Savings A/c Opened in Aug 2020 ... - Bank of Baroda Kenya
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266 123 204 336 382 297 132 280 60 140 14 150 90 KRA ITAX NO.OF CHALLANS COLLECTED AUG 2020 60 49 43 111 65 52 21 123 31 30 18 37 22 BARODA MOBI REGISTRATIONS TILL AUG 2020 21 15 15 46 20 10 23 8 9 12 37 19 193 114 164 252 235 120 202 80 91 73 19 331 163 RFI Amt in Mn INR Aug 2020 RFI No. of transactions in Aug 2020 4 0 0 4 2 0 3 0 0 0 0 10 1 NRI BUSINESS NO. OF A/CS OPENED IN AUG 2020 20 16 8 23 13 9 4 11 4 9 3 24 6 2 4 2 11 3 2 6 3 1 2 2 13 1 Savings A/c Opened in Aug 2020 Current A/c Opened in Aug 2020 1 Baroda Kenya Premier League 2020 Campaign (Aug 20th to 31st Dec 2020) -3- campaigns each on CASA, Advances and Recovery launched till the end of 2020 HO.MD.28.CIR.28 19th August, 2020 Baroda Jamii ISSUE 09: SEPTEMBER 2020 REWARDING LOYALTY KENYA ECONOMY INSIGHT IMPORTANT CIRCULARS ISSUED BY BANK FOREX This month, the Kenya Shilling depreciated against the US Dollar to close at Kshs 108.2 on 31st August 2020, from Kshs 108.0, recorded the previous week, due to end-month importer dollar demand amidst lackluster inflows. On an YTD basis, the shilling has depreciated by 6.8% against the dollar, in comparison to the 0.5% appreciation in 2019. CBK Directive for Dividend Payment The Central Bank of Kenya (CBK), directed that Banks will have to get approval before declaring dividends for the current financial year, in a bid to ensure that the banks have enough capital that will enable them to respond appropriately to the COVID-19 pandemic. The CBK has given guidance to lenders asking them to revise their ICAAP (Internal Capital Adequacy Assessment Process) based on the pandemic. “ICAAP is a process through which banks assess whether their capital levels are adequate and consistent with their business plans, strategies, risk profiles and prevailing operating environment.” Covid-19 has brought challenges to certain businesses as evidenced by recent headlines of big businesses getting closed. Consequently, businesses are affected by insolvency, lack of business preparedness to handle restructuring, and the various aspects involved. Our ultimate goal should be to guarantee the success of a restructured business to avoid an outcome such as what happened to some Retail Giants. Moreover Kenya being an Agrarian Economy is greatly dependent on climate. The untimely rains, famines and droughts pose greater challenges and can be mitigated with introduction of more technology driven agriculture businesses. Mergers and Takeovers The Co-operative Bank Kenya completed the 90.0% acquisition of Jamii Bora Bank. The Central Bank of Kenya approved the acquisition of a 90.0% stake of Jamii Bora’s shareholding by Co-operative Bank, which was to be completed on 21st August 2020 after the deal received all regulatory approval following approval by the National Treasury on 4th August 2020. Following this acquisition, the number of banks in Kenya remain at 38 since Kingdom Bank will continue to operate, compared to 43 banks from 5-years ago. LOYAL CUSTOMERS As you know Banking is a service industry and every service industry requires loyal customers. These types of customers might be less in numbers but promote more sales and profit as compared to other customers. Loyal customers are LIVE testimony to Bank’s good service and industry strength. These customers have been with organization since long hence they expect individual attention and the demands polite and respectful responses from service provider. It is always suggested to keep a track of such customers and encourage their visits to Bank by arranging for customer meets etc. “Loyalty is when people are willing to turn down a better product or price to Continue doing business with you” Why do we need a Loyal Customer? 1. It costs 5x more to attract new customer than to keep an existing one. 2. On an average, loyal customers are worth 10 times as much as their first purchase 3. 