The world is going through interesting times. Brick and mortar businesses are being replaced with electronic channels. Portals and apps are becoming the primary access points for service request and delivery. Banks are also a part of this larger story, but with an interesting twist. Perhaps for the first time ever, banks have begun to feel an urgent need for being relevant. Thanks to FinTech companies like Square, Stripe, Moven, Venmo etc. that seem to be eating into their breakfast and lunch. Though it is largely mandated by regulators, banks have woken up to the problem of last mile service delivery, especially in the semi urban and rural hinterlands.
Agent Banking offers the crucial feet on street and additional real estate at a fraction of the branch cost. It solves the problem of access with security for the customers and is convenient. Suddenly, people find banks at their doorstep and are more approachable. Banking has become a commodity like any other service.
At Vayana, we have designed our Agent Banking application keeping the user in mind, be it the agent or the end customer. Mobility is key for agents. Our application is tailor made for low cost Android phones that intuitively invoke native features like geo-location, camera and data sharing. The app can also be connected with biometric devices, card swipe machines for validation and data reading / storage. Be it bill payments or remittances, loan application or deposit booking, the app ensures that agents have full freedom to operate accounts, without compromising on security and confidentiality. Our Agent Banking app empowers the agents to Transact on Behalf of their customers. with Multi Point Authentication, the app ensures that agent can view customer accounts only when the customer is physically present. Agents get to view their commission and cash status, download activity reports, and check application status and much more, on the move.
Agent Banking app is in line with Vayana’s vision of API Banking. We have customized APIs that can link with government agencies for KYC validation, APIs that enable payment / remittance fulfillment or APIs that can connect to ecommerce / PGs and social media. APIs ensure banks can survive in an increasingly interconnected world.
The full blown Bank Administration Module supports critical features like Agent On Boarding, Life Cycle Management, Cash Management, Commission Setup, Access Rights Setup, Banking Parameters Setup etc. Workflows can also be configured to route transactions within an authorization group. The application is ready to interface with bank’s back office systems for Account Opening, Transaction Processing and other service fulfilment.
Lean Branch Banking is another concept that is fast catching up where a restricted set of features are offered to the bank users for running a limited service outlet. This access rights can be given to users / outlets that are run by agents / CSPs where a partial feature offering is necessary. Banks are free to decide on the feature set and assign rights accordingly.
Amazon moment for Banking
Vayana’s Agent Banking offering is designed to meet the needs of the ever changing consumer banking landscape. With a multitude of access touchpoints of Agents, Branches and Lean Branches, the application is ready to partner with the banks and jointly take on what can be rightly called as the Amazon moment for Banking.