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Infobip Enables Banking Services Over the World’s Most Used Chat Apps and Channels Enhancing Customer Experience of Kenyan Banks and Fintechs

Vlad Poptamas

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Photo source: usbank.com
Reading Time: 3 minutes

 

Infobip, a global cloud communications company for businesses and leader in omnichannel engagement is enhancing its presence in Kenya.

By using Infobip’s omnichannel solution, Kenyan businesses can choose the optimal communication channels for specific types of messages, all available on a single communication platform. Businesses can design targeted promotional campaigns and provide transactional traffic by including, for example, notification codes, account balance changes, bonus calculations on member cards, and payment reminders. The channels include SMS, and a number of chat app channels such as WhatsApp, Telegram and Facebook Messenger, RCS, Push and more.

“Banks have to meet the customer needs of its competition. Maintaining customers long-term will require impactful engagement through omnichannel communications over the channels they use and prefer.  Infobip is a provider that can truly address these pain points, helping banks throughout Africa improve their financial service offerings and ultimately enable every Kenyan with a bank account to be powered by mobile technology,” said Ali Hussein Kassim, co-founder, and CEO of FinteXX.

Infobip’s enablement of WhatsApp Business API allows enterprises in over 180 countries to communicate branded and rich content, such as high-res images, video, and files to its customers over WhatsApp, the chat app trusted and used by 1.6 billion people worldwide. A financial institution can for example offer banking services such as personal account verification information, account statements, banking transaction alerts or help customers find the closest branch.

H.F. Group, an integrated property and financial solutions provider in Kenya believes tailored dialogue is key in building long term relationships with their customers.

”It is imperative to listen to your customers and interact with them on digital channels. Our recently launched mobile app, for example, increased our customer base by 150 percent in only seven weeks, but USSD service is still very much in demand in Kenya. With the support of Infobip, we implemented our USSD solution in less than two months, and we can already attest to great results customer-wise,” said George Njuguna, Chief Information Officer, H.F. Group. 

Infobip has partnered with several financial and telecommunications companies across the region, bringing financial solutions to the unbanked and helping banks and fintech enterprises meet the growing competition from the expanding FAANG (Facebook, Amazon, Apple, Netflix, and Google) communications sector.

A major shift in mobile money and financial services trends are evolving across Africa. Other companies using Infobip’s A2P communication technology in Africa include the Commercial Bank of Africa (CBA), the largest privately-owned bank in East Africa.

“We are constantly trying to find new, innovative ways to optimize our processes and interactions with our customers to increase satisfaction with our bank. CBA is utilizing Infobip’s platform for A2P SMS communication, but our goal is also to expand our cooperation with additional channels such as email, chat apps and push notifications for example,” Dennis Volemi, Head of IT at CBA.

Kenya tops the list of African countries with ease of access to financial services thanks in part to its high uptake of mobile money, placing the country ahead of economic giants such as South AfricaNigeria, and Ghana. Other key drivers of this development include mobile adoption and internet connectivity. 84 percent of Kenya’s population has access to the Internet.  91 percent of Kenya’s total population has a mobile phone, compared to the average of 80 percent mobile penetration in all of Africa.[1]

”Infobip is expanding its operations in Africa. It is a region that is changing and improving rapidly when it comes to mobile money and financial services. Kenya, being one of the more progressive and developed nations in Africa, presents great potential and sets an example in truly diminishing the unbanked. With Infobip’s messaging solutions, banks can effectively build customer engagement, trust, and loyalty that is so important in Africa’s evolving banking industry,” said Rachel Njiru, Infobip’s MD Kenya & Director OP Africa

 

SOURCE Infobip

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Fintech

Credorax Partners With Cisco to Boost Payments Gateway to the Next Level

Vlad Poptamas

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Photo source: martechseries.com
Reading Time: 2 minutes

 

Today, Credorax announced that it has partnered with Cisco to upgrade its data-center network’s capabilities, capacity and latency. The agreement enables Credorax to adopt Cisco’s advanced data-center networking technology, including an automation, visibility and management system. Credorax has also agreed to beta-test Cisco’s advanced and future monitoring and management products.

Credorax’s system is already considered one of the fastest in the world with its cutting-edge high throughput, low latency, and multi-continent redundancy, and Cisco’s technology will allow Credorax to push the envelope even further in terms of decreasing transaction latency and increasing throughput. Cisco’s software solution for centralized management and monitoring of network components will play a significant role in Credorax’s solutions, simplify their roll-out of new products and reduce ongoing cost of ownership.

As a licensed merchant acquiring bank, Credorax helps merchants accept payments easily with its recently launched Source gateway. The platform offers telecom-grade (99.999%) availability for processing payments as well as a host of payments products and services, including cards and alternative payment methods, hosted payment pages, advanced KYC screening, smart fraud solutions, and sophisticated business intelligence and data tools.

Cisco is at the forefront in building the network platform that can now deliver a connected, autonomous, and programmable digital platform for Credorax customers.

Cisco-Israel General Manager, Oren Sagi said about the collaboration: “Cisco is committed to do its utmost to provide its customers with the most innovative technologies while maintaining uncompromising quality. We are excited to collaborate with Credorax and help them develop the fastest and most reliable payments gateway possible. I am confident that this project is the first milestone for a successful cooperation between the two companies.”

