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Software solutions for providing financial services for unbanked

Sergey Chernev (Cyberplat)

Coverage of the population of Russia, as well as many developing countries, by modern financial services is extremely low. The scale of use of internet and mobile banking services is strongly limited by the human factor - the considerable part of the population is not ready to use such services, finding them very difficult.

Other limiting factor - most of the Russian credit institutions doesn’t have any kind of Internet-banking solutions. Such services are offered only by the third of banks from top-100. But results of expert estimation say: even existing solutions are overloaded by excess functionality that complicates their distribution among users.

For these reasons implementation of existing in the market solutions does not guarantee to banks fast return of investments and growth of user base of internet-banking systems.

There are alternative business- and program solutions presented in the report which will allow to bank and nonbank organizations quickly start offering of financial services through the Internet.

The solution implies the usage of single system providing opportunity to carry out payment of a wide spectrum of services and to carry out remittances through the simple interface, which:

  • Does not require separate installation
  • It is used as white-label, with a logo and a brand of the maintaining organization
  • Gives possibility to the organizations to create its own products by means of API interaction

It is a financial service of “one window», giving to users convenient opportunity to make regular payments through various distribution channels. The service provides formation of the list of standard payments, preservation of history of payments, receipts printing, absolute safety of processed transactions. The product can be used easily by banks as a simple solution for internet-banking under own trade mark.

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