Business Enquirer Issue 125 | Diamond Trust Bank | May 2024

ACHIEVING MORE: PROGRESSIVE FINTECH EMERGING FROM THE SILICON SAVANNAH

ACHIEVING MORE: PROGRESSIVE FINTECH EMERGING FROM THE SILICON SAVANNAH

In the dynamic landscape of global finance, traditional banking institutions are facing an imperative to reinvent themselves. At the forefront of this transformation is Diamond Trust Bank (DTB), a leading financial institution in East Africa, which has embarked upon an ambitious growth strategy with the strategic aspiration to be a socio-economically relevant bank.

Incorporated in 1946, DTB is headquartered in Nairobi, Kenya and has operated in East Africa for over 75 years, with presence also in Tanzania, Uganda and Burundi. In 2022, the Bank rolled out its growth strategy anchored on 3 key pillars: increasing customer reach, sustainability excellence, and digital transformation.

DIAMOND TRUST BANK

PROJECT

DIRECTED BY: JAMIE WAITE

ARTICLE

WRITTEN BY: LAURA WATLING

DIAMOND TRUSTBANK BANKING

Chief Operating Officer, Jamie Loden

DIAMOND TRUSTBANK BANKING

Supporting this growth is DTB’s Digital Transformation Strategy, guided by the vision to transform into a technology company with a banking license. Under the dynamic leadership of its Chief Operating Officer, Jamie Loden, the Bank established its digital factory, DTBX, in 2022, encompassing a fusion of its six key pillars: the development of digital applications, a digital banking platform, digital partnerships, data analytics & AI, and cloud computing; all of which are underpinned by people, working in harmony to create an ecosystem that thrives on innovation.

“With DTBX, we are embracing more agile ways of working and positioning DTB as the digital bank of choice, where our partners can achieve that X-factor product that will enable them to achieve X times growth,” explained Jamie.

A groundbreaking element of the Bank’s strategy is the introduction of Banking as a Service (BaaS) through its flagship API platform, Astra. This move has opened doors to dynamic collaborations with tech-enabled entities such as fintechs, edtechs and healthtechs, allowing them to leverage DTB’s expertise and infrastructure, and extend innovative financial solutions to their own customers.

“With Astra, we’re not just providing APIs, we are empowering fintechs to thrive by enabling them to provide financial solutions that cater to the unique needs of their customers. We are also shifting from a B2B model to B2B2C model,” shared James.

By becoming the bridge between banking and technology, DTB is accelerating the development of revolutionary fintech products and services, positioning themselves as an innovative hub that nurtures collaboration and propels tech-driven innovation. Currently, Astra has 150 tech-enabled companies in its pipeline, spanning financial services, education, and health services. “The network of businesses we’re partnering with highlights the depth and richness of the tech scene in East Africa,” highlighted Jamie.

Another proposition of DTBX is Infiniti Pay, an end-to-end SME solution with a focus on empowering small and mediumsized enterprises through automation of their business financial needs and providing access to a curated ecosystem that caters to their unique requirements.

“Infiniti Pay underscores our commitment to addressing the evolving needs of our customers, and our dedication to foster financial inclusion and drive economic growth,” added Jamie.

Putting the needs of customers first, DTBX will also launch a ‘Chama’ product, allowing members to contribute to a group savings initiative. A ‘chama’ is a popular term used to describe informal groups in Kenya, where people come together for a common purpose to save money or invest their funds.

“This product has been built specifically around culture, with people in Kenya keen to work collaboratively to build for the future,” said Jamie.

To achieve their transformative goals, DTB is investing not only in technology but also in its most valuable asset – its people. By attracting top talent and providing training and upskilling opportunities to their existing staff, the bank is cultivating a workforce equipped with the skills to navigate the ever-changing landscape of technology-driven banking.

“We recognise that human capital is the key to the success of this evolution, and with the growth of digitisation and fintech, we have a fantastic opportunity to upskill people in Kenya for the future. Our new digital team will undergo an educational programme equipping them with skills in cloud computing and software engineering, for example,” explained Jamie.

This will support the development of new products designed to support the agriculture and education sectors. “There are some unique needs for businesses in these sectors in Africa, and they are hugely important to each country’s national economy,” Jamie continued.

Atlantic Signs

Atlantic Signs is a distinguished company hailing from the vibrant landscapes of Kenya, and it proudly boasts its unparalleled dominance in both the outdoor and indoor signage and display advertising realms. Since its inception, Atlantic Signs has stood as a beacon of excellence, offering a comprehensive array of products and services tailored to meet the diverse needs of its clientele.

Nestled within the heart of Kenya, Atlantic Signs has carved out a niche for itself as the go-to destination for all signage requirements. Be it the towering architectural marvels or the humble roadways, Atlantic Signs leaves its indelible mark through its innovative and visually captivating signage solutions. With an unwavering commitment to quality and customer satisfaction, Atlantic Signs has become synonymous with reliability and trustworthiness in the industry.

