Digital Innovation & Increased Customer Outreach

Digital Innovation & Increased Customer Outreach

THE CLIENT WITH IMPLEMENTATION OF ASPEKT DIGITAL FINANCE CHANNEL HAS ENABLED FAST ACCESS TO FINANCE TO MOST VULNERABLE GROUPS OF PEOPLE WHILE DIGITAZING THE PROCESS OF INTERCONNECTION WITH THIRD PARTY PAYMENT SYSTEM.

Summary

The Client is a microfinance institution established in 2006 which is part of one of the largest development networks in the world that works to reduce poverty, economic and social exclusion.

The Client operates for long years in the market and is one of the biggest microfinancial institutions in the country.

Challenge

The Client wanted to build platform that will accelerate innovation and reduce technological complexity of integrating 3rd party systems in rural areas with lack of internet accessibility.

Client’s requirement was ASPEKT to integrate with third party payment system enabling financial inclusion and connection to the payment system. The integration enables clients to digitalize the process of filling the wallets of third party Payment system enabling them to have access to finance and have enterprise scalability to use all current and future Client’s services with high levels of performance.

ASPEKT offered complete digitalization of Client’s operations with implementation of the project, with automatically performed processes without human intervention. It was very important for the Client to invest in technology that will reduce the total cost of ownership and generate operational agility for changes in process of implementing financial digitalization in all operational segment.

Solution

ASPEKT managed to integrate the 3rd party payment system with Financial Institution. ASPEKT enhanced the usage of the Mobile Wallet beyond just payment processing, with the Aspekt Digital Finance Channel that provides better accessibility and wider coverage of operational scope of Client’s operations, including complete CBS Platform in the background to manage the portfolio from digital channels, from single point.

The process involves inclusion of the most financially vulnerable population categories in a country with more than 20 million inhabitants and access of a huge population to financial instruments is more and more needed especially in rural areas where access to another type of such an infrastructure practically it does not exist. This kind of digital platform appears as the newest and only type of such service in a vast part of that Region.

ASPEKT developed API Delivery Layer enabling interconnection with Mobile Network Operator, a third party payment system with financial institution on this market, automating the process with company responsible for processing Scoring Cards and Neuralgic Network Analyses, covering the processes of customer registration, loan application, score cards processing, automated decision-making processes, as well as complete deposit management for savings and term deposits.

User registration is done performing verification of eligibility criteria, automated SMS notification to the user, control of the ID number, pin code insertion, integration with the call center, and KYC validation with GUI integration. The registration operation performs automated validations for Anti-money laundering, watch lists, national ID card scan, interconnection to Mobile Network Operator, repeating the process until the data is correctly entered for further processing, and the whole process is digital without any manual intervention afterwards. The service deactivation is initiated in case transaction needs to be cancelled.

The SMS Notification System sends messages to users for instalment maturity and payment assuring on-time payments processing and improved control of risky loans. Customers can generate reports for loan and savings accounts preview of account balance, due dates and all other information required for making on-time and informed decision.

Results

The Client received unified UXP (user experience platform) across all integrated 3rd party payment systems and transaction integrators, compatible with any GSM mobile phone, as the key unique differentiator of this project. The Client now is able to independently manage a multi-channel strategy for advanced financial inclusion and became leader in Digital Financial Services in the country and will continue to innovate and respond to customer expectations and demands, in the future, as well as using the platform for interconnection with other MNO operators and payment providers.

Below are listed some of the benefits the CLIENT has experienced with Aspekt Digital Finance Channel:

The Client provides 10 times better customer experience by delivering future project scalability, operational centralization and mobile service convenience.
The project enabled financial inclusion of the most vulnerable groups of country’s clients, enabled end users to use Client’s loan, saving products, online without internet connectivity.
Up-to-date info about client payments, debts, statuses, etc. on a daily basis.
CBS integration in background for managing the portfolio from digital channels, reduced platform maintenance costs, providing relevant experience in real-time to needs of Client’s customers.
Technological innovation building the Omni-channel experience with Aspekt Digital Platform, for delivering financial services to customers, through convenient data accessibility.
Complete workflow digitalization and increasing Client’s efficiency, by improving the communication flow with end customers.

The Client is now future-proofed to embrace new technologies, protecting current time and project’s effort investment. Compatibility to other systems allows the Client to have flexibility for further expansions, taking the business to next level of profitable growth.