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Housing Finance Bank has embedded security in all transactions without making it complex to the customer – Twinamasiko

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A growing demand for convenient means of transactions and the need for 24-7 services means that more customers are now enjoying a greater sense of freedom. Availability is the name of the game as customers would like instant access to loans, deposits and their account status. We caught up with David Twinamasiko, the Senior Manager Alternate Channels at Housing Finance Bank to explain to us what it is that the bank is doing in this regard. Below are the excerpts;

Qn: How do you rate digital transformation in the banking sector?

There has been a remarkable shift to digitization of banking services Over the Last ten years .In this period, most banks have embarked on digitizing most of the their  processes with changes in their core banking systems to deliver more value to the customer as a result of efficient and leaner processes. This has significantly led to introduction of several innovations to the clients which have increased remote access of banking services from the comfort of their workplaces and homes. Clients are able now to check their balances, make payments and transfer funds conveniently with handheld devices like mobile phones in a very secure way among several interventions in place.

Qn: What alternative channels does Housing Finance Bank currently offer?

Housing Finance Bank has certainly gone through the digital transformation to create more value to its customers with introduction of Mobile Banking in 2015, MasterCard, Internet Banking and Agent Banking in 2019. At the Beginning of 2020, we delivered our corporate internet banking suite to our business and institutional customers. All these services augment our client’s access to banking services remotely which saves them a lot of time and money and inherently increasing their business value. Our ATM network which has provided services to our customers since 2004 has grown over the years with the onboarding of Interswitch and MasterCard. Our Clients now have access to over 500 ATMs locally and access in over 200 countries with their MasterCard.

Our internet Banking is a self-registration service that can be accessed anytime while the other services are activated in less than 30 minutes at our branches.

Qn: What percentage of HFB customers are now using alternative channels?

Over 75% of the bank clients use our alternate channels. The Bank has over the years educated the clients about the benefits of using our alternate channels which actually empower them. Our digital services are offered in a secure way to the clients. We are aware that is not simply about preventing an attack but also ensuring the security features are well blended with the transactions in a simple way by removing the complex requirements. A shift to use alternate channels has also been enhanced more recently by the move to go cashless due to the COVID-19 pandemic.

Qn: Has Housing Finance Bank registered an increase in digital channels since the onset of the Corona virus pandemic?

The COVID-19 has created a shift globally to use digital channels. This is also seen from the recent BOU reports for the period ending June 2020 where cashless transactions have recorded increased activity during the first half of 2020 compared to the same period last year.

Data from Bank of Uganda attributes the increase to actions undertaken to mitigate the spread of Covid-19. The report also notes that the value of mobile and Internet banking transactions increased by 157.3 percent and 52.9 per cent, respectively. Active users on Internet and mobile banking platforms grew notably by 36.7 per cent and 46.9 per cent, respectively during the period. Certainly Housing Bank has strongly advised clients on measures to prevent the spread of COVID-19 and among them increased awareness to utilize digital channels. This has certainly created a shift to embrace our Internet and mobile Banking which are complemented by the agent banking access points which are in the local communities.

Qn: We have seen the introduction of Apps by many banks in Uganda offering a range of services. Please share some of the unique services offered by the HFB mobile app.

The Housing Finance Bank Mobile app is one of a kind with a warm look and feel for any user with an android or apple mobile device. The app is accessed in the play store and apple store for android and apple users respectively.

With the HFB app, you can conduct a Balance check for deposit or loan account remotely, Transfer of funds to accounts in the bank, Standing order creation and other services requests like cheque ordering, Payment for all your utility services like pay TV among others. The app also facilitates transfer to mobile network providers for mobile money services.

It should be noted that our clients can access our mobile banking service using the code *225# on any type of mobile phone whether smart or feature.

Qn: Security remains a major concern for Ugandans especially given the increase in instances of fraud and online attacks on financial institutions. How is HFB addressing this issue?

The Bank has embedded security in all transactions without making it complex to the client.

Users are required to use passwords to verify access to services and also use one-time passwords to validate any financial transaction. We have provided both soft and hard tokens for our corporate internet banking clients to generate one-time passwords to validate the transactions. The Bank regularly sends advisory to the clients on how to detect and avoid fraud schemes in any form using our social media accounts, radio and email.

All our back-office processes are secured and control measures are in place to detect any form of fraud on any of our digital platforms 24/7. We also ensure that all the partners associated with the bank providing services are regularly audited and carryout tests to ensure their environments are secure. Compliance to all regulatory requirements and international best practice is embedded in our day to day operations.