One of the hallmark features of Atlantic Signs is its exhaustive product range, which spans across various categories within the signage domain. From majestic architectural signs that adorn the facades of buildings to the utilitarian traffic and road signs engineered with reflective materials for enhanced visibility, Atlantic Signs leaves no stone unturned in catering to the diverse needs of its discerning clientele.

At the core of Atlantic Signs’ operations lies a steadfast dedication to understanding and fulfilling the unique requirements of each client. With a keen ear to the ground and a finger on the pulse of industry trends, Atlantic

Signs prides itself on its ability to deliver bespoke signage solutions that seamlessly align with the vision and objectives of its clients. Whether it’s a small-scale project or a largescale endeavor, Atlantic Signs approaches each undertaking with the same level of enthusiasm and attention to detail.

The manufacturing prowess of Atlantic Signs is second to none, leveraging cutting-edge technology and best practices to craft signs of impeccable quality and durability. Meticulous craftsmanship, coupled with stringent quality control measures, ensures that every sign that rolls out of Atlantic Signs’ production line is a testament to excellence and precision. Beyond manufacturing, Atlantic Signs excels in the art of marketing, employing strategic initiatives to showcase its products and services to a wider audience. Through targeted advertising campaigns and participation in industry events and exhibitions, Atlantic Signs maintains a strong presence in the market, constantly reinforcing its position as a leader in the signage and display advertising sector.

Central to Atlantic Signs’ success story is its unwavering commitment to customer satisfaction. Every interaction with Atlantic Signs is marked by professionalism, transparency, and a genuine desire to exceed expectations. Whether it’s providing timely updates on project milestones or offering postinstallation support, Atlantic Signs goes above and beyond to ensure that its clients receive nothing short of excellence.

www.atlanticsigns.co.ke

INFORMATION WITH POWER

We provide quality and timely business information reports in Africa, and the global market at large.

MISSION

To be the preferred provider of quality Business Information Reports in Africa, and the global market at large.

VISION

To consistently improve through efficient and effective data collection methods, with a view of providing total in-depth analysis to our customers.

VALUES

Professionalism, Integrity, Results-oriented, Customer focus.

Report Hub

Reporthub Limited stands as a distinguished entity in East Africa's Business to Business (B2B) landscape, revered for its commitment to delivering unparalleled business intelligence solutions in collaboration with global affiliates. With its inception and registration in Kenya, Reporthub Limited has cemented its position as a trusted provider of comprehensive business information reports.

These reports are meticulously curated, focusing on legal standings, financial data, company profiles, shareholding/directorship insights, registration particulars, and other critical business intelligence components, ensuring clients receive actionable insights for informed decision-making.

At the heart of Reporthub Limited's operations lies a steadfast commitment to excellence and innovation. Our vision is clear - to emerge as the premier provider of top-tier Business Information Reports across Africa and beyond. To achieve this vision, we continuously refine our methodologies for efficient data collection, enabling us to deliver in-depth analysis tailored to the unique needs of our diverse clientele. Upholding values of professionalism, integrity, and customercentricity, we strive to enrich our database, provide industry insights, monitor risks, conduct competitor analysis, and offer ancillary services to support business growth and development.

In line with our commitment to mitigating potential business risks, Reporthub Limited offers an extensive range of products and services. From due diligence reports to original document procurement, identification verification, debt management consultancy, SME rating, and credit checks, we provide comprehensive solutions to address various business needs. Our client-centric approach is further exemplified through a dedicated portal, offering seamless access to reports and personalized dashboards for streamlined order placement and tracking.

Noteworthy among our services is Reporthub

Collect, our specialized debt recovery arm. Staffed by a proficient team equipped with cutting-edge debt collection systems, Reporthub Collect ensures meticulous documentation of all interactions with debtors. Leveraging SmartDial and SmartCollect technologies, we optimize debt management processes, demonstrating our unwavering commitment to operational excellence and client satisfaction.

With a global presence spanning over 200 locations, Reporthub Limited serves a diverse clientele comprising local and international businesses. Our affiliation with FEBIS (Federation of Business Information Services) underscores our dedication to adhering to global standards in the provision of business intelligence solutions, ensuring the highest level of quality and reliability in our services.

Moreover, our partnership with Diamond Trust Bank (DTB) exemplifies our commitment to fostering strong relationships built on mutual respect and shared values. With a rich history of serving customers with confidence, honesty, and transparency, DTB stands as a beacon of trust in the financial industry. Their unwavering dedication to openness and integrity resonates deeply with our own values at Reporthub Limited. This partnership underscores our belief in the power of collaboration to drive positive change and enhance customer experiences. We are proud to align ourselves with DTB and look forward to further strengthening our relationship based on mutual trust and shared vision.

In summary, Reporthub Limited is not just a provider of business intelligence solutions; it is a trusted partner dedicated to empowering businesses with actionable insights and unwavering support.

