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Steward Processing 25 Million Monthly Transactions, 90% Online

FinTech

Steward Processing 25 Million Monthly Transactions, 90% Online

Steward Bank says its processing over 25 million transactions a month with 90 percent coming from online.

Speaking at the launch Steward Bank CEO, Dr. Lance Mambondiani said  “As I am speaking to you today we are processing close to $26 million transactions, a month. Close to 10 transactions every second. 10 transactions every second are going through our platform every second,”.

He added that 90 percent of their transactions came from its Square 1.0 platform launched last year.

“90% transactions were coming through square 1.0,”.

The bank launched social media banking platform which allows its clients to do transactions there.

Dubbed Square 2.0, the platform links its banking services to social media platforms and Artificial Intelligence ChatBot.

Gatsi Batsi is a chatbot (piece of software) that can have a conversation with a person. Batsi listens and responds with relevant information. Bots can vary according to the back-end integration of artificial intelligence. This allows Steward Bank to do more for the customer than respond with basic logic. Batsi is supposedly better than chat software which often feels like a one-dimensional conversation. She is more conversational and can go beyond bots to perform tasks that assist the user.

Dr Mambondiani said testimonials received were the new Square 2.0 is convenient.

“We have something we are launching today called Square Phase 2.0. I’m sure our team showed you how it works. We have enhanced in a way that it’s super smooth and much much easier to use,” he said.

The bank has revamped its internet banking platform.

“We have literally ripped apart our internet banking platform and given you something that we are changing the way you did banking. If you choose not to log in with your passcode, you can just touch like you do it on your iPhone,” said Dr Mambondiyani.

“The first thing was to cook something we call social media banking. A lot of people spend their time on WhatsApp and Facebook and we thought of going to where they are.”

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