The technological advancements of today’s world have helped the banking and financial sectors prosper rapidly. Information and Communications Technology (ICT) implementation has made it possible for Banks and FIs to reach and penetrate the market that was otherwise not easily accessible. However, the implementation of ICT in small and mid-sized FIs has not been as much as it has been in the larger organizations. The primary reason being, high costs and investments involved with solutions from established global software vendors and lack of dependable connectivity solutions available especially in the remote area.
There are several Tier 1 financial products available in the market with costs running into thousands and millions of dollars. However, small and mid-sized FIs in the emerging markets in Asia, Africa, Middle East, Pacific Islands and LACC (Latin America and Caribbean) cannot justify the high costs associated with these products.
WPITS has addressed the problems by providing highly cost-effective options, which include Onsite Capex, Opex deployments and Cloud-enabled platform. Mobi Credit-U from WPITS is a comprehensive mobile enabled end-to-end Credit Union solution available at affordable investments for on-site deployments and is available on a pay-as-you-go cloud based SaaS service that comes with very low or zero infrastructure investments.
Further, with the availability of several high-end smartphones, no one can deny that there has been a massive surge in usage of mobile financial services. Whilst people with easy access to such technology are gradually becoming more comfortable with using mobile apps. Large sections of people do not have access to either Internet banking or mobile banking. There is also significant part of potential market that is still only reachable via the traditional branch banking. Smaller and mid-size FIs in this scenario are at a disadvantage because they have very limited branch network, hence preventing them from reaching a sector that still relies on traditional branch banking.
Mobi Credit-U has addressed this gap by enabling extensive reach within such markets with the help of Agent-lead distribution network is also popularly known as Agent Banking or Branchless Banking. Mobi Credit-U platform comes with a built-in Agent Banking/Branchless Banking module and several other features and functionalities, which help FIs to extend their geographical reach even in remote parts of the country.
The expertise of WPITS lies in the Telecom and Fintech Software domains and therefore, it offers the best of both the worlds in its solutions. In a bid to establish as a one-stop-shop for all technological needs of FIs, in addition to a core software platform, WPITS offers innovative mobility options and several secure access technologies like Mobile Apps, USSD, SMD & IVR.
The back-end core of the Mobi Credit-U platform is highly comprehensive, evolved, secure and robust and is designed and developed especially for small and mid-sized FIs in emerging economies.
Mobi Credit-U Key Modules:
- Customer/Member Management
- Powerful Products Builder – saving & loan products
- Transaction Management & Audit Trail
- Biometric Authentication with Finger Print & Iris Scan
- Business Management Tools
- Mobile Delivery Module
- Integrations Module with Open APIs
- Multi-tenancy System for Cloud Deployments
- Comprehensive MIS & Reporting Engine
- User Access Interfaces include Web, WAP, Mobile Apps, SMS, USSD, IVR
- Online Customer Care Interface
- QR Code based transactions & Bluetooth Receipt Printer