70% ofsale success is dependent on how the customer is being treated. How to deal with them: Don't take return customers for granted: Think about how you greet friends at your home. You don’t ignore them or forget their names, but you open the door with a smile, welcome them in and ask how you can make them comfortable. So don't take for granted a customer whom you've seen before. Learn from his experience: See what turned the customer into a loyal follower and make sure that happens more often with other customers. Invite customers to new product launches: asking trusted customers to give feedback on a new product launch or new offer before launch will give them a sense of ownership over the product, which is likely to result in sales later on and word-of-mouth recommendations. If you're launching something new, invite your best customers to a meet and greet evening, make sure the event has an exclusive feel. Give them a platform: you can help the loyal customer spread the love and feature him in a case study for monthly magazines / newsletter. 4 1 BRANCH FIGURES
Transcript of Savings A/c Opened in Aug 2020 ... - Bank of Baroda Kenya
6049 43
111
6552
21
123
31 3018
3722
BARODA MOBI REGISTRATIONS TILL AUG 2020
266
123
204
336382
297
132
280
60
140
14
150
90
KRA ITAX NO.OF CHALLANS COLLECTED AUG 2020
6049 43
111
6552
21
123
31 3018
3722
BARODA MOBI REGISTRATIONS TILL AUG 2020
266
123
204
336382
297
132
280
60
140
14
150
90
KRA ITAX NO.OF CHALLANS COLLECTED AUG 2020
20
16
8
23
13
9
4
11
4
9
3
24
6
24
2
11
3 2
63
1 2 2
13
1
Savings A/c Opened in Aug 2020 Current A/c Opened in Aug 2020
4
0 0
4
2
0
3
0 0 0 0
10
1
NRI BUSINESS NO. OF A/CS OPENED IN AUG 2020
21 15 15 46
20 10 23 8 9 12 1 37 19
193
114
164
252 235
120
202
80 91 73
19
331
163
RFI Amt in Mn INR Aug 2020 RFI No. of transactions in Aug 2020
20
16
8
23
13
9
4
11
4
9
3
24
6
24
2
11
3 2
63
1 2 2
13
1
Savings A/c Opened in Aug 2020 Current A/c Opened in Aug 2020
4
0 0
4
2
0
3
0 0 0 0
10
1
NRI BUSINESS NO. OF A/CS OPENED IN AUG 2020
21 15 15 46
20 10 23 8 9 12 1 37 19
193
114
164
252 235
120
202
80 91 73
19
331
163
RFI Amt in Mn INR Aug 2020 RFI No. of transactions in Aug 2020
20
16
8
23
13
9
4
11
4
9
3
24
6
24
2
11
3 2
63
1 2 2
13
1
Savings A/c Opened in Aug 2020 Current A/c Opened in Aug 2020
4
0 0
4
2
0
3
0 0 0 0
10
1
NRI BUSINESS NO. OF A/CS OPENED IN AUG 2020
21 15 15 46
20 10 23 8 9 12 1 37 19
193
114
164
252 235
120
202
80 91 73
19
331
163
RFI Amt in Mn INR Aug 2020 RFI No. of transactions in Aug 2020
1 Baroda Kenya Premier League 2020 Campaign (Aug 20th to 31st Dec 2020)-3- campaigns each on CASA, Advances and Recovery launched till the end of 2020
HO.MD.28.CIR.28 19th August, 2020
Baroda JamiiISSUE 09: SEPTEMBER 2020
REWARDING LOYALTY
KENYA ECONOMY INSIGHT
IMPORTANT CIRCULARS ISSUED BY BANK
FOREXThis month, the Kenya Shilling depreciated against the US Dollar to close at Kshs 108.2 on 31st August 2020, from Kshs 108.0, recorded the previous week, due to end-month importer dollar demand amidst lackluster inflows. On an YTD basis, the shilling has depreciated by 6.8% against the dollar, in comparison to the 0.5% appreciation in 2019.
CBK Directive for Dividend PaymentThe Central Bank of Kenya (CBK), directed that Banks will have to get approval before declaring dividends for the current financial year, in a bid to ensure that the banks have enough capital that will enable them to respond appropriately to the COVID-19 pandemic. The CBK has given guidance to lenders asking them to revise their ICAAP (Internal Capital Adequacy Assessment Process) based on the pandemic.
“ICAAP is a process through which banks assess whether their capital levels are adequate and consistent with their business plans, strategies, risk profiles and prevailing operating environment.”
Covid-19 has brought challenges to certain businesses as evidenced by recent headlines of big businesses getting closed. Consequently, businesses are affected by insolvency, lack of business preparedness to handle restructuring, and the various aspects involved. Our ultimate goal should be to guarantee the success of a restructured business to avoid an outcome such as what happened to some Retail Giants.
