3 major releases in 2017
Online Consumer Loans
A 300% growth in transaction numbers within a year
A 45% growth
Technology is everywhere. However, how do you make it run smoothly and add value for traditional financial institutions like banks? As technology penetrated every aspect of life carrying in simplification and automation, our main challenge in the INECOBANK project was creating high-security solutions for managing both internal processes at the bank and carrying the customer service to a new level by making common banking services available from any device anywhere in the world.
The core elements of a successful banking solution are security and performance. Therefore, the software approach of our choice had to ensure the highest level for the two, at the same time combining the core values of banking institutions with maximal scalability, simplicity, accessibility and exceptional user experience. We made a decision to implement Microsoft based solutions for the INECOBANK project, specifically using .Net.
We create microsevices with a component-based approach. There’s a core program and different modules of the other components grouped in one ecosystem of microservices. This way we ensure transitions are smooth and changes happen in a way that doesn’t affect the work of the software as a whole.
We are trying to reach the point where all the services of the bank could be accessed online with no need to visit the bank as such. We’ve covered part of this goal and are moving towards the complete technical implementation that would ensure the new banking experience is available to every INECOBANK user.
We ensured high scalability by building the architecture so that we don’t have to redevelop and the customers can regulate their businesses on their own: the features are configurable for the bank to make changes to the software at any time.
We use a wide variety of approaches to ensure the best flow management. While the user receives the experience of an easy, single-click transaction, there’s a huge deal of complicated logical and algorithmic solutions for flow simplification to the point of a couple of taps. There is a huge core to the system but the end user faces simple, accessible products.
Our technological solution supports integration with third party applications. We provide APIs for the process of 2-sided integration.
We currently run and support 4 projects for INECOBANK: the bank’s internal customer service program, Online Banking, Mobile Banking and Loan in Place (LIP).
INECOBANK customers now have access to all banking activities from the convenience of any location 24/7 with online banking and mobile banking. These solutions significantly reduce the queues at the bank as well as help in managing personal finances irrespective of location and time.
The customer service program streamlined and simplified INECOBANK’s internal processes making them more user friendly.
Because security and good user experience need to be combined, we have a multi-layer security and fraud guard systems implemented in INECOBANK project. This system simplifies security checks and makes them more targeted: based on user interaction the system decides whether the user needs to pass an additional security check, while other users can navigate through the applications without them.
We also used one general system for all operations. This way any third party application can operate successfully with the core system. Having a general system also significantly enhances security, bridging data from different applications and creating one level of flow, connections and interactions.
At the heart of INECOBANK projects
Shift to mobile
The main target of creating a mobile banking solution was helping people run their finances from anywhere at any time. The use of mobile in the world is getting a greater deal of penetration every year so it was essential to offer a mobile banking solution with a simple and user friendly interface and easy-to-use, accessible approach while preserving features present in the desktop version. Today the mobile banking solution is available on Android and iOS platforms.
Blueprint for expansion
With availability on desktop, tablet and phone, our current aim is to enable people to run 99% of their banking activities without the need to visit a bank as well as grant them access to all the banking products from the convenience of their own home, office or any other location. We are heading in the direction of Branchless banking, shifting the power to the customer and offering better accessibility for all banking activities. We also accelerate simplification both from the perspective of quicker transactions and reducing financial knowledge required to successfully manage personal finances.
The work on INECOBANK’s project has added a lot to SFL’s financial market knowledge and expertise, increasing our input in the development of Armenia’s Fintech industry. We also pride ourselves in the smooth integration of the old system operating within the bank with the new system, because the staff had to be able to use both systems simultaneously, easily switching between the two. The cooperation with INECOBANK resulted in introducing a core system and applications that ensure highest security and intelligence in the transaction processes.
We kicked off our cooperation with INECOBANK from the insertion of the Bank-Client application back in 2010. When the next project, Loan in Place (LIP) was launched, the bank was surprised by the volume of use it acquired. Then we revolutionized the market in 2012 with the introduction of INECOBANK Online Banking. It resulted in a huge decline in the percentage of queues, the time spent on visiting the bank and increased the convenience of available services.
Now that we have also introduced INECOBANK mobile banking solution, we are planning to extend InecoOnline into a sales platform and allow users to discover and apply for loans and other offers by the bank in one place.
INECOBANK mobile banking
The most personal device with the most personalised banking experience!
We live in the age of the connected consumer. Mobility is at the center of a technology-driven revolution which is inspiring these connected lifestyles. We know people can’t live without their phones. Neither can we. So why not keep everything you need to manage your finances ready at hand? As the work on the project progressed, managing personal finances on the users’ end has become quicker and easier than ever before.
What banks need today is solutions that are designed to offer extreme agility to keep pace with consumer expectations, and technology advancements. Who doesn’t spend a decent proportion of time in front of the screen every day? You may be an office employee working the standard 9-5, or just a tech nerd who spends the evenings stuck in front of the notebook screen. We at SFL wanted to create an experience that wouldn’t interrupt the users’ normal workflow or leisure time while they pay those bills, make transfers, and perform a number of other transactions! No waiting, no queues, no nerve-wrecking paperwork!
Loan in Place
All of us want that new iPhone! Loans are common parts of our lives today, and what we did in the LIP project was reduce paperwork and the never-ending race between the bank and the shop to get hold of “that” item. We connected INECOBANK’s 400 locations into one single system, that has rich functionality and allows to do the processing from any location.
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