CBA's Loop "unbankyourself" Initial Thoughts


#1

Guys have you considered this new CBA Loop? Looks good…Just trying it out… How are the loop stores if you have visited. They are saying they’ve got WiFi installed…


#2

CBA yesterday launched Loop, a lifestyle banking product that’s targeted at the millennials. This is the bank’s way of on-boarding customers who have tasted convenience in various other spheres of their lives but banking. It can be considered catch-up as Vusi Thembekwayo said, adding that technology responds to people’s needs, and banks are quite far back in catching up with consumer needs, if Mpesa or the numerous loans apps with massive user numbers are anything to go by.

Now I liked the app’s user experience, sign up does ask for a lot of your data to fill in, and the app wont work till you pick up a Loop debit card, but all in all I’d still say they are onto something. They have got the app’s UX right, maybe they will need to do some incremental update there.

So I did sign up and was prompted to carry 500 shillings cash when going to pick the Loop card at my selected Loop store, Mama Ngina store at International Life House. Loading the card can be loaded via Paybill and from then on you may do the things that the app allows you do to, like pay bills, buy goods, send money among others. Some features like loans are not live. I understand that there is an internal credit rating that refreshes every 90 days.

If you ask me, the biggest thing that Loop does is make it easy and interesting to become a CBA account holder, so they will definitely see a plus with this. I wasn’t a CBA account holder outside of Mshwari before yesterday, and now I am.


#3

cant seem to find the app on the playstore…please post a link or url on where we can get the app for testing purposes


#4

There you go.


#5

Just signed up,cant wait to test out the platform and see what it has to offer.Cheers man


#6

#7

I think once the MPESA card is launched for everyone, and their MySafaricom App updated to include Mpesa transactions, this Loop will just be a loop.


#8

But M-Pesa isn’t a bank. I believe CBA has a great product in their hand, and they are in no way in competition with M-Pesa, but actually compliment it by using it to make utility payments.


#9

CBA Loop is actually more than just about payments,i have seen an investment product,a lending product,personal financial management tools and other banking products like Pesalink,ETF,RTGS with respective charges for person to person transfers,or bank to bank transfers,standing orders,budgeting,cashflow,calendar,networth,personal goals,analysis,deep utilties payment feature…i think they seek to integrate their whole banking experience with user needs to in order to get a true picture of how millenials bank,pay utilites,shop,save,invest and how to offer services like lending and financial advisory services all in one app…The fact that the app is transparent on displaying, calculating charges as well as on demand generated statements enriches the apps experience…i feel they need to do more work on the UI/UX but the functionality seems very promising,which could be a game changer in evolving smartphone banking services…cant wait to see how they have designed and evolved their loop stores in enhancing and enriching their services


#10

very true,not competing directly with MPESA or MShwari…its unique in how it brings all their banking and financial services into a smartphone app environment,enabling one to do all their banking,payments and financial management within the application


#11

So i just visited the Loop store in Yaya Centre,the space looks great,its like a mix of mini ihub with java kinda setup…there is free coffee/cappuccino for clients and free wifi(not working at the time)… i was given my card after a quick seamless setup process and the Ksh550 i deposited was availed as E-Money to spend on the account at a later time…The Attending agent surprised me with an free open date ticket for 1 free movie at IMAX that can be used within 90 days from date of issue…i had a great conversation with him and the team and got feedback as we exchanged ideas and stuff…cant wait to explore the product further,they also brought to my attention the existence of a similar web portal accessible on the www.cbaloop.com using the same credentials as on mobile.The interface is simple,clean and very easy to use…i think the team is off to a great start and i recommend them to anyone who is interested in trying out their products or giving them feedback…


#12

Si ungepiga picha, I’ve not had time to visit one and what you’ve described looks nice. I was to visit the one on International Life house but they gave me my card at launch, so I didn’t need to visit.

Kwani they figured that you don’t have someone to come with? :joy: :joy: :joy: :joy:


#13

Lol,pole,…i didnt think of taking pictures,will do next time i am there…actually the guy started chatting me up about movies and i shared my passion for IMAX movies kumbe the guy was about to unleash a free ticket on me,i didnt even think it would happen…unfortunately they didnt give me two tickets but i dont mind coz most times i actually go to watch movies alone so its no biggie


#14

I visited the CBA Loop Store on Mama Ngina and I must say, not bad.


#15

I agree with Joel Macharia (abacus.co.ke CEO) on this. A bank that’s this deeply tied into safaricom would simply need your phone number for a one time password and then port the rest of the info from MPESA/Mshwari

It would then learn the users habits and financial methods as they use their phone/product making suggestions based on mpesa top-up amounts, spending dates, merchant stores etc. This would of course be limited to Mshwari customers, making a case for the youth to sign up for it, simply by clicking a button and accepting millennial revised terms and conditions

The lack of NFC is disappointing, but understandable. Majority of hustlers are techno users and NFC isn’t a core feature.

CBA to many does come off as a 1% bank and they’re really arrogant if you’re not worth a certain amount (my experience) so I’ve personally avoided it. It would help if they created more value for customers by partnering with providers - data bundles when you sign up, phone purchase plans when you sign up to loop, VOD trial subscriptions for services like showmax for new customers - so they can pay directly from their phone, access to virtual offices for when hustlers have meetings, maybe even a 3 month trial of abacus to train hustlers in financial prudence (see what I did there? :wink:). So much potential yet they waste it on traditional banking and short term rewards like coffee vouchers (if you’re hustling, office space for meetings > coffee vouchers)

Looking forward to Part 2


#16

I still prefer Mula Cellulant app for buying airtime and paying bills as there is no extra cost incurred. Buying airtime via CBA Loop is 44/- while via Mula Cellulant is free


#17

CBA loop’s invest feature is a good start but not compelling enough,i love how the app works,they have room to improve and grow plus the loop store concept is a nice experimental ways to go about banking


#18

That invest feature is good but the interest is low, (Sacco interests are better) not to mention the 10% tax deducted on the interest of which you are never told


#19

UPDATE CBA Loops recent app update removed buying of airtime option due to too many complaints concerning the 44/- transaction cost incurred when buying airtime