Background


The desire to financially empower the large and highly under-served population in the informal sector has led to the formation and licensing of various retail financial organizations including rural, community and Microfinance Banks. Other financial institutions in the same retail category including mortgage Banks, savings and loan banks, and consumer finance houses have also sprung up to address similar gaps in the formal consumer segment. However, key challenges facing these institutions include inadequate automation to streamline internal operations and lack of wide spread physical or electronic reach to encourage customer patronage.

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Also, the fact is clear that efficient operations, high quality and accessible financial services, as well as process automation are key requirements to achieve and sustain profitability in the financial services industry of the 21st century. To effectively overcome hurdles and to allow small/medium retail Banks remain relevant, competitive, and profitable, these institutions are now in dire need of affordable yet applicable technology platforms


PRODUCT OVERVIEW

BankOne is a cloud-based suite of pay-per-use software solutions that automate core operations of retail financial institutions and enable delivery of services via electronic and other alternative banking channels


VALUE PROPOSITION


  • End-to-end automation of core operations in retail financial institutions (FIs)

  • Functionality to enable service delivery via self-service channels i.e ATM, Mobile Phone, Internet

  • Functionality to enable Branchless service delivery outside FI outlets

  • In-built integration to main-stream Inter-bank settlement systems

  • In-built integration to all necessary third-party systems and services

  • Fees charged to customers

BENEFITS


  • Improved speed, accuracy, and productivity in operations due to better automation

  • Improved visibility and internal control across functions and processes

  • Reduction in cost due to automation and diminished requirements for brick and mortar investments

  • Growth in customers and deposits due to extended geographical reach & new service offerings

  • Growth in income due to growth in customer base as well as addition of new income streams

PRODUCT FEATURES

Savings, current, loan and fixed deposit product management

Inward and outward interbank transfers to and from customer accounts

Cash transactions, account opening and card issuance by mobile personnel Mobile self-service banking via USSD or menu-driven mobile app

Automation of branch and other operations ie payroll, treasury, fixed assets etc

Deposits and cheque withdrawals in Correspondent Bank branches

IFRS compliant financial accounting with operational and regulatory reports

Instant debit card issuance to enable withdrawal at ATMs nationwide