Morocco’s CFG Bank is focusing on “digital-first banking” and is working with Kony, a U.S.-based digital banking tech specialist, on “long-term digital transformation strategy”, according to the vendor, reports Fintech Futures (Finovate’s sister publication).
The strategy is “built on the pillars of simplicity, transparency and sustainable customer relationships”, Kony explains. “Central to that strategy is CFG Bank’s dynamic app built on Kony’s digital banking platform, Kony DBX, which provides a more modern digital banking experience.”
The two parties have been working together since 2016. Together, they built “a digital banking app designed so that customers could retake control of the vast majority of banking transactions, and rely on physical branches for ‘life moments’, such as plans for funding educational goals or detailed processes around investments and inheritance”, Kony says.
Driss Benchafai, general manager at CFG Bank, said that to succeed in Morocco’s banking environment, “it’s essential to be unique”.
“It’s not enough to provide the same services or similar features as other banks,” observed Benchafai. “Rather, we must craft a customer experience that is tailored, simple and that empowers customers with the ability to complete services and transactions how and when they want.”
Benchafai felt Kony “has played a significant role in helping CFG Bank stand out from other banks”.
The two firms are now exploring further capabilities, such as data analytics, behavioral analysis and artificial intelligence (AI), to improve future iterations of CFG Bank’s digital banking experience.
Founded in 2007 and headquartered in Austin, Texas, Kony demonstrated its Retail Banking Solution at FinovateFall 2017. The company has raised more than $115 million in funding, and includes Insight Venture Partners, SoftBank Capital, and Telstra Ventures among its investors.