As an inclusive financial institution, a large percentage of your new (and existing) clients use informal products – including group savings, ad-hoc daily rate loans and more. In order to grown and retain your client base, the products you offer need to offer a compelling value proposition over and above what your clients use right now: however, informal products often have a wide range of different features that have evolved over time, and many of these features can’t be replicated in a typical banking system, so financial institutions tend to ignore them.
Field research, however, shows that replicating the features that people like in their informal products (and removing the features they don’t like!) gives a formal product a greater chance of being used, and therefore gives your IFI a greater chance of growth. At Fern, we have therefore built in a wide range of product definition parameters that can be combined in many different ways to enable you to tailor a product that responds to your customer’s needs – and made it simple and straightforward so that you can minimise your time to market.
- loan product parameterization for interest, fees and grace periods – including mortgages, collateral, insurance products and a variety of payment options to cater for seasonal cash flow, remittances and card payments.
- seasonal lending requirements and individual repayment plans.
- Commitment savings
- Branch or field transactions
- Group and individual lending
- Linked loan and savings accounts
See some examples of how Fern’s flexible product definition capabilities can meet the needs of different customer groups…
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