The Co-operative Bank of Kenya plans to open 15 new branches in 2024 to reach underserved areas and cater to customers who prefer in-person banking.
This expansion comes even as digital banking services gain popularity.
The Co-operative Bank of Kenya aims to bridge the gap for customers who prefer face-to-face banking experiences despite a growing preference for digital options.
William Ndumia, the director of retail and business banking, said, “When we look at our mission and vision, we want to be dominant in this market, and there are some areas we have not gone into. There are even counties where we do not have a presence.”
“We want to seal that gap. Also, because of the infrastructure development that has happened across the country, there are some key towns that have come up, and there is a lot of business, and some of our customers are spreading out.”
The bank recently opened a branch in Ugunja, Siaya County, and plans to open another in Imaara Shopping Mall near Nairobi.
A new branch in Luanda, Vihiga County, will increase competition with Equity Group and KCB Group.
According to the Kenya Bankers Association’s 2023 customer satisfaction survey, 45.7 per cent of customers preferred fully automated or self-service platforms, including mobile, internet, and chatbots, for their banking services.
“Due to higher digital adoption, customers are visiting branches less with its preference coming third at 19.6 per cent; its preferences are coming back as they stood at 17.6 per cent in 2022. Similarly, the preference for ATM stood at 17.7 per cent, making it the fourth preferred channel,” part of the report reads.
Co-op Bank Named Overall Winner in Kenya Banking Survey
The survey respondents ranked Co-operative Bank as the best overall bank in customer experience, followed by NCBA Bank and Family Bank, respectively.
In the Tier I category, Co-operative Bank maintained the top position, followed by NCBA Bank and KCB Bank in position three.
Meanwhile, Family Bank emerged best in the Tier II category, with National Bank and Prime Bank taking the second and third positions, respectively.
ABC Bank topped the Tier III category, while Sidian and HFC Bank took second and third place, respectively.
’Considering the elevated level of flexibility at the banking public’s disposal, banks that prioritize the needs of customers will continue to have a significant competitive edge over the rest,’’ said outgoing KBA CEO Dr. Habil Olaka.
Co-op Bank, Family Bank and KCB Bank Shine in 2022 Customer Satisfaction Survey
