Agency Banking | Modefin

Agency Banking

Banks have to continuously innovate to stay competitive in the marketplace and find new and sustainable ways to reach out to new customers and retain existing ones. By adopting the agency banking/branchless banking model, banks can reach out to the unbanked and underbanked population with ease and also serve their existing customers better.

We strongly believe that banks of tomorrow will look fundamentally different from the banks of today. Hence we have come up with a flexible and innovative branchless banking solution for the banks that allows them to provide simple and seamless experiences for their customers and meet their demands. Modefin Agency Banking is a suite of pre-built Omni Channel Banking Solutions that adopt the banking industry’s best practices. As an agency banking solution provider, Modefin offers an integrated platform that helps you to connect with your customers, employees, and agents through innovative technology channels.

Core Pillars of Agency Banking Solution

Distribution

Our solution enables a hierarchy-based distribution system which is equipped with adequate merchandise. It helps to address distributor concerns and issues at the earliest in a time-bound manner.

Technology

The agency banking solution is built on a technology stack that augments your distribution, operations & customer engagement and has an open & scalable architecture which helps to reduce reinvestments. The solution helps to address a wide spectrum of Agency Banking portfolio such as the following:

  • Services – Cash in / Cash out /Bill payments / Salary disbursements/ Account openings / loan repayments / cheque collections etc.
  • Management – online recruitments of agents, fees and commission management, float management, online transaction reports, Grievances redressal, etc.
  • mlending, msavings, group loans, acquiring new customers, etc.

Customer Reach

Modefin’s agency banking solution helps banks to manage and serve their customers efficiently. It helps the bank to stay in touch with the customers and advise them on transaction-related queries and at the same time receive feedback from the customers to improve their services.

Operations

Banks can leverage the agent banking solution from Modefin to retain and improvise their operational efficiencies. The solution helps the banks to create, manage and monitor a huge network of agents and realize the ROI for their agents and their business.

Why Agency Banking?

Enhances Business Growth

Agency banking provides improved access to financial services in line with the bank’s corporate philosophy. It helps to attract new customers by making it easier to access banking services at their door-step which in turn contributes to increased revenue.

Reduce Total Cost of Ownership for Branch Network

Banks need not invest in additional infrastructure and can leverage the one that the agents already own and also reduce costs associated with running a branch such as a lease, utilities, security, maintenance, etc.

Competitive Positioning

Agency banking helps to position yourself in the competitive banking industry and leverage the convergence of telephony and financial services. It helps to neutralize the benefits that other banks enjoy such as Coop – SACCOs, Post offices. It also helps the bank to take advantage of a changing regulatory environment.

Highlights

Multi Hierarchy Agency Management/ Agency Management Portal

Since distribution is the key in the agency network, our solution allows creating multiple levels of agency hierarchy. Banks can have control over the number of agencies, agents and distributors, etc. and the whole process works on a secure maker/checker model. A self-care agency management portal is available in the solution which takes care of the agent, agency or distributor related grievances, inquiries, statements, etc.

Agents Based Customer Acquiring

Our solution will empower the agents to acquire new customers for Bank. With mobile-based on-boarding and e-KYC, agents can easily capture customer information and initiate the on-boarding process instantly.
The mobile-based account opening solution helps the bank in the following activities:
a. Acquiring new customers
b. Activating the Dormant accounts
c. Acquiring new customers for Cards
d. Registering for Debit Cards/Prepaid cards
e. Lead generation

Float management

Our solution allows the agents to update the accounts and report account balances instantly. The doorstep banking solution helps banks to accelerate cash collections and allows for quick transfer of funds. Agents can keep track of the transactions and commissions efficiently. Our tools aid in improvising float profitability which in turn helps in revenue enhancement for banks.

Highlights

Multi Hierarchy Agency Management/ Agency Management Portal

Since distribution is the key in the agency network, our solution allows creating multiple levels of agency hierarchy. Banks can have control over the number of agencies, agents and distributors, etc. and the whole process works on a secure maker/checker model. A self-care agency management portal is available in the solution which takes care of the agent, agency or distributor related grievances, inquiries, statements, etc.

Agents Based Customer Acquiring

Our solution will empower the agents to acquire new customers for Bank. With mobile-based on-boarding and e-KYC, agents can easily capture customer information and initiate the on-boarding process instantly.
The mobile-based account opening solution helps the bank in the following activities:
a. Acquiring new customers
b. Activating the Dormant accounts
c. Acquiring new customers for Cards
d. Registering for Debit Cards/Prepaid cards
e. Lead generation

Float management

Our solution allows the agents to update the accounts and report account balances instantly. The doorstep banking solution helps banks to accelerate cash collections and allows for quick transfer of funds. Agents can keep track of the transactions and commissions efficiently. Our tools aid in improvising float profitability which in turn helps in revenue enhancement for banks.

Benefits

Acquire new customers and increase market share

Mobilizes deposits

Increased revenue from additional interest and fee income

Offer convenience at a lower cost per transaction

Increased coverage in areas with less number and volume of transactions

Improves indirect branch productivity by reducing congestion

Benefits

Acquire new customers and increase market share

Mobilizes deposits

Increased revenue from additional interest and fee income

Offer convenience at a lower cost per transaction

Increased coverage in areas with less number and volume of transactions

Improves indirect branch productivity by reducing congestion

Why MFS?

Proven Technology & Working experience with more than 15 Banks in Africa supporting their Agency Banking Initiative

Handling Agents: ~100K with more than 20million Customers

First one to offer Agency Banking Solution way back in 2011 for Equity Bank Limited

Accelerating the digital transformation of banks with intelligent & innovative digital banking solutions

Modefin offers a suite of ready-to-market digital financial products tailored to meet the needs of the banks and financial service providers and helping them to accelerate digital adoption.

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Modefin Clients

The meaning and depth of any business are valued considering the customers it has garnered. We at Modefin are grateful to our customers and clients whose patronage has helped us build on our efforts to succeed and give our best. These are the very persons, institutions and industries who vouch for our efforts and acclaim the reliability of our solutions. Our customer experience goals gain value when we receive affirmation of our efforts.