The evolution of online and digital banking has spurred a whole new set of expectations among customers, especially around Digital Payments – and a whole new contingent of FinTechs and challenger banks have sprung up to capitalize on this evolution.
At least the experience(s) during the recent naira redesign policy of the Central Bank of Nigeria (CBN), exposed the need for fast and effective payment methods, and open banking services that offer the best deals for the customer.
In turn, banks have a rich new range of opportunities to use data to improve services, grow their customer base, and aggregate users on their platforms for powerful network effects that drive long-term value.
Retail banks are already making good progress in catering to these needs by developing more efficient products and services. As a result, even commercial banks are beginning to recognize the need to revamp their offerings before a new wave of disruptors starts to vigorously encroach on their market.
The Ekondo Case Study
For traditional banks, it’s a case of move fast, or be lost in the tide of transformation. This was the case for one of BankOne’s (A solution powered by Qore) clients – Ekondo Microfinance bank.
The financial industry in Nigeria has been influenced by technology over the years and because of Qore’s contribution to the financial sector, financial institutions can now scale digitally and operate at their peak levels as a result. Take Ekondo as an example;
This Qore’s customer – was trying to scale up operations and overcome challenges they faced with their operations. The bank wanted to move fast, leveraging its established status and reputation, and knowing that as more people use the service, the more prevalent it would become in the local market.
Ekondo was established in 1997 with a mission to uplift the economic condition of indigent people and has grown into a leading Microfinance Bank (MFB) serving the people of Cross River State, Nigeria. During this mission, the African Financial Institution, faced challenges such as managing technological deficits, rising operational costs, and expansion.
To overcome these obstacles, Ekondo onboarded BankOne, a cloud-based banking system powered by Qore. BankOne revolutionized Ekondo’s operations, navigating regulations, driving operational cost leadership and sustainability, and enabling growth and expansion.
All these improvements translated into real growth of the bank’s user base.In total, Ekondo roared in the market, and the imminent threat of local disruptive competitors was strategically countered.
Thanks to the modular architecture of Qore’s BankOne, solutions can be modified, upgraded, or swapped out rapidly, enabling your bank or FinTech to develop new and update old products much faster, without taking on any of the dreaded operational risk of sourcing new partnerships normally implies.
Product developers can rapidly test what works and what doesn’t by substituting alternative approaches with ease from a menu of potential models – ideal for banks looking to update their product offerings to keep pace with market demands at a moment’s notice.
Qore – Banking as a Service (Baas) Solution
It is important to remind you that Qore is Africa’s foremost Banking-as-a-Service (BaaS) solution built to achieve end-to-end automation of African financial institution operations and enable the delivery of services to end customers via digital and alternative channels.
The company was carved out from the Pan African fintech software provider group, Appzone in 2022 to become a single business entity
Qore is deploying disruptive digital technologies to enable financial inclusion, automate banking, and facilitate payments. With solutions like those outlined below, Qore is building tomorrow, today and is set to be the Digital Banking Platform dominating the new era of fully digital Banks in Africa;
BankOne: Africa’s foremost core banking software that has automated and fully digitized banking processes for over 500 FIs. BankOne is fully API-enabled.
Cluster: Agency banking, and merchant service created to support the creation of wealth by enabling merchants to receive payments seamlessly
Pryme: A self-service card issuance solution. With Pryme, bank customers can get their debit cards in less than 5 mins (even during weekends). Leading commercial banks like GTBank are currently using Pryme’s CVM (card vending machines) to enable their customers to self-issue cards seamlessly.
Recova: Optimizing the digital lending ecosystem across Africa, by providing solutions for complete automation of lending activities from loan origination to recovery.
The starting point is to agree to reinvent how your bank – FinTech – deliver. Qore Banking-as-a-Service (BaaS) solution enable the rest.