Marketplace Providers

Software Group

Agency Banking Solution – Quick-to-market expansion of points of service via an agent network.

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Be Relevant. Be Digital. Increase Your Market Outreach and Impact Quickly.

Nearly 3 billion people around the world are still financially underserved. At the same time, current financial services do not adequately meet the needs of many in terms of convenience, proximity, and affordability. In order to scale sustainably at lower cost ratios, financial service providers (FSPs) need to rethink their business model, looking beyond expensive brick-and-mortar to other tech enabled means of expansion. With Software Group’s end-to-end Agency Banking Solution, FSPs can efficiently equip remote agents with innovative mobile banking technology and enable them to deliver basic financial services on their behalf.

Overview

Unlock Unbanked or Underserved Markets

FSPs realize the lack of sufficient service points for remote rural markets, but new branch infrastructure costs are prohibitive, especially for high-volume, low-value transactions. The consequences are congested branches and limited scalability opportunities. These are some of the challenges which a local trusted agent network could meet, aiding FSPs in their successful outreach endeavors. Agents help FSPs acquire new customers, drive awareness about their services, and provide assistance when needed.

Operate with Higher Efficiency

Gone are the constraints of physical infrastructure. With Agency Banking, FSPs can expand their business while avoiding the high-capital investment and complexity involved in opening and running new branches. Operational costs can be reduced further by limiting paper-based processes and decreasing fraud and cash-handling risks. Thanks to agents, FSPs can compete smartly and efficiently – cross-sell new value-added services, distribute priorities across own and agent units, and achieve competitive pricing based on economies of scale.

Enhance Customer Experience

Instead of traveling for hours to a bank branch, previously unbanked or underserved customers can now safely visit agents in their own proximity and convenience, at extended service hours. The cost savings derived from lower transaction fees and shorter travel times encourage people to increase the usage of their accounts and mobilize more deposits. Agents are often even more trusted than formal branches, because of the comfort of interacting with a familiar local person.

Promote Your Brand

Rarely is there a more effective brand loyalty program than simply being available for clients. With consistent user experience at every trusted agent touch point, clients feel satisfied and safe to perform the financial operations they need. Trust in agents boosts overall community trust towards financial institutions, and speeds up their outreach results. Accessible, reliable and quality services earn long-term customer satisfaction and loyalty with the financial institution.

Be Ready for Your Digital Transformation

In the face of a fast-changing competitive market, it is critical to stay relevant to the needs of different customer segments. While digital products and processes are clearly the future, customers still seek convenient channels to convert their digital funds to cash, a service delivered by agents. Moreover, having direct access to agent points of service builds trust in the financial institution and its offerings.

Mobilize Deposits

With an agent nearby, customers will be more willing to secure their savings at a formal financial institution. Consistent deposit mobilization is beneficial for financial service providers as it helps them lower the cost of funds and eventually decrease the cost of credit for end customers. With the help of the agency banking model, FSPs can realize benefits from higher intermediation income and improved operational margins.

Generate New Revenue

The solution supports both standard as well as value-added transactions which can strategically create new revenue streams for financial service providers (remittances, airtime top-up, utility bills, customer on-boarding, etc.).

Partner for Successful Digital Transformation

Step into the future with confidence. The success of an FSP’s digital strategy is highly dependent on a sound channel technology partner choice. Software Group’s extensive experience stems from working with seven out of the top ten global MFI networks and more than 150 traditional and non-traditional financial institutions, helping them on their transformative journey to a full set of banking services anytime and anywhere.

Features

Built with one goal in mind – to equip financial providers with the technological enablers to quickly implement and scale a successful network of agents.

Define Different Agency Banking Structures

  • Enables the definition of super agents and sub-agents, setup of business units, multi-layered agent hierarchies, and flexible user roles with different permissions and access policies.

Attract Agents Through Flexible Commissions

  • Commissions are an agent’s main driver for becoming an FSP’s partner. Be flexible in terms of different types of fees and commissions, float distribution and liquidity across the agent network.

Onboard, Manage, and Monitor Agent Network

  • Planning, onboarding and scaling a network of agents is facilitated by strong monitoring tools for proactive management of float and liquidity in the network, such as Agent KPI dashboards and Traffic Lights Reports with geolocation capabilities.

Empowers third-party agents to transact on behalf of the financial institution, providing services, such as cash in/cash out, balance inquiries, bill payments, etc.

Provide Basic Transactions via Agents

Agents are enabled to provide basic financial operations on an FSP’s behalf, such as customer onboarding, account opening, cash-in, cash-out, funds transfer, bill payments, airtime purchase and a set of inquiries – reliably and securely, regardless of channel and device choice, even in low-connectivity areas.

Secure Agent and End-Client Authentication

Agency Banking’s open architecture empowers scalability to meet the demands for strategic integration with any Core Banking System, legacy system, third-party traditional and non-traditional providers.

Depending on its scale, an average Agency Banking implementation would take anything between 1 week and 6 months – an industry-leading standard. We pride ourselves with 100% project delivery rate, and more than 450 successful integration and delivery channels projects over the years in more than 65 countries.

All of Software Group’s solutions follow a financial industry compliant set of security best practices, including strong multi-factor authentication and authorization, PSD2 and GDPR compliance, and an out-of-the box support for a number of predefined financial ISO standards and protocols. Data storage and solution deployment depend on an FSP’s preferences. Agent network uptime is guaranteed through top-performing applications and high system interoperability, even in low connectivity areas.

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