Your Friday fix for global fintech and payments news
In the week that Money 2020 held its first ever global payments event, news announcements in the industry have been coming thick and fast. Long-standing Compass Plus customer KCB Group is celebrating being ranked the top banking group in East Africa by Global Finance, while in other industry news, mobile banking apps in the UK are coming under fire from consumers, and we take an in-depth look into payments super apps.
Our weekly round-up brings you a dose of some of the biggest news announcements from the past seven days so you can keep an eye on all that’s shaping our world this week.
- KCB ranked first banking group in East Africa
- Third of digital banking customers complain about app problems
- Could 2021 be the year of the payments super app?
Financial magazine Global Finance has released its 2020 rankings, naming Compass Plus customer, KCB Group, not only the top banking group in East Africa, but also one of the safest African banks.
“We remain committed to strengthening our socio-economic contribution to the East African region and beyond and our commitment to creating value in the economies in which we operate. The core of our business is driving innovation while leveraging technology in the way we do business and support our stakeholders,” said the group CEO.
KCB has been running on Compass Plus software since 2012, having embarked on a major project to overhaul and replace its entire retail banking system in order to future-proof its business.
According to digital services provider Mobiquity, consumers are increasingly unhappy about their banks’ mobile banking apps. Mobiquity studied over 50,000 bank app reviews left by customers after they had downloaded the apps from Google’s Play Store and the Apple App Store. Login and user authentication issues were cited as a key friction, with 30% of customers struggling to get into their app. While not receiving notifications or the wrong operation being performed when a notification was clicked on saw 24% of customers scratching their heads.
Matthew Williamson, vice president of global financial services at Mobiquity, said: “Most of the banking apps in the Google Play Store and the App Store score highly, but when you only account for reviews where people actually leave comments regarding an app feature, scores are quite low."
Following the release of the white paper from MobiCash, a mobile payments service from Compass Plus, Business Development Director Scott Lane has discussed whether 2021 could see the penetration of payments super apps across the globe.
Scott writes: “Businesses that are battling through the current circumstances may take some time to recover. They still need to reach customers and build revenue, but may struggle to justify any investment in new channels and service innovations. Onboarding with a payments super app could give them the extra reach and growth opportunities, without the capital investment.”
To read the white paper ‘The rise of the payments super app – a fad, or the future?, click here.