In today’s banking, standard is no longer sufficient. “Vanilla products”—generic, one-size-fits-all offerings that once dominated financial services—are quickly losing relevance. Rightly so, consumers across all segments, from entry-level to affluent and next-generation digital natives, are demanding more — more value, more personalization, more meaning. 

We are at the intersection of three powerful shifts: a more financially literate population, rapid digital transformation, and rising expectations shaped by seamless experiences across other industries. This convergence is redefining the very essence of what it means to bank and to be banked.

There is a rise in the number of discerning consumers. According to the 2023 Deloitte Global Banking Outlook, 72 percent of consumers now expect hyper-personalized services from their banks, with real-time insights tailored to their unique financial expectations. In Africa, the GSMA reports that over 350 million people now use mobile money, not just for transactions, but to save, borrow, and invest. Closer to home, Kenya’s digital penetration and mobile wallet usage has surpassed 73 per cent, and banking apps have evolved from mere utilities into essential lifelines.

This evolution in behaviour is not confined to a particular segment. Money is very personal, and how someone relates to it shifts dramatically over their lifetime, depending on factors like health and family responsibilities. The everyday personal banking customer is more informed and values speed and simplicity, which continues with age. The affluent customer demands exclusivity but also sustainability and investment impact. The young, next-generation consumer seeks digital-first, community-conscious solutions, often expecting financial services to reflect their identity and aspirations.

A generic savings account, a transactional loan, or a static app interface are not enough anymore; value is the new currency.

Value, not just volume

The most successful banks of the future will not be the ones with the largest branch networks or the most extensive balance sheets; instead, they will be those that create meaningful, emotional, and practical value for their customers.

For instance, Absa Bank has been rethinking the role of banking in the everyday lives of our customers. We don’t just offer financial services, we prioritize understanding our customers’ most pressing needs and meeting them there. Whether it is through platforms like Timiza, which offers accessible financial support when it’s needed most, or the Infinite Card, which helps customers align their finances with their goals and lifestyles, we focus on relevance. It is about designing solutions that speak to the realities, ambitions, and challenges of the people we serve.

Bancassurance, for example, is no longer an afterthought. It is clear that customers value peace of mind just as much as financial returns. Insurance, when embedded intelligently, provides that assurance at the point of need, seamlessly and confidently.

 

Designing for inclusion, not just innovation

In our excitement to innovate, we must not forget inclusion. Digital can be an equalizer, but only if it is deployed thoughtfully. The gig economy is a prime example. According to Mastercard’s 2024 MEA Outlook, gig workers now account for nearly 20 percent of the urban informal economy in East Africa. Yet many remain outside formal credit systems. New-age banking must design for these realities, with alternative credit scoring, flexible products, and platforms that grow with people.

It is not enough to digitize the loan process. We must rethink the idea of credit itself. What does a working mother selling produce online need to thrive financially? What does investment mean for a young professional in Nairobi balancing a side hustle, rent, and aspirations for global mobility? These are the questions modern banking must answer with solutions, not slogans.

At the heart of all this is trust. This is not built through compliance alone, or even great service, but through empathy and showing up consistently, especially in the moments that matter most. People may forget the details, but they remember how you made them feel when they needed support.

In an increasingly competitive world, trust quietly sets brands apart. It is what transforms a service into a relationship and a customer into a partner.

In this new age, the mandate for financial institutions is clear: stop pushing products and start solving problems. Move from being service providers to life partners. Create tools, not just transactions. Design for the real world, not just boardroom personas.

This is the new age of banking, not defined by technology alone but by the depth of understanding and the courage to respond with relevance. In the end, what today’s consumer really wants is not more banking. They want more value, and that is a future we must build together.

The writer, Moses Muthui, is the Consumer Banking Director, Absa Bank Kenya PLC.