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.