Moreover Kenya being an Agrarian Economy is greatly dependent on climate. The untimely rains, famines and droughts pose greater challenges and can be mitigated with introduction of more technology driven agriculture businesses.
Mergers and TakeoversThe Co-operative Bank Kenya completed the 90.0% acquisition of Jamii Bora Bank. The Central Bank of Kenya approved the acquisition of a 90.0% stake of Jamii Bora’s shareholding by Co-operative Bank, which was to be completed on 21st August 2020 after the deal received all regulatory approval following approval by the National Treasury on 4th August 2020. Following this acquisition, the number of banks in Kenya remain at 38 since Kingdom Bank will continue to operate, compared to 43 banks from 5-years ago.
LOYAL CUSTOMERSAs you know Banking is a service industry and every service industry requires loyal customers. These types of customers might be less in numbers but promote more sales and profit as compared to other customers. Loyal customers are LIVE testimony to Bank’s good service and industry strength. These customers have been with organization since long hence they expect individual attention and the demands polite and respectful responses from service provider. It is always suggested to keep a track of such customers and encourage their visits to Bank by arranging for customer meets etc.
“Loyalty is when people are willing to turn down a better product or price to Continue doing business with you”
Why do we need a Loyal Customer?
1. It costs 5x more to attract new customer than to keep an existing one.
2. On an average, loyal customers are worth 10 times as much as their first purchase
3. 70% ofsale success is dependent on how the customer is being treated.
How to deal with them:
Don't take return customers for granted: Think about how you greet friends at your home. You don’t ignore them or forget their names, but you open the door with a smile, welcome them in and ask how you can make them comfortable. So don't take for granted a customer whom you've seen before.
Learn from his experience: See what turned the customer into a loyal follower and make sure that happens more often with other customers.
Invite customers to new product launches: asking trusted customers to give feedback on a new product launch or new offer before launch will give them a sense of ownership over the product, which is likely to result in sales later on and word-of-mouth recommendations. If you're launching something new, invite your best customers to a meet and greet evening, make sure the event has an exclusive feel.
Give them a platform: you can help the loyal customer spread the love and feature him in a case study for monthly magazines / newsletter.
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BRA
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FLU
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FINACLE 10 ROLLOUT
RISK MANAGEMENT
Finacle is a core banking product developed by Infosys Ltd. that provides universal Digital Banking functionality to Banks. This software is being used in more than 100 countries serving more than 1 billion customers. As you know today’s Banking is not conventional and just the Vanilla banking will not enable banks to survive the cut throat competition. Concepts like Big Data Analysis, Fin-Tech innovations, Customer Centric Service etc require the Core Banking to be flexible, agile and secure. Banks need to have ability to integrate with other Fin-Tech solutions for new products. To address this our Parent Bank shifted to Finacle 10.X in the year 2017 and have been running it successfully. This historic migration involved efforts by thousands of employees to successfully migrate the core banking system of branches (over 9500) & ATMs (over 14000) to the upgraded Finacle 10.X platform. To replicate the same feat for Bank’s International Business, The migration activity was initiated for overseas territories and subsidiaries starting with BOB UK, BOB Dubai, BOB Mauritius etc. After successful implementation in the above overseas banking entities, now we have started the Migration activity for Kenya. Following are few of the benefits: 1. Better and faster User interface.2. Updated Menus3. New functionalities for internet banking4. Automation of many customer care activities like statements, welcome letters, renewal intimations etc.5. More automated batch jobs.
The above migration activity involves Network upgradation, Hardware upgrade, Training, New Menus and Functionalities etc. Finacle 10.X will go LIVE in the First Week of October, 2020 for all branches at once. Before this crucial migration we have to ensure the following:
1. All menus are working.2. All the daily Jobs are performing3. All validations are taking place.4. Accounting, calculations etc. are working.5. All type of account opening is carried out6. Proper testing is done by each and every employee for his/her job role. If the above are done extensively then we will have a very sm ooth migration and bank will benefit from the upgraded features. We will get all the necessary support from departments both in Kenya as well as from BOB India.
Akhil AggarwalIT, Department
Environmental Risk Management and Sustainable FinanceTaking cue from United Nations Environmental Program – Finance Initiative (UNEP-FI), that emphasizes on sustainable finance and compliance to global 2030 Agenda for Sustainable Development and Paris Agreement on Climate Change, Bank of Baroda (Kenya) developed its own Environmental, Social and Governance (ESG) policy.