Through continuous innovation, global reach, and strategic partnerships, we remain committed to delivering unparalleled value to our clients and driving sustainable growth across industries. Join us on our journey towards a future where informed decisions pave the way for success.

www.reporthub.co.ke

Jamie, who joined DTB in 2021, displays leadership values which truly align with the business’ goals.

“As a leader I think it’s important to display a level of selflessness, prioritising approachability, empathy and compassion. I instil in colleagues that it’s ok to be human, to be vulnerable, and be willing to admit we don’t have all the answers. Like our customers, I want my colleagues to dare to be bold and strive to achieve their ambitions,” he said.

DTB’s digital transformation journey is a testament to their commitment to

innovation, customer-centricity, and a futuristic approach to banking. “Our pursuit is one of transformation, where technology and banking merge seamlessly,” Jamie said. By embracing technology as an enabler and catalyst for change, DTB is propelling beyond the boundaries of traditional banking into a realm where innovation is harnessed to unlock new possibilities and redefine the very essence of finance. “We’re not just transforming banking; we’re shaping the future of finance,” Jamie concluded.

www.dtbafrica.com

DTB Chief Executive Officer, Nasim Devji, with Alphas Sinja (CEO, Boya) and Ezra Chiloba (CEO, Communications Authority of Kenya) at the launch of a virtual expense card for business payments.

Evolving Business through Digital Transformation.

Sybrin, a leading global solutions provider with more than 30 years of industry experience, empowers businesses within the financial services, insurance, and telecommunication sectors to thrive by supporting them to initiate and navigate their digital transformation journeys.

Our core strength lies in our deep industry knowledge and expertise in building, implementing, and supporting end-to-end systems. Leveraging low-code, AI, computer vision, machine learning, and data science technologies, we deliver bespoke solutions globally, with a commitment to exceptional service through strategically located offices.

Our frameworks are designed to meet the needs of modern businesses, thereby decreasing their operational costs and employee workloads, while increasing efficiency and accuracy, resulting in a superior customer experience. These frameworks include Digitisation, KYC & Onboarding, Payments & Clearing, and Fraud Risk Management, which can easily be integrated into existing systems, and are highly scalable and customisable.

Our comprehensive offering goes beyond system design and integration. We provide custom software development, hardware procurement, digital advisory services, as well as 24/7 support and training. Each solution is meticulously tailored to your specific industry, region, and needs, ensuring a smooth digitalisation journey.

In East Africa, we focus on a few main solutions to complement the needs of the market and assist our customers in springboarding their digital journeys. These include:

Know Your Customer (KYC)

A complete solution for automating cognitive KYC procedures and performing client- and enhanced due diligence investigations to improve compliance, operations, customer acquisition, and customer retention.

Onboarding

Simplify your onboarding process with an omni-channel experience that delights customers and minimises administrative tasks while verifying that the person behind a remote interaction is

physically present through facial liveness detection.

Digital Signatures

Make signing documents simple, reliable, and secure. Our solution will ensure the authenticity of a digital signature using unique cryptographic keys in accordance with regulatory requirements and standards.

Intelligent Document Processing (IDP)

Streamline and optimise your data extraction and capturing, while increasing your overall capacity and efficiency with our IDP offering – which can be used for intelligent statement extraction, accelerating onboarding processes, and more.

Business Banking

A frictionless digital channel that provides seamless connectivity, B2B and B2C transaction handling, and total user control - delivering the promise of connected corporate banking.

Loan Management

Link your customers to credit facilities, financial data, and market information with a platform that supports onboarding, credit scoring, approval workflows, integration to third-party systems, and customer-facing mobile applications.

We are driven by a passion for positive change. Our mission is to provide a globally recognised platform and app store that empowers businesses across industries with the agility and insights needed to achieve a competitive edge.

With over 800 systems across 20+ countries deployed for more than 100 satisfied customers, Sybrin boasts a proven track record of success. The 2020 acquisition by the 1K1V and Crossfin Consortium further strengthens our position, unlocking valuable insights and bridging the gap between South Africa, Africa, and the US. This collaboration opens doors to cross-border innovation and economic opportunities. www.sybrin.com

Digital Onboarding in a Few Simple Steps.

First impressions count, give your customers a frictionless omni-channel onboarding experience that is seamless, personable, and exceeds their expectations while avoiding unnecessary admin.

Real-Time KYC Monitoring and Verification.

Improve compliance, operations, customer acquisition, and customer retention with Sybrin's advanced Know Your Customer (KYC) offering.

Identity Screening Amplified by AI Technology.

Automatically perform real-time screening against global sanction lists and watchlists using our advanced AI and machine learning technology. Identify and flag potential high-risk customers for further review, while onboarding low-risk customers quickly and efficiently.

Simple, Fast Liveness Detection and Verification.

Prove the physical presence and biometric liveness of a person, for remote interactions, with the combined use of image processing techniques and neural networks using only a selfie.