Reach a larger number of customers and improve financial inclusion
Agency Banking aka branch-less banking is quickly emerging as a way to offer services to those without banking access. Financial institutions are constantly looking at new ways to reach the unbanked and serve existing customers better. As a retail banking option, this model is flexible and can meet local needs. Indeed, the adoption of agency banking has resulted in making services available to those with limited access. What makes the Agency Banking especially useful is that financial products and services can be offered by non-banking companies. Banks can partner with post offices or retailers to offer access to loans to new customers. Without doubt, such access saves banks the cost of setting up new branches while offering customers access to funding.
Benefits of Agency Banking
- Distribution: Agency Banking helps regular banks to reach areas with few branches and offer service to those who do not have access.
- Channels: The availability of multiple channels has made it easier for banks to make inroads into underserved areas and customers.
- Cost-effectiveness: This model helps financial institutions reach more customers and offer products at lower costs. Agents have the responsibility of signing up new customers and also managing and serving them better.
With the help of exhaustive portfolio of banking solutions, banks and other institutions can offer services directly to customers. In fact, the ability to offer services at a customer’s doorstep is the USP of this model. Banks also benefit through a larger customer base, boosting financial inclusion by reaching the underserved. The solution lets banks to provide essential banking services like savings accounts, deposits, withdrawals, and balance checks. Additionally, value added services like utility bill payments, mobile airtime top-up, etc. helps to gain more customers.
Call us today and let JMR’s experts help you with information and become a partner in growth.
Features
- Modular and SOA based architecture
- Facilitates easy integration with any CBS and third party applications
- Omni-channel accessibility like POS Terminals, Mobile Phones, Laptops and Tablets in conjunction with external accessories
- Branch Managers have real-time information on business transactions, customer information and balances
- Streamlined and automated operations
- Enhanced electronic data capture to ensure flexible reporting and accurate reconciliation
- Cloud-ready
- Easy configuration of value added services that the bank may wish to include like utility bill payments, airtime top-ups, and insurance premium payments
Business benefits
- Increased customer base and market share
- Reduced TCO: Greater geographical reach without additional expenditure in setting up new branches
- Reduced cost of operations since services are provided through agents and not the bank employees
- Increased volume of transactions through various alternate channels
- Hassle free transactions with biometric authentication
Whitepaper
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