Convenient Banking Services wherever you go: the phenomenal rise of agent banking

Agent Banking is fast becoming an alternative choice to dealing with traditional bank branches of brick and mortar. Through agent banking you are offered far more opportunities to connect with your bank no matter where you are. A range of convenient financial services may be found in your local supermarket, your pharmacy, post office, and many other points. In effect the owner of an outlet or an employee will act as an agent bank on behalf of a mainstream bank.

How does it work?

  • Under a valid agency agreement, bank agents are contracted by a financial institution or mobile network operator to conduct transactions with regard to clients wishing to deposit, withdraw, pay bills, transfer funds, buy airtime, and check account balances, etc.
  • In this way, time wasted in long queues in overcrowded banks is avoided because these numerous convenient new outlets are now spreading the load
  • The process takes place in the same way as it would if you were visiting a branch or an ATM – except you’re dealing with an agent within totally different surroundings.

The mobile reach into new markets

  • Providing banking services via a built branch is expensive – the banking processes are costly, not to mention the expense in building these outlets in remote areas. The costs of providing poor customers who hold small balances and conduct small transactions is simply too great to make such accounts viable.
  • Bank agents together with mobile banking will drastically change the situation of the currently unbanked.
  • Agent banking can enroll greater numbers of customers, saving the poor considerable expense through low-cost to no cost banking.
  • Agents may also benefit from opportunities to cross-sell products.
  • Bank agents can now set up an entirely cost-efficient platform to offer many low-income consumers their first-time access to a range of financial services.
  • The concomitant rise of the mobile wallet complements this drive into new markets, expanding reach, services and ease of use to people at all levels.

Mobile Wallets

Mobile Wallets are integral to this new form of ‘remote’ banking. People will be able to access their new (emerging market ie: previously unbanked) bank accounts in the following ways: via Mobile; Self-help kiosks; tills at point of sale; and ATMs. With mobile presenting the most popular method for transacting, once a customer’s new bank account is set up by the Bank Agent, they will be able to take the following steps:

  • Firstly, download the App that will create the e-wallet or enter the USSD code if using 2D payment technology.
  • Then load the e-wallet account as a beneficiary on your bank account.
  • This will allow you to load money into your mobile e-wallet by transferring funds via EFT from your new bank account to the mobile wallet account.
  • In this way, you are then able to access a host of convenient services via your mobile phone using your e-wallet: money transfers; paying accounts; cash withdrawals; buying pre-paid airtime or electricity; checking balances, etc, no matter where you are.

Value of Kineto platform to banks and individuals

Feature-rich, multi-faceted and secure, the private cloud-based Kineto platform performs the following:

  • Empowers bank agents to act as representatives of the bank with the ability to enroll new customers.
  • Allows customers to transact through a variety of channels such as mobile phones, websites, kiosks, etc.
  • Makes provision, in tandem with mobile phones, for customers to reach an extensive range of products and services such as: music, movies, ebooks, airtime, electricity and bill payments.
  • If not connecting through a bank agent, then you might find yourself conducting your financial transactions through a self-help kiosk. These kiosks are popping up everywhere. This unit can be set up in any store or convenient place. It comes fully loaded with a touch screen, can have a cash drawer and makes provision for end of day reporting. It allows access to a range of services such as: bill payment, electricity, airtime top-up, insurance, etc.

Welcome to the Kineto Mobile Banking platform

Situated in Cape Town, South Africa, Kineto Mobile Banking offers a secure and innovative private cloud payment platform. It enables both emerging banking and e-wallets, making low cost to no cost mobile payments and banking services a reality for your entire customer base. High on integrity and professionalism, and using technology not previously available, we are a solutions company dedicated to empowering people and communities through easy, fingertip access to business, finance and healthcare – anywhere, anytime.

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