“What is sustainable finance?” Sustainable finance is a principle that financial institutions are supposed to adopt to ensure that they finance projects that support sustainable development. These are projects that do not harm the environment and the community at large.
In order to achieve sustainable finance, the Bank has stated in its policy areas or sectors that the bank will not provide credit to or practices of its customers that it will not condone. For example:
1. Bank will not finance customers involved in wildlife trade.
2. Bank will not finance customers involved in illegal logging or those that exploit protected forests.
3. Bank will not finance customers who employ minors or practice gender discrimination.
This policy decision proves that Bank of Baroda (Kenya) Ltd understands its responsibility towards the environment and Kenyan people and put it above business and will strive to do business that does not harm the environment and supports the desire of Kenyans to live in a clean environment as basic human right.
David KilonziHead Risk Management
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Booms the voice of Hon Kagwe, the cabinet secretary in the Ministry of Health (MoH). Yes social distance? Have you asked yourself what this simple statement is doing to our relationships? Are human beings designed to lead solitary lives? How are the social distancing protocols by the MoH influencing our interactions? These questions and others have dominated my thinking since mid-March 2020 when the government of Kenya announced the first Corona Virus case. No shaking of hands, no hugging, keeping 1.5m distance…no wonder social distancing has been described as a misnomer. Certainly, Covid-19 has made relationships unpredictable.
Relationships refer to social connections between persons. These connections can be fleeting or enduring. Relationships bring connectedness are created by social closeness, proximity and nearness. Yet social distancing disallows this denying us the opportunity of close tales from friends and relatives. There are four basic categories of relationships: family, friends, romantic partners, and colleagues each of which is defined by the type of bonds that arise out of the day today interactions. Scholars have identified several reasons why human beings form and maintain relationships. Foremost, relationships help to fulfill our emotional and physical needs. They are pivotal in the care of our souls, filling the empty vacuums in our inner beings. It’s through our interactions that we derive opportunities to touch, hug and confide in others. Psychologists believe that people who enjoy physical and social contacts are generally healthy and lead a much more stress-free life with minimal room for depression. There is a feeling of contentment that arises from mature warm relationships. Healthy relationships create a sense of fulfillment especially when conducted with respect and love. Have you had to ask yourself what you are getting out of a relationship? If this question nags you, you need to review your connections.
People have acquired financial stability from creating solid interactions with others. In Kenya, ‘Chamas’ have provided platforms for investments in real estate. Besides, simple groupings of this kind have been pivotal in times of need. The late Bob Colemore, a respected CEO of Safaricom derived a lot of warmth and satisfaction from the boys’ club. This group provided social, emotional, and physical support to Colemore and family till his demise.
Relationships are foundational in dealing with stressful situations whether at work, or at home or in school. They provide support pillars in the face of challenging situations. Connections act as buffers and help cushion any likely effects of negative experiences. They help us deal with daily stresses which have unfortunately been on the rise during this pandemic. What do you imagine people in quarantine and social isolation are going through? I doubt whether you want to put yourself in their shoes.
To develop and maintain healthy relationships, there are certain things we need to do as Baroda family. If we can’t shake hands, we can do simple things such as smiling and waving at each other whenever we meet. Smiles are rich ways of creating lasting connections. A culture of saying good morning exemplified by our MD, Mr. Saravankumar is worthy adopting. Primarily, we need to devise novel ways of creating sustainable interactions. It may be just that phone call, that message or even that short email saying I was checking on you. Such communication provides channel to cement our interactions to our benefit. It has been said that if you want to make money, make people because real wealthy lies on our relationships with people. As a way of nurturing our social interactions during my brief tenure as the branch head of Sarit Centre, I initiated group morning prayers, followed by announcements and mapping activities for the day. I attributed the success of each day to this simple daily ritual.
Further small gestures such as sending text messages, e-cards or actual cards can tighten our bonds. Let’s stand by colleagues when they have challenges like sickness or bereavement. This is a time-tested way of building long lasting connections. Finally, it is important to always look at the positive side of people. We all have our own weaknesses and vulnerabilities. Nonetheless, this should not distance us from building close interactions. COVID-19 may have created socialization barriers yet we can use the available platforms to fortify our relationships to our benefit.
By Kennedy H. Machoka (Head Office).
WEAR A FACE MASK SANITIZE SAFE SOCIAL DISTANCE
