Working together in Financial Inclusion Strategies
Working together in Financial Inclusion Strategies
In emerging markets, the lack of proof of identity is a barrier to Financial Inclusion. In some countries around 40% of the population does not have any documentation. Without this, it is not possible to determine the credit score and comply with customer due diligence and know your customer requirements. The financial sector and telecom operators have been battling for this market and trying to offer basic digital financial services at greater convenience, scale and lower cost than traditional banking. Yet, the challenges are even bigger, how do you build trust among your customers, guarantee a perfect KYC, while streamlining the account opening process and its continuous usage?
To solve the challenge of delivering financial services to underserved and unbanked populations Financial Services Providers – FSPs need to close the gap between the branch and the customer. Therefore, deploying an Alternative Delivery Channel (ADC) which relies on agent networks to provide the personal service and trusted client relationships will help close this “last-mile” gap”.
Powered by Papersoft Digital and Mobile technology, the FSPs besides activating digital financial services in real-time, are able to build a sustainable and data-driven agent network, with tools to improve field operations and identify your customer, capture historical transaction and enable deeper financial inclusion.
Digitize and automate your document workflow, leaving behind the paper-anchored process, eliminating all the constraints and errors of manual validation. Activate the accounts only after validating all KYC requirements increasing your account opening conversion rates.
Papersoft’s platform allows managing a sustainable agent network, upgrading the agent onboarding processes and quality of new agents with greater data insights about the entire operation.
Capture and validate your customers’ documents without having to fill in any forms. Our solution includes OCR, anti-fraud document or record checks, e-signature and biometric capabilities that ensure the onboarding matches the real customer identity.
With automated digital ID validation, you are able to reduce the registration time when new onboarding customers, growing your clients’ databases and providing them an effortless journey.
By decentralizing the process, your agents gain mobility to work from a store or on the street near their customers. Offline enables rover teams to perform activities in remote regions.
How to unlock the potential of Financial Inclusion?
How to unlock the potential of Financial Inclusion?
In emerging markets most people and small businesses do not fully participate in the formal financial system.
Branches can be located far away from rural areas and people do not understand the benefits of having a bank account that requires documented and verified identity.
Features like real-time liquidity management, training modules and a dashboard where you can monitor key metrics on overall network performance ensure that a tech-driven and trained agent network are ready to onboard your new customers and provide them a smoother experience. Agents are also often valuable and trusted members of the community in which they work. Therefore, they can contribute to help reduce financial literacy by explaining the benefits of having a bank account and support clients in their first transactions. This will help to reduce the risk of the accounts turning dormant.
Biometric capture and authentication is a secure and reliable way to identify individuals with unique biological characteristics. Our solution captures a wide range of ID´s, extracts and validates data, identifying in real time who your customers are by using signatures, facial and fingertip recognition.
“Papersoft platform has been proving its value on several African countries with the same purpose. Now, millions of unbanked and underserved people can easily subscribe financial offerings, anytime, anywhere, in a secure, compliant, anti-fraud and anti-money laundering environment.”
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