Agent banking is a form of financial inclusion that provides banks with an opportunity to increase their outreach to unbanked and underserved individuals. It involves the use of non-traditional banking channels, such as retail outlets and mobile phones, to make banking services available to people in locations where it would be difficult or impossible for traditional brick-and-mortar banks to serve them. Agent banking allows banks to reach more customers faster, while at the same time improving customer convenience.
Table Of Content:
- 7 Major Benefits of Agency Banking - Understanding eCommerce
- 4 major benefits of Agency banking | by CrowdForce | CrowdForce ...
- The Pros and Cons of Agent Banking : Evidence from Senegal
- Why agent banking is a win-win - BusinessToday
- Benefits of Agent Banking
- 4 Overlooked Key Benefits of Agency Banking
- How Agent Banking Changes the Economics of Small Accounts
- Why Agent Banking Is a Win-Win-Win | Amdocs
- Banking agent - Wikipedia
- Agent Bank Definition
1. 7 Major Benefits of Agency Banking - Understanding eCommerce
https://understandingecommerce.com/7-major-benefits-of-agency-banking/
Oct 1, 2020 ... With an efficient agency banking solution, a customer can complete its banking transaction in real-time. It allows the customers to access their ...
2. 4 major benefits of Agency banking | by CrowdForce | CrowdForce ...
https://medium.com/crowdforce-series/4-major-benefits-of-agency-banking-89aec8b15110
Nov 15, 2018 ... Agent-based operations. Agency Banking operates with the help of agents who conduct transactions on behalf of the unbanked. · Easy platform.
3. The Pros and Cons of Agent Banking : Evidence from Senegal
https://openknowledge.worldbank.org/handle/10986/29853
This study seeks to estimate the effects of access to agent banking on opening and usage of a savings account in urban and peri-urban areas in Senegal.
4. Why agent banking is a win-win - BusinessToday
https://www.businesstoday.in/opinion/columns/story/why-agent-banking-is-a-win-win-84309-2017-08-10
Aug 10, 2017 ... The banking agents benefit since they generate additional income, including sales from additional walk-ins. They can also differentiate ...
5. Benefits of Agent Banking
https://agentbanking.co.ug/benefits/
Benefits of Agent Banking · Benefits to Agents · Increased income through commission · Increased customer traffic hence more business to the retail outlet · Benefits ...
6. 4 Overlooked Key Benefits of Agency Banking
https://www.softwaregroup.com/insights/blog/article/4-overlooked-key-benefits-of-agency-banking
Sep 13, 2019 ... The increased footprint at agent shops gives banks the opportunity to gather unconventional data based on customer transactions and purchase ...
7. How Agent Banking Changes the Economics of Small Accounts
https://docs.gatesfoundation.org/documents/agent-banking.pdf
additional benefits such as opportunities for cross-selling, generating client loyalty, and strengthening a provider's brand. Agent Banking Systems Are Cheaper ...
8. Why Agent Banking Is a Win-Win-Win | Amdocs
https://www.amdocs.com/blog/mobile-financial-services/why-agent-banking-win-win-win
Jul 25, 2017 ... The banking agents benefit since they generate additional income, including sales from additional walk-ins. They can also differentiate ...
9. Banking agent - Wikipedia
https://en.wikipedia.org/wiki/Banking_agent
A banking agent is a retail or postal outlet contracted by a financial institution or a mobile ... Benefits of banking agents ...
10. Agent Bank Definition
https://www.investopedia.com/terms/a/agent-bank.asp
An agent bank is a bank that performs services in some capacity on behalf of an ... The benefits of an agent bank include the fact that it can operate internationally . ... Retail banking consists of basic financial services, such as checking and ...
What are the benefits of agent banking?
The main benefits of agent banking are increased customer outreach, improved customer convenience, and cost savings. By using non-traditional methods like retail outlets and mobile phones, banks can reach customers in areas that wouldn’t be served by traditional brick-and-mortar outlets. Additionally, customers benefit from the convenience of being able to access bank services from their own local neighborhood stores and phones. Lastly, agent banking is cost effective since it eliminates the need for large upfront investments in physical infrastructure that would otherwise be necessary.
How is agent banking regulated?
In order to ensure safety, security and efficiency in agent banking operations, most countries have established regulations for its operations. These typically include registration requirements for agents; sound customer identification process; authorization for each transaction; tracking of transactions; dispute resolution process; appropriate customer protection measures; and risk management measures.
What technologies are used in agent banking?
The technologies used in agent banking can vary depending on the type of service provided but typically include point-of-sale (POS) terminals, mobile phones or tablets running specialized software applications, biometric authentication systems (such as fingerprint scanning), near field communication (NFC) technology, cloud computing platforms and other IT solutions.
Who can become an agent banker?
Anyone who meets the legal requirements set out by authorities can become an agent banker - these may include having a valid business license as well as complying with anti-money laundering laws. However agents may also require additional training provided by partner banks before they can offer certain services such as withdrawing or depositing cash or disbursing loans/credit products etc.
Conclusion:
Agent Banking offers numerous benefits which help bridge the gap between unbanked populations and mainstream financial institutions while reducing costs associated with providing these services. By leveraging existing infrastructure such as retail stores and mobile technology, Agent Banks provide innovative solutions that allow more people access to basic financial services like deposits and withdrawals without needing a physical branch nearby.