search.noResults

search.searching

note.createNoteMessage

search.noResults

search.searching

orderForm.title

orderForm.productCode
orderForm.description
orderForm.quantity
orderForm.itemPrice
orderForm.price
orderForm.totalPrice
orderForm.deliveryDetails.billingAddress
orderForm.deliveryDetails.deliveryAddress
orderForm.noItems
IBS Journal January 2017


53


Finacle 10 is the backend of a system which has enabled the following:


Opening of a bank account through a smartphone in less than five minutes.


Transfer of money to cellphone contacts, even if the recipient does not have Nequi.


Withdrawal of money from 4,000 ATMs without a debit card.


Digital payments in more than 9,000 places using QR codes.


30 interfaces were involved in the development and execution. Nequi had over 75 people involved, including 23 people from four divisions (digital experience, IT, marketing and operations) from Bancolombia. Other vendors included Daon and Easy Solutions, each bringing their own set of expertise to the table. For example, US-based Daon specialises in biometrics and identity assurance, while Easy Solutions provides fraud protection services, a critical aspect of digital banking.


Developing Nequi presented a set of challenges. From a technology standpoint, a key issue was enabling connections across multiple solutions, each from different suppliers. The other challenge was personalisation in order to adapt the platform to Colombia. Nequi also faced business challenges – such as providing a digital financial platform without branches, providing security to transfer money digitally and creating services to connect with physical channels such as ATMs, PoS and kiosks.


The approach to addressing the above, from an Infosys Finacle point of view, was structured and collaborative. An incremental development principle of Agile delivery was adopted, and the overall delivery was broken down into work streams. These work streams were completed in sprint cycles, in weeks. Various functions across multiple applications required seamless and continuous interaction with Finacle across multiple channels. This was achieved by using Finacle services via MQ. A key customisation of Finacle was developed to maintain a mobile wallet with multiple types of pockets both with or without lien.


The first bank in Colombia to deploy mobile biometrics


Nequi was designed through an understanding of people’s daily lives and needs, and there is a commitment to user-centric approaches to further develop the platform and come up with new solutions. The bank believes that part of achieving this is by leveraging technology. With the Finacle banking solution suite, Nequi is expected to appeal to the new customer segment who demands convenience, speed and personalisation. Nequi believes it will leverage the solution’s parameters driven flexibility to drive innovation and accelerated growth.


One of the facts the Finacle team is proud to share with IBS Journal is that they have emerged as the preferred partner to enable digital banking models for incumbent banks (such as Nequi). In 2016, the company announced that Marcus by Goldman Sachs implemented Finacle for its retail banking foray in the US. Similarly, Paytm, an innovative FinTech provider in India with 120 million customers, chose Finacle to launch its new payments bank. The company has an aggressive target of acquiring 200 million customers in the first year of operations.


Since going live, Nequi has opened more than 20,000 accounts. Bancolombia is looking to grow the client base to two million in three years. With the new platform, it seems that the aspiration to reach out to a whole new segment of customers looking for convenience, speed and easy accessibility, has been realised.


www.ibsintelligence.com


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68