Taking banking to the unbanked
Extending both credit and savings to previously unbanked populations can deliver investment at the human level and improve the ability of individuals to be both productive and self sufficient. However, one of the key barriers to delivering financial services is a lack of infrastructure in remote parts of the world. Furthermore, identifying individual customers due to the lack of personal identifiable information can prove complex for financial institutions.
Financial Inclusion solution from TCS BaNCS
TCS BaNCS has overcome these barriers by developing the Financial Inclusion component that runs on remote, handheld devices. This comprehensive microfinance platform encompasses the ability to reach out to remote areas where the traditional banking network is absent and to deliver the products and services required.
The TCS BaNCS solution provides organizations with increased transparency, clear audit trails and greater control over their solution. With the usage of biometric technology and smart card technologies, the solution helps prevent fraud. Transactions carried out on any of these devices can be processed by the bank’s core banking system in real time depending on the availability of network connections.
The key factors in TCS BaNCS gateway, leading to a successful microfinance solution, are:
- Seamless integration with a bank’s core banking solution online (offline, when necessary)
- Extensive outreach
- Low operational costs, by design
- Focus on compliance and fraud prevention
- Proven and standardized technology
To know how our microfinance solution can help you experience certainty, write to us at tcs.bancs@tcs.com
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