Banks globally are closing thousands of branches each year. COVID or no COVID, the pandemic has been a catalyst for many banks to rethink their branch networks due to less foot traffic and the rising costs of maintaining a branch network.
Digital Agency Banking is a way to reach new and existing customers through branchless banking. Digital Agency Banking enables Banks to reach remote communities and continue to provide service when a branch has closed via a fit for purpose mobile banking application. An Agent could be your local supermarket or corner store.
The Agent downloads the Banks white-labelled application from the Google Play Store or Apple App Store, then performs digital KYC. Once approved by the Bank, the Agent’s integrated digital wallet is activated by connecting with the Bank’s online platform. The Agent uses the application to perform a range of transactions, including:
- Account registration
- Deposits and withdrawals
- Apply for microloans and receive loan payments
- Airtime top-up and Bill payments
- International and domestic remittance
For many bank customers, accessing applications on their phones is a daily part of their life. The Consumer downloads the Digital Banking application or upgrades their existing internet banking application to include an enhanced Digital Agency banking feature set. Consumers are able to use this application at any appointed agent to perform these transactions.
The Bank applies business rules to these transactions. Bank customers continue to maintain their accounts in the Bank’s core banking system. Agents perform transactions on these accounts on the customer’s behalf, with the Bank monitoring and managing the Agent’s float. This can all be performed from anywhere via a mobile application. Through Applications Banks are able to understand their customers, how they use the application, what features they value and remain relevant.
In developed and emerging markets, there is a strong case for the agency banking model. The case typically centres around banks that want to extend their reach and attract new customers through applications or a bank in the middle of a transformation and wants to close its branches to cut costs or rationalize services.
By deploying Agency Banking, banks don’t need to take on the overhead of opening, staffing, and maintaining a branch. They get the upside of creating a larger digital footprint for their institution, increase their brand exposure, and maintain customer interaction.
The Youtap Agency Banking solution provides Banks with the toolset they need, including white-label applications coupled with a scalable cloud based backend infrastructure to deliver a full suite of digital banking tools. Our platform helps your bank punch above its weight and allows banks to create mutually beneficial and long-lasting relationships, leading to higher trust and higher deposits.
Benefits of the Youtap platform for Merchants and Customers are:
- Simple to use Digital Agency Banking applications
- Easy KYC and digital onboarding
- High level of application security
- Access to all banking features in the palm of their hand
- Smart notifications to help users get the most out of their money
- Access to multiple ways to pay and receive funds
- Easy access to personal loans, extra accounts, and more
- A personalized banking experience
For the Bank and Financial Service Provider, the benefits of the Youtap Platform include:
- White label applications
- Quick-to-market, scalable implementation
- Fast positive ROI
- Unlimited integration possibilities
- Better customer experiences and higher customer retention
- Increased user engagement on digital channels
- In-depth understanding of customers
- Reduced overheads
- Quickly and cheaply deploy new products
- Flexibility and customization of software
Want to learn more about how Youtap can drive bottom-line revenue while also reducing your operating costs through Agency Banking?
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