WayaWaya, Choice Bank Partner To Build AI-Driven Banking Experience

WayaWaya has partnered with Choice Bank to introduce WayaWaya Banking, enabling users to open bank accounts, hold funds in multiple currencies, make local and international transfers, and pay utilities through a banking service regulated by the Central Bank of Kenya (CBK). Choice Bank will provide the regulated banking infrastructure, while WayaWaya will develop the technology and manage the customer experience.

WayaWaya calls its approach Intelligent Adaptive Banking. Unlike conventional banking services that largely offer customers the same experience, WayaWaya uses artificial intelligence to analyse financial activity and adapt each user’s banking environment to their needs. This means customers can access personalised dashboards, relevant financial tools and services tailored to how they earn, spend, save, invest and manage their money, with the experience evolving as their financial priorities change.

“Traditionally, banks build applications around products and expect customers to adapt to them. We believe the future should be the opposite: banking should adapt to the customer,” said Teddy Ogallo, Founder and CEO of WayaWaya. “Whether you are an entrepreneur, a salaried professional or an investor, your banking experience should reflect what you actually need to accomplish financially.”

One platform, different banking experiences

An entrepreneur who regularly collects payments and pays suppliers could see cash flow, collections, and business expenses prominently on the dashboard. A salaried professional could have easier access to salary management, budgeting and savings tools. An investor’s dashboard could give greater prominence to investment transactions and portfolio funding. All three would use the same underlying banking infrastructure.

The service is also designed to respond as customers take on new financial responsibilities. For example, if a salaried customer starts a business, the dashboard could give greater prominence to tools for receiving payments and tracking business expenses.

“We are building technology that can interpret financial activity and identify patterns that help determine which services, tools and information are most relevant to a customer,” Ogallo said. “The idea is to move beyond customers having to search for financial services. Instead, the platform can increasingly anticipate their needs and make relevant financial capabilities accessible within their banking environment.”

Choice Bank provides the banking infrastructure

The partnership brings together Choice Bank’s banking infrastructure and WayaWaya’s app and personalisation technology. WayaWaya will use this model to develop new features and deliver banking services through its banking partners.

“Through this partnership, Choice Bank will provide the banking infrastructure that enables WayaWaya users to access banking services within the app. WayaWaya can then tailor how those services are presented to a business owner managing daily collections or an individual setting money aside,” Patrick Russel, Chief Commercial Officer of Choice Bank, said.