Banking Products in Kenya
Mobile wallet may have any mobile banking functionality.
Mobile banking allows customers to complete financial transactions using the convenience of their device.
You may connect one or several banks and allow customers to check balances, transfer funds, pay bills, receive a loan, search for branches and ATMs locations, etc.
Mobile Finance Services Key Elements
Different banking accounts
● Access to an account and card statements
● Funds transfers between the customer’s linked accounts
● Paying third parties, including bill payments and third party fund transfers
● Open new saving accounts and term deposits
● Deposits management
● Loan application; Status of application; Receiving a loan; Loan replenishment
● E-insurance polices
Finance software development: step by step
Due to the improved technological solutions, developed by the corporate giants, the use of mobile wallets increases every day. Financial services software development makes it possible to exploit required financial apps to ease the customer’s lives and present new possibilities to financial exchanges, banks, etc. The Wallet Factory Company is the founder of one of the most popular and productive e-wallets (white label). This product is useful for various financial software development companies thanks to the following reasons:
● Universalism plays an important role in it because the finance mobile app is suitable for salary payments, B2B money transfers, digital currency usage, QR-code, and NFC payments performing, etc.
● End-user convenience also has a positive impact on the solution’s productivity. The financial app development has a simple menu and is easy-to-understand, moreover, it improves all the time by adapting to the client’s desires.
● It brings the possibility to track operations for each client. The financial application owner gets all the required information about customer’s dealings, so it helps to amend financial software development services and create better-prioritized reform strategy.
● The general statistic reflects the volume sales and the owner can get various proceedings according to certain interests. Specified financial application development also allows some groups segmenting by personal data.
● The high-security level makes the finance mobile app development reliable helper for money keeping (authorization via phone, PIN-code, fingerprint, and KYC module).
The company’s website contains all the important data about adverted financial software development and everyone has a great opportunity to test this software platform out.
White label finance solutions: faster and cheaper
White label finance products are ready-made digital solutions that seamlessly perform their tasks, have presentable structure, and don’t fail even under severe load. The Wallet Factory creation is a 100% high-quality representative of the company’s productivity. The white label finance app has easy and inexpensive customization; the person can attach various payment instruments to this, and perform money transactions safely. Due to the modern white label financial services and support from an experienced team of developers, the creation has a CRM toolset.
The customer can get push-notifications, unobtrusive but informative advertisement, and useful news. White label finance solutions also propose to get answers on all the questions via special chat or email. Thanks to the intuitively intelligible interface, the person has everything for P2P money transfer requesting.
Digital financial services: importance of business transformation
MFS specialization allows consumers to begin personal and professional relationships managing (online). Today people can disseminate information to hundreds and thousands of people through their pages on social networks. This metamorphosis leads to the business possibility to retain and manage customers at 100% in digital form. And this, in turn, has such advantages, as:
● High competitiveness.
● Digital financial services companies’ development.
● Simplification of work with data.
● A positive image approval.
● Serious digital transformation in banking and financial services.
Improving customer loyalty to the brand.
● The pay process improving.
Digital transformation in the financial services sector reduces costs, increases profit, and achieve the momentum of economic development. As soon as companies become digital, they realize that they can promote their types of digital financial services in different sectors of the economy. This, in turn, requires less effort, because transformations in financial services help to overcome barriers and enter a new segment of industrial life.
Financial services transformation makes it possible to discharge basic features of the digital economy:
● The main activities of business entities are concentrated on digital strategy financial services that are combined into a single information environment, which allows you to access banking services 24/7 regardless of the customer’s territorial affiliation.
● Due to the digital innovation in financial services the direct interaction between producers and consumers reduces the interference of distributors in the chains of goods and services action. Moreover, the approach to managing supply chains also changes. Individual participants, who carry out transactions on the terms of outsourcing, make a significant contribution to the digital transformation in financial services.
● Standardization and unification of the services/goods contribute to the formation of personalized digital financial services that allow you to highlight the target audience and attract certain groups of consumers, individual freelancers, and startups.
The digital transformation of financial services is efficient in markets with a large number of participants and a high level of penetration of ICT-enabled facilities.
Mobile financial services: capture the mobile sphere
Modern mobile financial services/applications in most cases have to be downloaded from certain portals, such as the Google Play Market, App Store, or others. Mobile programs are developed separately for each operating system, require quick installation, and provide fast access to content. Due to the mobile in financial services integration, it’s better to distinguish some profitable moments. It’s not a secret that the applications are more popular than similar websites because they are more convenient. Solutions provide decent user experience, download content relatively quickly, and are easy-to-use. Besides, they have push notifications and a design that is more flexibly compatible with different screen sizes. Mobile apps are great for services that require regular use. They allow clients to create personal accounts as well as keep important information. It’s great that thanks to the interoperability, mobile financial services are able to provide access to their features and content in any part of the country and world.
Among difficulties, it should be noted that each platform (iOS, Android, Windows) needs a separate working version of the program. Ensuring the proper functioning of the native application depends on the requirements of a particular system. When an application is developed for several different platforms, its support requires more time and money, and afore-mentioned Wallet Factory Company regularly provides updates and fixes compatibility problems with each type of device.
Finance wallet – development of your business
The financial wallet made by a reliable company can be called a serious product, which protects money and makes all the transactions simple and quick. Wallet Factory company presents a few wallet-types, among which the client’s one is one of the most famous, because it helps to make transfers, payments, etc. Merchant’s software/wallet is a great choice for receiving money from end-users. Agent wallet transfers real cash into digital and vice versa. Thanks to the last-mentioned tool the client can replenish the finance mobile wallet or withdraw it. Issue product is useful for e-money issuer. The price for developments usage is comparable because the Wallet Factory prioritizes the customer-centeredness.
Moreover, the wallet on your mobile phone contains various interfaces. It’s easy to manage prepaid instruments and use administrative panel. The finance wallet application supports modern payment methods: QR and NFC, which are very popular. A noteworthy detail is the ability to test and implement new functionality very quickly. The company gets closer interaction with the client through notifications directly on his/her device. The setting up and configuring e-wallet is intuitive.
Microfinance app: the best decision for fast loans
It’s easy to transform a financial wallet into microfinance app because the company-developer provides full-range customization. A cross-platform mobile tool for iOS and Android is one of the best among profitable microfinance solutions because it presents:
● The brand awareness increasing.
● Continuous improvement of microfinance software features.
● The user-friendliness of microfinance software makes the usage process simple even for those people, who don’t have much technological/mobile experience.
● The payments making, that can be performed even via Masterpass or ● Masterpass QR technologies.
● Financial transfers (internal or international) remittance in a few minutes due to the microfinance application software.
● Billing process also contains all the required information and helps the user to sink a debt.
The mWallet has a special loyalty platform that makes it possible to exchange some virtual bonuses and points for real benefit. This microfinance banking software guarantees fast and secure transactions, multicurrency, and flexible reward conditions for launching a loyalty bonus program or cash back service. Mentioned microfinance management software allows you to actively interact with clients because it has a registration channel, bonus balance and purchase history, coupons and certificates, an electronic card for identification and reward, surveys, and a map of your network coverage.
The user has everything to use microfinance technology solutions and launch advertising campaigns, one-time promotions and measure effectiveness with the help of ready-made platform modules. Microfinance loan software also helps to communicate with customers and get feedback. The product shows various customer statuses, different conditions of rewards getting, further still, the Wallet Factory microfinance system software has anti-fraud rules, which are able to detect the swindle and protect from it all the users.