Digitization has created opportunities for all industries and radical changes in most sectors. The banking sector is one of those that are still going through the radical changes. Digitalization in the banking sector opens a whole lot of opportunities for the institutions as well as their customers.
Here are some of the benefits of digitilization in SACCOs and other financial institutions.
Previously, interactions between the SACCO and the members were mainly face to face and in some cases, phone calls or emails. Digitization allows Saccos to interact with their customers in a way that is convenient for them (customers) such as mobile, online, call centre or even at the branch. Customers are able to make transactions or even make loan applications on mobile or online with little or no intervention from the Sacco. Digitization in saccos makes management of branches easier by having all data accessible from one point. With this, a member does not have to visit their original branch to get served. This has created a consistent, reliable process that delivers the greatest customer satisfaction.
Another benefit of digitilization in SACCOs is cost savings for both the institutions and their members. This is through the use of new means of payment and cashless transactions. SACCOs can use platforms or systems such as the Jisort system that allow them to pay on a need basis. This allows them to only pay for features and the number of users they want. Reduced or no trips to the respective SACCO branches is also cost effective for the members.
More people are looking for financial institutions that are easy to deal with,whose services are flexible and easily accessible. A Sacco whose services are easily accessible, available online or on mobile is guaranteed to attract more customers. As a result, there are more institutions who have several platforms from which members/ potentials can access their services. These include Mobile Apps, mobile banking using USSD or online banking. Those yet to embrace some of these technologies are at a risk of losing some of their members.
Decision making based on data. With the increasing digitilization, data becomes one the biggest assets used for decision making due to the immense volume of data available. The SACCO has the tools for accurate data collection or on-boarding clients. To create a database of accurate data, the SACCO needs to replicate the attention to detail in all other operations. This is vital for decision making for any organization.
Due to the exposure and use of other services and mobile applications, users know what good customer experience should look like. As a result, having Sacco App or services available on mobile os not just enough. Institutions have gone a notch higher to ensure fast and efficient customer support is available online as well as an avenue for feedback.
Digitilization in the banking sector is revolutionizing the entire sector. Institutions such as Saccos are finding new, innovative ways to keep their customers satisfied. Through digitization, they have easy access to data that is crucial for decision making leading to business growth