Standard Bank has entered into a deal with Infosys which will see the bank deploy the Finacle digital commerce solution to drive agency banking and increase financial service efficiency across Africa.
As part of the deal, Finacle will power agency banking for Standard Bank and help the bank extend service channels across its markets in Africa, with the new alternate channel for the bank offering value-added financial services to Africa consumers while also reducing cost of operations for the bank.
The Finacle platform is meant to help unlock new revenue streams not only for financial institutions, but also telecom service providers and retailers by enabling instant cashless payments and commerce between merchants and consumers.
The solution empowers consumers to consolidate payment instruments such as accounts, cash or cards, on a single digital wallet, made accessible anytime, anywhere on their preferred digital channel.
By adopting the solution, Standard Bank will be able to manage agents using the mobile or internet channels and service remote customers cost-effectively. The solution will enable agents to offer a host of services ranging from customer on-boarding, cash deposits, cash withdrawal and banking transactions, to service requests.
“Mobility is a critical component of our business growth in Africa. We see the rapid proliferation of mobile services, and that, in some areas, Africa is leading the way for the rest of the world. It’s a dynamic space and we need to be agile in our response to continually evolving opportunities,” Said Terry Moodley, Standard Bank Africa’s chief executive for personal and business banking in a media release.
Finacle digital commerce is a multi-channel wallet offering that supports both assisted and self-service channels such as the Internet, mobile, ATM, kiosks and IVR. The solution is ubiquitously available across mobile platforms, access modes and devices, and is built with robust security at the transmission, application and data levels. The comprehensive service portfolio features:
The platform partners with partner banks to power-up their innovation agenda, enabling them to differentiate their products and service, enhance customer experience and achieve greater operational efficiency.