THE BRANCHLESS BANK
In 3 easy steps
eKYC, Biometrics & Video Conferencing
Deposit, Withdrawal, Transfer, Payments & Balance Inquiry
Loan, Insurance & Credit
Every customer has a wallet account which allows for digital wallet-to-wallet transcations. Wallets can be loaded from bank accounts, by card payments, or by using cash paid to an agent (or bank correspondent). This example shows the process flow of a TRANSFER transaction, using cash as funds.
Additional services can be offered to customers on demand – Loans, Insurance & Credit
Technology for the Branchless Bank
Branchless Bank – Application Stack
Recent research from Aite Group reveals that a staggering 70% of U.S. firms ‘view client onboarding as either a back office function that needs to be cost-contained or a front-office automation tool. Only 30% viewed client onboarding as a competitive differentiator.’
Financial Institutions reported that it took on average of 24 days to onboard a new client, which is 22% higher than in the previous 12 months.
We all know that the digital revolution has changed the way in which we gather and use data. Mobile applications – apps – have emerged as an important channel for customer engagement across the board. They provide instantly available and relevant information with easy access to products and services. But customers demand more than just an app, omnichannel engagement – where customers are able to access their providers’ products and services in a host of different ways, such as websites, social media sites, etc. – mean that providers can engage with their customers 24/7 and obtain valuable feedback from them.
Digital Innovation in Client Onboarding and KYC: “In a digital world, don’t get left behind.” by Neil Jeans, Published by Thompson Reuters, 2016.