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Delivery of a banking solution for MSE’s (Micro and Small Enterprises)

A Tier 1 Bank
agile@IQ


Delivery of a banking solution for MSE’s (Micro and Small Enterprises)

Background:

In South Africa, many micro and small enterprise owners (MSE’s) use their personal bank accounts for their business transactions and financial management. Furthermore, their staff are often paid their wages in cash, which proves a security risk to these individuals. To address this problem a large multinational financial institution wanted to create a banking solution for micro and small South African enterprises such as these, to change them from being ‘unbanked’ as they have been. As no specific MSE banking solution existed, Digital@IQ were tasked with implementing, launching and scaling an innovative and effective banking solution.

Key business challenges:

  • Implementing an ‘agile’ way of working, in a structured, complex banking environment
  • MSE business owners’ lack of trust towards financial institutions meant the team faced a difficult task in attracting such clients to use the solution in their day-to-day business
  • Managing banking rules, regulations and limitations, while delivering a first-to-market solution
  • Designing an easy-to-use app which these micro and small business owners and employees would be comfortable with and understand. Market research was required to gain a better understanding of these users

How we helped their business grow:

  • We implemented an app solution, which enabled business owners to better manage their finances. Further, employees could now be paid in cash which removed the risk they faced when it came to walking around with their salary in cash.
  • By attracting a new market (‘unbanked’ MSEs), we grew the bank’s brand name and influence in an untapped market with high potential
  • Created APIs related to our MSE banking solution which enabled third parties to make use of the bank’s capabilities, further expanding the bank’s client reach
  • Through running an agile approach to the project, the app solution was implemented ahead of schedule, and as a result, this was the first specialised MSE banking solution in the market

Our approach:

Delivery of a banking solution for MSE’s (Micro and Small Enterprises)

Agile approach to project – resulted in faster deployment and adaptability to changes and adjustments


Delivery of a banking solution for MSE’s (Micro and Small Enterprises)

Assisted client and the product owner to define the project’s vision and roll-out solution


Delivery of a banking solution for MSE’s (Micro and Small Enterprises)

An app solution which allowed MSEs to register in order to create a specialised business banking account

Benefits to the client:

Delivery of a banking solution for MSE’s (Micro and Small Enterprises)

Innovative solution – first to market with an MSE banking solution


Delivery of a banking solution for MSE’s (Micro and Small Enterprises)

Banking a large number of previously ‘unbanked’ businesses with the bank


Delivery of a banking solution for MSE’s (Micro and Small Enterprises)

Partnership with third parties making use of the implemented APIs, resulting in further growth and market penetration

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