A leading bank in Malawi partners with Profinch for FinFlowz implementation
Digital Transformation
One of the prestigious banks in Malawi embarked on a digitization journey last year and chose FinFlowz as their digitization partner.
Challenge Ahead
The bank required: Digitisation of their originations system | Efficient agency onboarding systems
Project Scope
The scope of the project was finalised as below:
- Loan Origination: Setup LOS for both retail and corporate loan with multiple levels of approvals and stages as requested by the bank
- MFI Origination: Enabled MFI customer creation, MFI loan origination and disbursement through FinFlowz.
- Customer & CASA Onboarding: This included retail and corporate customer onboarding and new account creation workflow that could serve both new and existing customers
- Agency Onboarding and USSD Banking: Covered agency onboarding, agent onboarding, multiple agents under one agency, commission setup. Also, various transactions like cash deposit, cash withdrawal, balance enquiry, utility payments etc to be enabled through USSD
Highlights
- Better turnaround time for account opening
- The workflow setup was extensively customized and tailored to the bank’s needs
- Composable architecture has paved the way for operational efficiencies, driving about 30% cost savings
Conclusion
This digital transformation project made the bank run a smooth process for its Loan Origination, Agency Banking and MFI originations process. In turn, the bank’s business benefitted from the effective changes to their system in terms of better productivity and higher efficiency. The value FinFlowz added to the bank’s ecosystem enabled Profinch to continue the relationship with the bank with future projects.