Our contact center is available to our clients 24/7 to report any suspicious activity and any form of compliant which keeps the bank connected to the client.

Qn: Can we expect a reduction in physical branches as Housing Finance increases its focus on alternative channels of banking?

The Bank has maintained an optimal complement of the branches to support our clients. The branches offer their special place to our clients since we cannot eliminate face to face interactions which create room for break through client-led innovations.

Focus on the use of alternate channels of banking will remain high in 2021 and years to come. This is mainly driven by the customer need for convenience and the need to be in control of their finances (Financial Independence). The Bank takes closer review of the customer needs and develops services that meet these needs. This philosophy drives our innovation and we seek to increase use of the alternative channels from 75% to 85% in the next year.

Qn: What else can Ugandans expect in the future from a digital perspective?

Ugandans own their destiny and all innovations that will create impact will come from interactions with the Ugandan Customer. These client-led innovations create more value to the users since these meet their needs.  Therefore, from a digital perspective, more interventions that allow the customer to open an account remotely, update it with any information and even borrow money using their mobile devices are going to become common place. This increases access to the financial services and strengthens their potential to obtain other financial products like housing loans that significantly improve their well-being.  We as Housing Finance Bank seek to fulfil our purpose to enable home ownership and financial independence. All our digital innovations will follow this philosophy to prosper Ugandans.

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    Davies, Chris. “Viza Via Phone and Via Tablet get Official Ahead of Summer Release.” Android Community.
    You’ll additionally get a free copy of your credit score report — test it
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  24. The G-Slate runs on the Android 3.Zero (Honeycomb) working system,
    and it was certainly one of the primary tablets to take action. As evidence, you will see dual-core tablets from them quickly.

    What you won’t see in the original Kindle’s specs:
    complaints about its awkward, too-delicate
    buttons and weird visible aesthetics. The usual N64
    controller has 14 buttons plus an analog joystick. As we mentioned previously, a lot of
    the Craig tablet devices have built-in Wi-Fi, plus audio, gaming, images, video and eReader capabilities.

    Craig Electronics Inc. The corporate markets a variety of tablets — 10 in keeping with its Web site and
    many for lower than $one hundred — but prices range extensively by distributor and
    type of pill. We’ll take a look at some specs and options of some of the tablets if you want to
    match them or give one a try.Three inches (10.9 centimeters) to
    10 inches (25.Four centimeters) in size, Craig tablets supply many of the identical features as
    their larger-finish counterparts, in addition to choices for storage, speed and multi-media capabilities.

  25. The black $350 Deluxe console ships with a duplicate of
    the game “Nintendoland” in the box and affords 32 GB of inside storage.
    Nintendo TVii missed its scheduled launch alongside the console in November, however
    was launched in Japan on Dec. Eight 2012. Nintendo TVii works very
    very similar to Google Tv: It’s designed
    to pull in programming guide information from television suppliers like cable companies and permit you to arrange all of your Tv content (including the video obtainable through Netflix, Hulu, and many others.) by way of one interface.

    Could it be considered one of the highest mid-range
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  26. The Vizio pill runs Android apps, which are available for
    purchase or free from Android Market. One space where the Acer Iconia tablet (like different Android tablets) nonetheless falls brief is the availability of apps.

    Simple actions like making lists, setting deadlines and selecting the
    best storage containers might help guarantee you’ve gotten the best time
    doable. Newer hair dryers have included some technology from the clothes dryer:
    a removable lint display screen that is simpler to clean. The
    tablets are also compatible with a full wireless keyboard, which is infinitely easier to make
    use of than a contact display screen for composing documents and lengthy e-mails.
    Acer acknowledges this pattern by positioning its Iconia
    tablets as excellent for multitasking and pairing with accessories designed
    for gaming, working or viewing content material. While it is nonetheless early in the game, the Acer Iconia pill, though not but a household title, appears to be off to a good start.
    Portnoy, Sean. “Acer Iconia Tab W500 pill Pc operating Windows 7 out there starting at $549.99.” ZDNet.
    Hiner, Jason. “The 10 hottest tablets coming in 2011.” ZDNet.
    However, a customer support consultant with the corporate gave
    us 10 different retailers the place the tablets
    had been presupposed to be available for sale, however we may only confirm a number of that stocked them.

