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Banking is not somewhere you go, but something you do

Updated: Oct 7

In an age of digital disruption where the way banks provide services have changed, the phrase “Banking is no longer a place you go; Banking is something you do” is much more impactful now that we’re living in a global pandemic. Reliance on brick-and-mortar bank setups is slowly disappearing because almost everything — from customer onboarding to teller-interaction — can be done online.



The shift to this banking perspective, that banking is something you do, can be attributed to other factors aside from the rise in technology. There has always been something lacking in branch setups because it dictates how, when, and where a customer can conduct transactions. Banking hours can hinder people from going to the bank because of family and work commitments, and branch locations can completely lock out certain customers from accessing financial services because these tend to be positioned in urban areas. Because of these, access to banking is a continuous problem for people living in rural areas.

This is why branchless banking or remote banking platforms are the answer for financial institutions that want to extend their reach to rural areas. Simply put, branchless banking is the delivery of financial services outside of the usual branch set up. This is done through digital banking and agency banking. These modes of banking are also less expensive to maintain for financial institutions.

One of the biggest barriers to financial inclusion is the lack of access to bank branches, so branchless banking is the solution to this. The road to financial inclusion can be achieved once banking is prioritized over banks, so it is now up to financial institutions whether they will go with the changes and transition to digital. Online banking platform providers like Bank-Genie can help financial institutions to transition to digital to reach their goal of financial inclusion.

Digital is the way forward, and it is also the answer to making the unbanked population, banked.


BanqIn

An instant all-in-one financial inclusion platform for microfinance institutions, credit unions, rural and thrift banks to reach the billions around the world who remain unbanked. BanqIn (A Product of Bank-Genie) is committed to empowering financial institutions with the most cost-efficient, accessible, and comprehensive banking platform. BanqIn reduces risks, increases productivity, and extends reach to meaningfully serve and unlock the financial opportunities for its customers.


About Bank-Genie

Bank-Genie Pte. Ltd. is a Singapore-based company incorporated in 2016. For banks and financial institutions who are driving towards digital transformation, Bank-Genie is a future-focused technology partner that helps enrichen the banking experience.

Bank-Genie has a proven record across markets of Asia and Africa with its Interceptive Banking Technology. Bank-Genie Pte Ltd is funded by SBI Ven Capital Pte Ltd and FMO, the Dutch Development Bank.

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