Define innovative and customer-centric products
As a community-based 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 grow and retain your client base, your products 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 institution a greater chance of growth.
- Loan product parameterisation for interest, fees and grace periods
- Support for mortgages, collateral and insurance products
- Seasonal lending requirements and individual repayment plans
- Lines of credit and overdrafts
- Remittances and card payments
- Commitment savings
- Branch or field transactions Group and individual lending
- Linked loan and savings accounts
At Fern, we have therefore built in a wide range of product definition parameters to Abacus 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.
Fern’s core banking system, Abacus, provides community-based financial institutions with a solution that is both comprehensive and easy-to-use. Abacus offers a cost effective, modern, fully integrated and scalable solution that will not only meet current operational requirements, but also the challenges of advancing technology, market development and product offerings.
Interested to know more about Abacus and how Fern Software works with you? Click here to request for our Fern Software brochures!