Finacle inclusion solution enables banks to gainfully serve the under-banked and unbanked with relevant products and services. It supports the multi-channel delivery of these offerings, with optimal operational efficiency, while ensuring viability of the endeavor as a sustainable and profitable business. It also enables regulation conformance across markets. Built on a J2EE platform, Finacle inclusion solution supports:
- Customer on-boarding using smart-cards and smart applications
- Delivery through channels ranging from laptops to specialized hand-held devices
- Fingerprinting-based biometric authentication
The solution can interface with any core banking solution directly or through an industry standard middleware. It enables banking customers to access their accounts through a business correspondent network. The bank’s field staff and extended correspondent network, is in turn enabled to support customer registrations, cash transactions and service both inquiries and requests.
Finacle inclusion solution arms banks with a two way messaging infrastructure to alert field agents and bank staff through SMS. This is supplemented by a secure mailbox. The solution also has extensive offline transaction processing capabilities, supported by a robust synchronization engine.
Inclusion Solution Key Modules
- Core Functionality
- Smart Card Management
- Remittance and Payment
- Funds Transfers and POS Transactions
- Request Management
- Charge Engine
Inclusion Solution Business Benefits
Cost-effective Business Engine
Finacle inclusion solution enables banks to gain access to a new customer segment and cash in on rich hitherto untapped deposit bases, by setting up a low-cost channel to bank the unbanked.
Ease of Operation
Banks can deploy the solution to on-board customers offline, even in the absence of Internet connectivity. Offline banking is enabled through ubiquitous and easy to use devices such as laptops. The innovative spot-registration process supports both smart-card and simple ID card-based banking, reducing customer on-boarding time and lowering entry barriers. The solution can be easily deployed by the bank’s staff or business correspondents.
Fingerprint-based biometric authentication ensures the fidelity of every transaction performed using Finacle inclusion solution. In addition, it offers extensive application security features like URL encryption, referral URL check and session management to provide a robust security framework. In addition, data security is achieved through the industry standard Triple DES encryption.
The solution presents banks with the advantages of reduced integration by leveraging common interface messages, maintenance and deployment costs. This translates into significant cost savings without banks having to compromise on features or the range of devices supported. Inherently independent of the network service provider, it obviates the need to build a business model that involves costs and profits sharing with them.
With Finacle inclusion solution, banks can offer a rich and differentiated value proposition for the unbanked. They can suitably tailor products and services to meet the needs of the unbanked with:
- Support for local language
- Transaction confirmation messages voiced in the local language
- Fingerprint-based biometric authentication to overcome the literacy barrier