HFC, the banking subsidiary of HF Group, has launched a digital financial services platform dubbed “HF Whizz” that is set to accelerate the growth of the bank’s digital banking strategy. This announcement marks a major advancement of HFC’s strategic focus on digital banking, which brings together years of technological research and development and an expansive partner network.
Speaking at the unveiling of the new platform, HFC Managing Director Sam Waweru said that the bank’s digital banking platform is part of its business strategy to diversify and grow its retail business while it addresses consumer demand for banking on the go.
“Through HF Whizz, we want to deliver a friction-less digital experience across all our customer touch points with greater agility. It is our vision that the digital banking platform will enhance our customers experience, provide comprehensive business functionality and drive profitability,” said Mr. Waweru.
The platform has been developed to deliver on simplicity and speed of performance, and allows users to open a bank account, access their accounts and perform end-to-end banking transactions directly from their smart phones.
“The platform will enable customers to instantly open an account using their national identification card, transfer up to Kshs 200,000 daily, purchase goods and services and make deposits through the PAYBILL No. 100400. In addition, the platform provides lifestyle value-add functionalities such as budgeting, real time settlement, and free limitless bank account access among others. In short, this platform affords our customers functionalities that will help them manage their bank accounts remotely,” Mr. Waweru explained.
To castigate fraud, the digital platform has multiple built-in security layers including an advanced account authentication feature to ensure secure transactions.
With over 90 percent mobile phone penetration in Kenya and an estimated Kshs 1.22 trillion worth of transactions in the Q2 of 2017, HFC seeks to be at the forefront in the next generation of financial services providers.
HFC has invested heavily in innovation targeted at meeting changing consumer needs and providing solutions that require minimal effort by its customers.
“With our digital banking platform, we want to deliver value to our customers while demonstrating the technological benefits to our shareholders. We have the right technology in place to manage any market shifts and industry changes,” Mr. Waweru said.