Financial inclusion is a tremendous opportunity for many local, regional, and even global banks. Yet capturing it requires specialist capabilities, explored in this brief by Celent, а reputable research, advisory, and consulting firm focused on financial services technology.

According to Celent, many can learn from Software Group’s domain expertise helping financial institutions foster financial inclusion for the last 10 years.

In their briefing note Software Group Helping Banks Drive Financial Inclusion Via Agency Banking And Other Solutions, Celent’s analysts were especially keen to explore the company’s Agency Banking Solution and dive deep into the specifics and benefits of the agency model.

Software Group’s Agency Banking allows traditional banks to offer services to end customers through authorised agents in a cost-effective way, without having to expand their branch network or ATM estate. The solution supports mobile onboarding for new agents and allows setting up an unlimited hierarchy structure and flexible rules for commission sharing.

According to Celent, Software Group has demonstrated that it can work effectively with both large and small institutions in Africa and other emerging markets. The analysts acknowledge all digital banking solutions provided by the company as a viable option for financial institutions looking for technology partners. Mobile Wallet, Agency Banking, Digital Field Applications/ Origination, Payment Switch, and Integration Platform, all help financial institutions with distribution and are built on top of the robust, future-proof DigiWave Digital Banking Platform.

“Digital origination and onboarding, digital wallets, and self-service capabilities are key priorities for all banks. And as the COVID-19 pandemic forces every bank to reevaluate their physical channel strategy, alternative approaches such as agency banking could offer interesting lessons on blending physical with digital,” commented Zilvinas Bareisis from Celent.

Download the full report here.