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Case Study: Financial Inclusion

BASIX Sub-K iTransactions Limited (Sub-K)

SNAPSHOT:
Sub-K’s goal is to make day-to-day transactions accessible, affordable and trust-filled, facilitating inclusive growth of the under-reached and creating a more proseperous society. It enables small business owners to act as agents in their villages, providing local access to banking services, savings, government payments, money transfers, utility payments, and prepaid mobile top-ups. To date, over 70,000 customers in 500 outlets have been financially empowered through Sub-K services, and they are in the process of appointing agents in every remote village.

The Challenge:
Sub-K aims to provide a reliable and economical medium for banks to connect with customers through the use of village business owners as local banking agents. To achieve this goal, Sub-K needed to ensure that these local agents could provide a variety of financial services to their villages, despite obstacles of illiteracy, infrastructure impediments, and the lack of and Internet connection. Thus, Sub-K required a secure, voice-based technology that could carry out transactions, and exchange real-time accounting information between the banks, the agents, and the customers.

Uniphore’s Innovation:
Using our VoiceNet platform, Uniphore worked with Sub-K to develop a solution in which clients call from their mobile phones to access financial account information and perform a variety of transactions. Uniphore’s Voice Biometric authentication system applies the client’s voice as a unique PIN to ensure that these transactions are 100% secure. Each local agent is provided with a phone to approve these customer transactions, and with a Bluetooth printer to immediately issue a receipt. Additionally, Uniphore integrated this solution with Sub-K’s information management system, so that clients automatically receive important financial information through voice, e-mail and SMS alerts.

On the backend, this solution is hosted on Uniphore’s Secure Transaction Platform (STP), which readily integrates with banks, aggregators and other m-commerce service providers, supporting real-time transactions and accounting.  STP also manages the operations of Sub-K’s local banking agents through cash management, customer limits, settlement and reconciliation, and instantaneous reporting. Finally, STP effectively aggregates data, allowing Sub-K to analyze trends and important information, and refine their services based on data-driven decisions.

SUBK The Impact:

  • Cost Savings: Secure, multiple language voice technology allows Sub-K to use local agents to facilitate financial transactions. This drastically reduces the capital expenditure of banks, and makes it viable to serve low-value transactions.
  • Increased efficiency: With transactions processed in real-time, Sub-K ensures that data is agreed upon and updated immediately. This means that money is always accounted for and readily available.
  • Enhanced Service Delivery: By integrating Uniphore’s software with numerous banks and m-commerce providers, Sub-K is continually increasing its offerings to its clients, providing them mobile services such as Banking, Savings, NREGA, Money Transfers, Utility Payments, Prepaid Mobile Top-ups, etc.