Outsourced Banking services through agencies - Economical and Efficient

When banks want to reduce overhead or streamline their banking operation outsourcing is the most economical and efficient model. We can offer our innovative efficiency technology solution to support the outsourced processes. Banks can save time and money while strengthening client relationships and increasing production. Our Agilis Bank Agency Management software automation will enable the agencies to concentrate on banking services like deposits and withdrawals, mini-statements, disbursement and payment of loans, bill payments, and balance enquiries.

Outsourcing your banking services should not mean outsourcing control over your operation to agency. Our Agilis Bank Agency Management solution will enable agencies to act as your representative center keeping you “in the know” about your operations all times. Real time updates are available through our Agilis Bank agency management solution. Our solution offers a specialized portal to know the transactions happening from agencies. Our solution helps the agencies to perform the secure money transaction with banks customer biometric authentication. Our solution will enable agencies to manage and perform all activities associated with banking operations but you remain in total control of the operations with complete visibility of the process.

With outsourced Banking services, you can:

• Concentrate on getting more business and administration
• Reallocate fixed operating expenses which can be used for marketing, software, equipment, supplies and office space.
• Be better prepared for fluctuating market conditions and ensure scalability of operation
• Can achieve the inclusive financial system (Financial Inclusion)
• Increased coverage with low-cost
• Increased customer base and market share

Agilis Bank Agency Management solution can handle following type of operations through agencies:

• Deposits
• Withdrawals
• Balance Enquiry
• Mini Statement
• Loan Repayment Collections
• Fund Transfers
• Utility Payments
• Loan Disbursements

Banking Agent

A banking agent is a retail or postal outlet contracted by a financial institution to process customers’ transactions. Rather than a branch teller, it is the owner or an employee of the retail outlet who conducts the transaction and lets clients deposit, withdraw, and transfer funds, pay their bills, inquire about an account balance, or receive government benefits or a direct deposit from their employer. Banking agents can be pharmacies, supermarkets, convenience stores, lottery outlets, post offices, and many more. Globally, these retailers and post offices are increasingly utilized as important distribution channels for financial institutions.

Banking agents help financial institutions to divert existing customers from crowded branches providing a “complementary”, often more convenient channel. Other financial institutions, especially in developing markets, use agents to reach an “additional” customer segment or geography. Reaching poor clients in rural areas is often prohibitively expensive for financial institutions since transaction numbers and volumes do not cover the cost of a branch. In such environments banking agents that piggy bag on existing retail infrastructure – and lower set up and running cost - can play a vital role in offering many low-income people their first-time access to a range of financial services. Also, low-income clients often feel more comfortable banking at their local store than walking into a bank branch.

Banking agents are the backbone of providing financial services through alternate channels, i.e., performing transactions over a mobile device, most often a Hand-held terminal (POS). To enable customers to convert cash into electronic money and vice versa which can be send over their mobile device, clients will have to visit a branch, ATM or banking agent. Especially in remote and rural locations, where cash is still the most important way to pay and transact, a mobile banking service is dependent on banking agents to enable customers to effectively use the service.

Transaction Processing

For the customer, there is no difference in accessing his or her bank account at the agent or in a branch or at an ATM. However, besides signing a contract with the financial institution it will be working for, the banking agent also has to open a bank account at the same. In addition, the agent has to deposit a certain amount of cash into that account which will serve as the banking agent’s “working capital.” In many cases, rather than asking the agent to come up with the cash deposit, the financial institution will extend the store a credit line. The size of the credit line is normally not standardized, but adapted individually to each agent depending on its size, the expected volume of transactions and how long the agent has already been working with the bank. This is how the credit line will be used during each transaction:

• Customer withdraws money (“cash-out” transaction): agent account is credited in same amount.
• Customer deposits money (“cash-in” transaction): agent account is debited in same amount.

In case the agent’s credit line had reached its limits, and the agent’s bank account does not have sufficient funds, to cover the received funds, the POS will block and can only be deblocked if the funds have been deposited in the bank account.

The transaction process for banking services using a bank card is simple:

• An existing bank customer presents his card at the agent and requests a specific transaction and the amount to be withdrawn, deposited, or transferred;
• The agent selects the type of transaction on the POS device or personal computer, enters the amount, swipes the customer card through the device, and lets the customer enter his PIN or Place is finger in biometric device for authenticating;
• A General Packet Radio Service (GPRS), dial up, or satellite communication connects with the bank’s server to authorize the transaction;
• Once the transaction has been authorized, the device prints the customer’s receipt. 

Benefits
For Financial Institutions or Banks

• Increased customer base and market share,
• Increased coverage with low-cost solution in areas with potentially less number and volume of transactions,
• Increased revenue from additional investment, interest, and fee income,
• Improved indirect branch productivity by reducing congestion

For Customers

• Lower transaction cost (closer to customers home)
• Longer opening hours & Shorter lines than in branches,
• More accessible for illiterates and the very poor who might feel intimidated in bank branches

For Agents

• Increased sales from additional foot-traffic
• Differentiation from other businesses
• Reputation from affiliation with well-known financial institution
• Additional revenue from commissions and incentives

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