In this podcast episode, “The Unseen Side of Banking’s Digital Transformation”, we sit down with Jamie Loden, COO of Diamond Trust Bank in Kenya.
DTB: Leading the Digital Transformation in Kenya’s Banking Industry
Diamond Trust Bank (DTB) is on a mission to become a leading bank in East Africa through a comprehensive digital transformation journey. With a focus on innovation and collaboration, DTB has embraced a unique digital partnership strategy with the fintech community and is transitioning from a traditional B2C bank to a B2B2C model.
Driving Innovation Through Digital Partnerships
DTB recognizes the power of collaboration and understands that the fintech community is at the forefront of technological advancements in the financial services industry. To leverage this potential, DTB has created an API platform that allows them to provide financial services to tech-enabled companies. This partnership empowers DTB to serve as an invisible but crucial financial partner, enabling seamless transactions and supporting the growth of these companies.
As part of their digital journey, DTB has already onboarded several FinTechs and plans to establish an innovation hub or digital factory for collaboration and co-creation with these partners. By creating a diverse and collaborative workspace, DTB aims to foster innovation and bring together industry professionals to discuss challenges and trends in a designated video content and podcast studio.
Supporting Fintechs Every Step of the Way
DTB’s approach to fintech partnerships goes beyond just providing financial services. They start by understanding the vision of these fintech companies and signing non-disclosure agreements (NDAs) to protect their ideas. DTB then guides fintechs through the regulatory journey, offering technical expertise and product development advice.
Collaborations can range from creating a product together to leveraging DTB’s technical capabilities to scale and reach new customers. DTB also provides engineering support once the product is live, with costs determined through specific agreements and future revenues or the fintech’s commercial model.
The Value of Physical and Digital Banking Integration
DTB recognizes the value of physical branches as community hubs and spaces for customers to meet and interact. While their digital application extends financial services and offers a digital account similar to banks like Monzo and Revolut, DTB believes in integrating physical and digital banking to provide a seamless experience for customers.
Diamond Trust Bank is a trailblazer in Kenya’s banking industry, leading the way in digital transformation. Through their digital partnerships with the fintech community, they are embracing innovation and collaboration to become a crucial financial partner for tech-enabled companies. By ensuring regulatory compliance, prioritizing cybersecurity, and integrating physical and digital banking, DTB is successfully navigating the fintech landscape while driving growth and financial inclusion across East Africa.
