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Digital Revolution: a Case from Kenyan Banks

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Digital Revolution: a Case from Kenyan Banks Digital Revolution: A Case from Kenyan Banks Presentation by George Bodo Head of Banking Research, Ecobank Capital. 8th September, 2016. Villa Rosa Kempinsky, Nairobi Kenyan Banks: Retail Franchise Strength UBA M Oriental Bank Guardian Bank ABC Bank Bank of Baroda Fidelity Commercial Bank Spire Bank Credit Bank Limited Gulf African Bank Ltd GTBank Trans-National Bank Prime Bank Limited First Community Bank Consolidated Bank Jamii Bora Bank CfC Stanbic NIC CBA Ecobank I&M Bank Bank of Africa Sidian Standard Chartered Diamond Trust Bank Limited National Bank of Kenya Family Bank Barclays Co-operative Bank Equity KCB 0% 2% 4% 6% 8% 10% 12% 14% 16% 2 Source: Ecobank Research Kenyan Banks: Loan book concentration by key segments Ecobank Corporate Citi SME Consumer National Bank Bank of Africa Family Bank I&M DTB NIC* CfC Stanbic CBA Barclays Standard Chartered Co-operative Equity KCB 0% 20% 40% 60% 80% 100% 120% 3 Source: Ecobank Research The ‘New Normal’ now requires certain key adjustments Chart below shows old normal as at FY2015 W.A.R on Deposits Spreads W.A.R on Loans Ecobank 8.0% Prime Bank 3.7% Bank of Africa 7.1% Family Bank 8.6% Citi 7.1% NBK 11.6% NIC 8.1% I&M 6.9% CfC Stanbic 7.8% CBA 9.5% DTB 7.0% Barclays 11.9% Standard Chartered 6.8% Co-op Bank 11.1% Equity 15.0% KCB 13.5% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% Source: Ecobank Research 4 New Normal: Key adjustment points Cost of Deposits* Efficiency(CIR) 80% 70% 70% 60% 51% 50% 47% 46% 43% 41% 40% 34% 29% 30% 20% 10% 0% Tier 1 Banks Tier 2 Banks Tier 3 Banks Industry Now that caps on lending rates as well as floors on deposit rates are part of our national laws, banks will have to make adjustments to their business models-especially around costs (both funding and non-funding). Technology is likely to be the next game changer in this new battlefront; and banks will have no choice but to elevate technologization of their businesses. Source: Ecobank Research 5 * Expressed as ratio of total interest expenses to gross interest income Cost of Deposits Efficiency(CIR) 100% 89% 90% Tier 1 85% 80% 72% 71% 70% 64% 64% 60% 55% 52% 51% 49% 50% 50% 44% 45% 44% 45% 44% 42% 41% 39% 39% 41% 39% 41% 40% 37% 36% 35% 33% 31% 31% 28% 29% 30% 24% 20% 20% 17% 20% 14% 10% 0% In the new normal: Tier 2 •CIR must not exceed 40%; •Cost of funds must not exceed 30% 6 Sources: Ecobank Research Customer Behaviors Regular banking transactions and frequency Daily- Weekly- Monthly- Occassionally Daily- Weekly- Monthly- several several several -less than Once once once times times times once a month Type of Transaction 117 141 608 484 786 1328 626 Cash Withdrawal 76% 9 12 149 133 260 254 141 Cash Deposit 67% 7 20 142 105 166 272 132 Savings 59% 6 29 73 89 159 293 88 Balance Enquiry 40% 11 15 47 53 88 163 122 Airtime Recharge 26% 76 52 120 29 21 18 9 Funds Transfer 23% 3 4 46 42 47 80 69 Bill Payments 21% 0 1 13 18 20 193 17 Other Payments 5% 0 2 8 2 14 16 19 Purchasing 4% 4 5 7 8 6 15 11 Sources: KBA-Survey on the interplay between Banking and MNOs, 2014 8 Places where cash is withdrawn ATMs 58% Mobile Operator Agent 20% Bank Teller 16% Bank Agent 5% Sources: KBA-Survey on the interplay between Banking and MNOs, 2014 9 Payment of Bills Cash direct to company 64% Mobile Banking 14% At the bank teller 10% Third party outlets 4% Others 3% ATM 2% Pay outlet by company 1% By cheque 0% Credit Card 0% Prepaid 0% 0% 10% 20% 30% 40% 50% 60% 70% Sources: KBA-Survey on the interplay between Banking and MNOs, 2014 10 Bank Initiatives: Alternative Channels Channels… ATMs ATM Cards Debit Cards POS Machines Branches 400 350 300 250 200 150 100 50 0 2009 2010 2011 2012 2013 2014 2015 H1 2016 Sources: Ecobank Research, CBK 12 Payments… Mobile Payments as % of Total National Payments Cheque&EFT Payments as % of Total National Payments Card Payments as % of Total National Payments RTGS Payments 90% 83% 84% 80% 79% 79% 80% 80% 78% 75% 70% 60% 50% 40% 30% 28% 21% 20% 12% 12% 11% 12% 11% 10% 10% 6% 7% 7% 8% 4% 5% 3% 4% 3% 4% 4% 4% 1% 1% 1% 2% 0% 2008 2009 2010 2011 2012 2013 2014 2015 Sources: Ecobank Research, CBK 13 Agency Banking… Cash Cash Total # of # of Withdrawals Deposits Transactions Value of Banks Agents (KES'Bn) (KES'Bn) (Mn) Transactions(KES'Bn) 2011 8 9,748 15 28 9 44 2012 10 16,333 50 101 30 152 2013 13 23,477 74 160 42 236 2014 16 35,847 105 236 58 346 2015 17 40,592 133 297 80 442 Sources: Ecobank Research, CBK 14 Initiatives currently in the pipeline: Switches Mobile Switch MNO Platform USSD Bank Safaricom/ Account Airtel Mobile Customer Phone Mobile Wallet App • Commercial banks now want to bypass telcos in the battle for mobile money Common Switch wallet. • Banks are currently on top gear to USSD launch a common mobile switch to be Bank used by banks. Customer Account Mobile Mobile • Access to this wallet will be through Phone Wallet USSD or an app. • This effectively means that banks want to dominate mobile payments. App • This is definitively a game change and banks just need to drive its acceptability. Sources: Ecobank Research, CBK 15 Mobile Phone Loans The normal bank process Credit Analyst Appraisal (Credit Factory) No objection from head of credit CAD-Availment and Loan Letter of Offer originator Customer drawdown (RM) Registering of charge (in case of secured lending) Operations- disbursement CAD-Monitoring Sources: Ecobank Research, CBK 16 The Mobile Process Mpesa usage Airtime Usage Loan origination Okoa Limit Loan by the Jahazi Okoa setting availment stima customer Airtel Money CRB usage listing • The mobile process is a lot more cheaper and efficient; • Less people involved in the process; Credit Appraisal by the MNO • A very ideal platform going forward for mass-market focused banks. Sources: Ecobank Research, CBK 17 Initiatives currently in the pipeline: Switches Mobile Switch Sources: Ecobank Research, CBK 18 Thank you .
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