Research has shown that a customer’s propensity to safekeep in a financial institution is directly related to the ease of access to their money. For financial institutions that are not part of a national clearing system, offering customers the option to transact at other institutions can be a significant hurdle.
Fern’s iConnect shared service was originally designed for Credit Unions in Ireland, to enable customers of participating members to carry out deposits and withdrawals at any office, with inter-institution transactions taking place automatically and easily. Clients can deposit / withdraw /transfer at any iConnect-linked financial institution, enabling migrant workers to keep their original account; market traders to deposit earnings at their place of sale and withdraw it when they get home; and students to gain access to funds sent by their parents.
Participating institutions can extend opening hours for members on an agreed rota basis, or plan a joint marketing drive to bolster a wider range of client services: with iConnect each institution can act as a “branch” of each other –expanding outreach and services for everyone’s benefit.
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