The pace of technological progress in the last decade and the shifts in customer needs have led to an acceleration of innovations in the digital banking space.
This revolution is underpinned by consumers’ use of technology, access to smartphones, and a generational shift in expectations from financial services providers.
As of January 2021, a minimum of 12 million Ugandans had access to the web. Consumers globally and locally have an array of options to access whatever service they’re seeking. All this is enabled by the existence of a working mobile signal.
Digital banking solutions are designed to provide flexibility and enhance user experience. Using these solutions saves time as users are able to make business transactions, transfer funds, deposit cash, and pay multiple utility bills with a few clicks.
With internet-enabled access to bank accounts, one is able to view their transactions history at any time, removing the need to visit a bank to acquire a statement.
dfcu Bank embarked on its Digital transformation journey in 2017, with the objective of enhancing our customers’ banking experiences and promoting Financial Inclusion.
Currently, a large part of our efforts are geared towards migrating the bulk of our Customer Transactions from our Branch network to our Alternative Channels.
Our range of solutions are multi-purpose and have been designed to enhance our customers’ banking experiences wherever they might be.
Online & Internet banking
At its heart, online banking allows you to transact at anytime and anywhere, given that you have access to a smart device and a working internet connection.
When dfcu Bank transitioned from ‘Click Banking’ to ‘dfcu QuickBanking’, we created an omni-channel platform that gives greater functionality, heightened security and ultimately enhances customer experience.
With dfcu QuickCode, QuickApp, QuickOnline and QuickConnect, customers in both our Personal and Business segments have more options to do their banking. They also get similar interfaces across mobile, computer and USSD platforms.
Recently, dfcu Bank introduced a second Level Authentication process for transactions carried out on the internet for all our customers.
Referred to as Trust Factor, it replaces One-Time-Passwords previously required for completion of online banking transactions.
We’ve also added an extra layer of Authentication for Online Transactions which we call ‘3D Secure.’ This ensures that online payments and purchases are further verified and authorized by our account holders before they are passed.
Agent Banking
Our Agent Banking network has grown to over 1,700 Agents countrywide. The range of services available at dfcu Agent points mirrors what customers are able to do using the Bank’s online banking platform and at all our branches.
Even as we dive into digital transformation, the goal of the business is to create an ecosystem of solutions that don’t limit what customers can do, whichever way they prefer to do their banking.
Powerful Partnerships
Partnering with telecom companies and providers of utility services has enabled the Bank to serve even more of our customers’ needs.
Our clients can top up on airtime, data, make bank-to-wallet and wallet-to-bank transfers from the palms of their hands.
Utility bills payments for water, power and Pay-tv services can also be made using all our channels; the branch, online and through our Agents.
ATMs
Currently, dfcu Bank has 72 on-site and offsite ATMs. We have also just replaced our Cash Dispensers with ATM Recyclers which support instant Cash Deposits (Carded and Non-Carded) and re-use of the same deposited cash for withdrawal.
We have already started to see the benefits of these investments which include a reduction in downtime of our ATMs.
To encourage the digital transformation amongst our customers, we we have set up Wi-Fi spots and Digital Hubs in several Branches to support the execution of various transactions using our applications.
Our belief is that once our customers fully embrace these solutions and advancements, we will be a step closer to moving on to the next step of our Digital Revolution journey.
Lloyd Jonathan Busuulwa is the Head Alternative Channels, dfcu Bank