13 Jan 2022
Financial Services Transformation
Agency Banking: Revolutionising Financial Access Through a Network of Authorised Agents
01/THE CHALLENGE
Project Overview:
Agency Banking is an innovative solution developed to transform access to financial services by bringing essential banking functions closer to individuals and businesses. Agency Banking partners with local businesses and other agents, equipping them with tools to offer essential banking services within their communities. By leveraging the convenience and reach of these authorised agents, Agency Banking enhances financial inclusion, enabling customers to perform transactions without the need for traditional bank branches.
02/ELARA'S APPROACH
Objective
To create a technology-driven model that allows authorised agents to offer essential banking services, especially in underserved areas. Agency Banking was designed to:
- Expand access to banking services.
- Facilitate convenient and secure financial transactions.
- Ensure seamless, inclusive financial solutions.
Solution
Agency Banking operates through a robust, multi-functional application designed with user convenience and accessibility in mind. The app provides an extended range of banking services, including account opening, money transfers, and bill payments. This approach not only removes barriers to access but also allows customers to complete transactions beyond traditional banking hours, including weekends and public holidays.
Key Features
- Extended Service Hours: Agency Banking agents provide banking services during weekends and public holidays, offering flexibility for users needing transactions outside of regular hours.
- Account Opening and Verification: Authorised agents can initiate and document account openings directly through the Agency Banking app, with backend support for secure customer verification.
- Money Transfer: Agency Banking enables agents to complete money transfers, verify beneficiaries, and confirm transaction details via mobile or Point-Of-Sale (POS) terminals.
- Money Deposit: Customers can conveniently deposit money through agents using either the app or POS terminals.
- Bill Payment and Airtime Purchase: Agency Banking allows users to pay utility bills and purchase airtime directly from the app.
- Transaction and Commission Tracking: Agents can track transactions and commissions, providing transparency and accountability within the platform.
- Multi-Currency, Multi-Country, and Multi-Language Support
- Multi-Currency Support: Users can conduct transactions in various currencies (USD, Euro, GBP), with built-in currency conversion.
- Multi-Language Support: The app is fully localised to accommodate language preferences, enhancing accessibility for users in non-English speaking regions.
- Multi-Country Support: Agency Banking is equipped to integrate the subsidiaries of multinational organisations into one platform, offering seamless services across multiple countries.
Technology Stack
Backend: Designed to handle verification and secure transactions efficiently.
Frontend: Intuitive user interface, optimised for multilingual and multicurrency functionalities.
Mobile Application and POS Integration: Enabling on-the-go banking services.
Database: Handling structured data with complex relationships and ensuring data integrity.
03/DELIVERED OUTCOMES
Outcome
Agency Banking successfully extended the reach of financial services, improving access for underserved populations. The app allowed the bank to:
- Increase customer acquisition in remote areas.
- Enhance customer satisfaction by offering extended hours and versatile banking options.
- Strengthen the institution’s market presence in multiple countries through a single, integrated application.
Value Delivered
Through Agency Banking, the bank achieved significant growth in customer engagement and retention. The app empowered users with accessible financial services, fostering a new level of trust and reliability in regions where traditional banking was previously unavailable.
Agency Banking stands as a model of innovation in financial inclusion, bridging the gap between traditional banking and the evolving needs of diverse communities worldwide.
What Happens Next?
- Upon receiving and processing your request, we’ll promptly reach out to review your project needs and initiate an NDA to ensure confidentiality.
- Our analysts and developers will then assess your requirements, developing a comprehensive project proposal that includes the scope of work, team allocation, timelines, and cost estimates.
- We’ll arrange a meeting to discuss the proposal in detail, refining it to align with your expectations.
- Once we reach an agreement, we’ll sign a contract and commence work on your project without delay.
Client Profile
ORGANIZATION
Our client is a leading multinational financial institution aiming to increase financial inclusion and reach underserved or remote regions.
Due to confidentiality requirements under the NDA, specific client information cannot be disclosed.
INDUSTRY
Financial Services & Banking
CLIENT SINCE
2020
GEOGRAPHY
Africa
TEAM
- Project Manager
- Back-End Developers
- Front-End Developers
- QA Specialists
- DevOps Engineers
OUTCOME
Through Agency Banking, the bank achieved significant growth in customer engagement and retention. The app empowered users with accessible financial services, fostering a new level of trust and reliability in regions where traditional banking was previously unavailable.
TECH STACK
INFRASTRUCTURE
Kubernetes
Azure
Terraform
BACKEND
Node.js
Kafka
PostgreSQL
FRONTEND
React Native
Redux
API MANAGEMENT
Kong Gateway
OAuth 2.0
PROJECT TIMELINE
Q1 2024
Discovery & Planning
Q2-Q3 2024
Development & Migration
Q4 2024
Production Launch
