Universal Merchant Bank(UMB) – Success Story
The Client
Universal Merchant Bank (UMB) is a leading indigenous bank in Ghana which offers a diverse range of financial services to meet the banking needs of its customers. Established on March 15th, 1972, UMB today has 36 branches located across Ghana and a vast ATM network.
Objective/Need
- The bank was looking for ways to reach out to more customers with innovative technology and the right marketing strategy with their products and services.
- Follow the path to digitization by adopting flexible delivery channels that are cost-effective and ensures improved customer service.
Approach/Solution
As part of the digital banking solution, ModeFinServer offered a scalable and modular Omni channel platform that enables the client to accelerate their digital transformation and offer seamless mobile banking experiences and promote financial inclusion.
Mobile Banking
ModeFinServer developed a mobile banking solution that allows customers to check account information, cards, loans, deposits, transfer money and send requests for transfers, make a cardless cash withdrawal from ATM, and manage deposits.
- Bill Payments – Users can pay various service providers from the public and private sectors.
- Airtime Top-up – Users can do Airtime Top-up for any Mobile Number
- Standing Order – Customers can create or stop a standing order
- Loyalty/Rewards Program – Enables mobile banking customers to earn rewards or loyalty points based on their transaction profile.
Agency Banking
ModeFinServer offered an agency banking solution that covers the entire agent life-cycle operations such as, cash in/out, balance inquiries, mini-statements, float requests, cash out via prepaid and master/visa cards, bill payments, airtime top-up, change M-pin, etc.
- The solution also included support for back-end operations such as user registration & management, customer registration, agent registration, biller management, SMS alerts, report module, and audit logs
- General Management Functions such as profile editing, changing passwords and PIN, block & unblock passwords and view transactions.
- An app for easy customer onboarding.
- Integration with third-party systems.
Mobile Wallet
ModeFinServer developed a secure and easily deployable mobile wallet solution that helps the client to deliver a diverse range of payments and financial services anytime, anywhere.
Following are the features of the wallet:
- The app is available on USSD, Android and iOS.
- It allows for an easy, quick and convenient way to perform a peer-to-peer transfer.
- Supports various types of payments from utility bills to merchant payments and airtime top-ups.
- The app allows users to change the PIN, access transaction details, view the full statement, change language and invite a friend.
- Provides the users with a holistic view of their expenses through a personal finance management tool.
- Supports both domestic and international remittances.
- Support for card-less withdrawal over ATM
- Micro Saving
- Micro Lending with full-fledged credit scoring
- Support for Card Reader, printing receipt and NFC
- Share, send, spend & tack money with friends from social media
- Integration of smart POS and mPOS to accept card transactions
Business Impact
- The digital banking solution helped the client to overcome the constraints and limitations of their core legacy systems and offer enhanced customer experiences.
- Using ModeFinServer’s digital banking solution, the bank can offer seamless customer experiences across channels.
Testimonial
We’d love to hear an honest feedback on our solution from the Bank Team.
UMB engaged ModefinServer with high optimism because the Bank was developing its digital strategy to enhance its leverage and dominance as a major local bank in Ghana. Senior officers of the Bank, therefore had the opportunity of travelling to Kenya to meet senior officials of Equity Bank, Family Bank and Sidian Bank. These Banks had benefited from excellent service delivery from ModefinServer in the developments of the varied banking services and our Bank sought to use these engagements to re-confirm and obtain maximum assurance of the efficacy of the planned partnership. The engagements also afforded our bank the opportunity to ask the most relevant questions and the outcome of these engagements alongside other requisite checks provided the firm assurance that the partnership with ModefinServer was indeed the step in the right direction.
Since launching UMB SpeedApp to the public on the 27th of February 2018, the feedback, the reviews, the client commentary and public sentiments have been very positive. The affirmation of positive customer experience has further sustained continuous patronage. The Banks digitization agenda has been developed on a firm foundation and the introduction of the UMB SpeedApp was to further affirm this agenda. The sustained patronage with growing activations, coupled with increasing transactions has boosted the Banks confidence of pushing more opportunities to Modefinserver as part of further boosting the digitization agenda. Ultimately, there are plans to upgrade the UMB SpeedApp and introduce more innovative services and products. There are many innovative interventions such as developing our Omni-channel offerings and the enhancement of our existing internet banking infrastructure is aimed at improving our service delivery on the Banks internet banking platform to excite the Corporate as well as SME and Retail banking customers, who are already benefiting from the innovations on the mobile app.
There among others are the means by which UMB is exploring more budding opportunities through this partnership with ModefinServer. The future looks very bright and the Bank will continue to execute more business with ModefinServer as we collaboratively drive the digital transformation agenda of the Bank as part of meeting the long-term strategic activities of the Bank and to sustain the excellent service delivery to our customers.