Moshe Selfin, Credorax CTO & COO stated: “We’re thrilled join forces with Cisco. We have always strived to provide best-class service to our customers, and are confident that by incorporating Cisco’s network platform for data capacity and processing speed into our NextGen payments and acquiring platform, we are offering our merchants the best technology on the market.”

In an era of demanding customers and changing expectations, e-commerce merchants simply can’t survive without the best-in-class cross-border payments processing capabilities. Being both a technology company and an acquiring bank, Credorax has built a full suite of NextGen products and services to help merchants grow their business online. And now with Cisco’s support, Credorax has augmented its offering even further.

 

SOURCE Credorax

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Fintech

MetricStream Wins “GRC Product of the Year” at the 2019 Risk Technology Awards Hosted by Risk.net

Vlad Poptamas

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MetricStream, a market leader in governance, risk, and compliance (GRC) apps and solutions, announced today that its Enterprise GRC Solution has been awarded the “GRC product of the year” at the 2019 Risk Technology Awards, hosted by Risk.net.

“We’re honored to win this award,” said Gaurav Kapoor, Chief Operating Officer, MetricStream. “We believe that it validates the strength, breadth, and depth of our GRC/IRM offerings, as well as our focus on continuous innovation—reflected most prominently in our GRC cloud, advances in predictive analytics, automation, and AI. Our mission is to enable organizations to ‘Perform with Integrity™’. To that end, we’re deeply committed to forging long-term partnerships with our customers and supporting them throughout their integrated GRC journeys.”

The annual Risk.net awards recognize the need for innovative technology solutions to manage risk in a highly dynamic and complex business environment. The average financial services firm faces a plethora of risks, ranging from cyber threats and regulatory pressures, to fintech related disruptions and money laundering issues. As these risks grow more interconnected, siloed approaches to GRC are rapidly giving way to more integrated solutions.

The MetricStream Enterprise GRC platform provides a single, unified system to manage, coordinate, and track multiple types of GRC activities. The solution cuts across organizational silos, enabling a holistic and collaborative approach to GRC. Users can efficiently roll up operational risk, audit, compliance, Cyber and third-party risk information from across the enterprise, and transform it into actionable business intelligence to support decision-making. With support for mobility, real-time reporting, advanced risk analytics, and regulatory notifications, the MetricStream solution helps users manage complex risk requirements in an efficient manner.

Top industry analysts have consistently recognized MetricStream as a leader in GRC/IRM. The company’s wide range of solutions and underlying GRC platform are leveraged by leading financial services firms worldwide, including large global banks, mid-sized banks, private equity investors, investment banks, wealth managers, insurance firms, asset management companies, federal financial agencies, and clearing corporations.

 

SOURCE MetricStream

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Artificial Intelligence

MPOWER Financing rated Top international student lender by Nerdwallet and U.S. News

Vlad Poptamas

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Photo source: youtube.com / Sol Bee Jung
Reading Time: 2 minutes

 

MPOWER Financing, a mission-driven fintech that provides financial access to higher education for high-promise international and DACA students, was recognized by both Nerdwallet and U.S. News & World Report as the top student loan provider for international students.

Nerdwallet, a comparison website for personal finance products, awarded MPOWER a 5-star rating for its student loans, indicating that its products are “among the very best for consumer-friendly features.” Nerdwallet also commended MPOWER for offering loans that are “ideal for international and DACA students without a co-signer or U.S. credit history.” MPOWER’s loans are available to students from around the world for both graduate and undergraduate degrees at more than 350 top universities in the U.S.and Canada.

U.S. News & World Report recognized MPOWER Financing as the “best lender for international students.” This determination was made on the basis of MPOWER’s product offerings, cost, customer servicing ratings, eligibility, and other features. U.S. News also detailed that MPOWER’s underwriting process considers a student’s academic success and career path – a process that is enabled by MPOWER’s use of big data analytics and artificial intelligence.

“I was having a tough time obtaining education loans from India without collateral,” wrote Kaushik Krishnan, one of MPOWER’s early students. “MPOWER was truly life changing for me. I’ve since graduated from my Masters program, found a job, and paid off my loan.”

“MPOWER allowed me to achieve my dream,” said Sol Bee, a South Korean student. “I was admitted to Berkeley in Fall 2016, but I couldn’t afford it at the time. MPOWER empowered me to be who I wanted to be by allowing me to take control of my finances and my life.”

“We’re honored by the industry recognition we’ve received, and the hundreds of heartfelt stories we get from students whom we have the privilege to serve,” says Manu Smadja, Co-founder and CEO of MPOWER. “We’re working hard to further improve our customer experience and to remain the best international student lending product on the market.”

MPOWER Financing, headquartered in Washington, D.C., and with offices in Bengaluru, New York City, and Toronto, is a mission-driven fintech company and provider of global educational loans. It is the only student lender in the world that leverages both overseas and domestic credit data, as well as future earning potential, to serve high-promise international and DACA students. MPOWER Financing works with over 350 top universities and colleges across the U.S. and Canada to provide financing to students from over 200 countries. Since 2014, it has received over $1B in loan application volume on its platform. MPOWER Financing helps students build their credit histories and provides them with personal finance education and career support to help prepare for life after school. The team is backed by Zephyr Management, Goal Structured Solutions, Gray Matters Capital, Lloyd Crescendo Advisors, 1776, Village Capital, Potentia, Breega, VARIV, DreamIt, Fresco, Chilango, Common Sense Fund, K Street, and University Ventures.

 

SOURCE MPOWER Financing

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