innovation has changed the way Family Bank conducts business. The Bank’s interaction with customers has moved to digital channels such as mobile and internet; interfaced with face-to-face interactions (Agency Banking) meaning that customers can access the Bank at anytime, anywhere via numerous channels.

But technology comes with its dangers, as Dr. Thuku discussed.

“As industries continue to innovate, fraudsters also attempt to keep in pace for non-constructive missions. Luckily, the banking sector is fully aware of this and proven efforts have been put in place to always ensure that they are ahead of the game as they serve customers. This involves continuously researching and committing significant resources to mitigate this risk and safeguard our customers’ assets. We have been successful at this,” said Dr. Thuku as he engaged customers online.

He explained that banks are consistently upgrading their systems as well as industry wide initiatives like the switch to chip and pin payment technology. Dr. Thuku lauded the tremendous efforts that the regulator – Central Bank of Kenya (CBK) – in stepping up surveillance and obligating all banks to always review their cyber security measure to ensure continuous protection of clients.