  27. From the news feed to the store, more than one thousand elements.
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  28. Their shifts can fluctuate an amazing deal — they may
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  29. It has the same respin function, plus free games with wins positioned
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  31. The SportWatch uses GPS and an accelerometer to
    track location and train and has a larger show than the
    SportBand. Some of Nike’s different sports activities coaching gadgets, together with the
    SportWatch GPS and the FuelBand, offer extra performance on their displays.
    The corporate plans to release apps for mobile units, like iOS and
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  32. To make a CD clock, you may need a CD, quite a lot of artwork supplies (no need to purchase something new, you need to use
    whatever you’ve gotten round your property) and a clock motion or clockwork, which you should
    buy online or at a crafts store. Whether meaning pushing faux “cures” like Mercola
    and Elizabeth, their own “secret” insights like the Bollingers and Jenkins,
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  33. Car sharing is usually available only in metropolitan areas because it’s just not that effective in rural settings.
    3-D-printed auto parts have been around for some time, however inventor Jim Kor and a staff of fellow engineers has gone a step further and printed
    an entire car. To that end, the XO laptop has no moving components — no onerous drive
    with spinning platters, no cooling fans, no optical drive.
    Just a few hundred dollars spent on electronic tuning can give the
    same power that 1000’s of dollars in engine components might buy.

    Many of the parts you will be dealing with while you assemble your computer are extremely sensitive to static shocks.
    Medical researchers are making strides with bioprinting,
    wherein they harvest human cells from biopsies or stem cells, multiply them in a petri dish,
    and use that to create a kind of biological ink that printers can spray.
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  34. PDAs use an LCD (liquid-crystal show) display screen. But those dollars do
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    Birds with wildflowers held in their cute little
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    It’s a lithium-ion battery that packs twice as much
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  35. For one factor, you get to work from your own residence most of the time. Although SGI had by no means designed video game hardware earlier than, the company was regarded as one of the leaders in laptop graphics technology. So, Nintendo announced an settlement with Silicon Graphics Inc. (SGI) to develop a brand new 64-bit video sport system, code-named Project Reality. Nintendo is a company whose very title is synonymous with video gaming. Although most boomers are still a good distance from interested by nursing homes, they will be inspired to know that the Wii Fit recreation systems are even discovering their way into those services, helping residents do something they by no means might of their youth — use a video sport to remain limber and strong. Or maybe you want a powerful machine with loads of disk house for video editing. Most individuals sometimes work from their company’s central location, a bodily space the place everyone from that organization gathers to trade ideas and organize their efforts.

  36. Most London marathoners reap the rewards of their race within the type of a foil blanket, race medal and finisher’s bag, full with sports activities drink and a Pink Lady apple. Once the race is run, marathoners can evaluate results over a pint at any of the eighty one pubs positioned along the course. They examine their race outcomes on-line, interested to understand how they placed in their age categories, but most compete for the fun of it or to lift cash for charity. Next, let’s take a look at an app that’s bringing more than three a long time of survey expertise to trendy cellular electronics. I’ve three in use operating three separate working methods, and half a dozen or so more in storage throughout the home. House fans have remained unchanged for what seems like perpetually. And, as security is all the time a difficulty on the subject of sensitive bank card information, we’ll explore among the accusations that opponents have made in opposition to different products. The very first thing you might want to do to guard your credit score is to be vigilant about it. That release bought 400,000 copies in the primary month alone, and when Cartoon Network’s Adult Swim picked it up in syndication, their rankings went up 239 p.c.

  37. So, how does the entire thing go down? In case you make an appointment in your desktop computer, it is advisable transfer it to your
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    Numbers can only let you know so much a few console, in fact.
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  39. PDAs use an LCD (liquid-crystal show) display.
    But those dollars do not simply go to the shifting footage on screen. Companies that use online scheduling with external clients usually
    do so as a complement to conventional scheduling systems.
    Just as companies need to think about if an inner
    on-line scheduling system makes sense for their enterprise, they need to take these factors into consideration for exterior techniques.
    This will, in principle, be much more environment friendly and far cheaper than the CSP methods in use already.
    Many businesses can take advantage of programs like these.
    It appears a bit like a satellite tv for pc dish on a stalk
    quite than like a windmill designed by Ikea. Birds with wildflowers held
    of their cute little beaks chirp around their heads like Cinderella getting her dress sewn. These little guys, who reside at Stanford and Penn State
    with their scientist pals, are called methanogens.
    It was stinky, and filthy, and despatched of noxious black clouds
    from the tailpipes of nasty little automobiles.
    It is a lithium-ion battery that packs twice as a lot vitality per gram because the batteries in vehicles as we speak.

    And the new-faculty technologies aren’t quite able
    to power every part from our smartphones to our vehicles.

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