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.
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 medium-sized 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.
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.