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Kalin Radev, CEOFor financial institutions, it is imperative to unify this multichannel approach under an omnichannel strategy and offer a seamless customer journey across devices. However, the barriers to implementing the omnichannel strategy lie in sizable investment, complete technological redesigning, and a longer deployment period. At the forefront of addressing the digitalization and omnichannel integration needs of the financial sector is Software Group, a global technology company that helps financial service providers digitize their business and successfully go through the process of digital transformation.
Software Group’s digital banking platform enables financial institutions to interact across multiple customer touchpoints. Their best-in-class data collection and analysis tools capture consumers’ intent at every touchpoint and then analyzes the intents to provide financial service providers with the relevant insight to offer a more personalized conversation with their consumers. “We are helping financial institutions to design, launch, and unify their digital products through an integrated digital banking platform and drive organization-wide omnichannel strategy,” says Kalin Radev, CEO, Software Group.
The company’s experience and expertise in more than 75 different financial markets across the globe have helped them shape the digital platform to cater to virtually any financial institution. From a technical architecture perspective, the platform is a consolidation of two layers. The first component of the platform is the integration layer that connects internal and external data systems for transactions and/or information sharing. The second one is the presentation layer that gives financial institutions the ability to design workflows for their multichannel customer touchpoints.
The key features of the consolidated platform are its simplicity and flexibility to meet and fulfill the digitalization needs of any financial institution.
We are helping financial institutions to design, launch, and unify their digital products through an integrated digital banking platform and drive organization-wide omnichannel strategy”
Clients can quickly adapt and implement the intuitive platform within 6 to 12 weeks, instead of the conventional deployment time of one to two years. Radev says, “Our shorter implementation time enables our clients to launch their new products and services into the market quickly.”
Recently, Software Group helped one of its clients, a bank with a footprint in over 20 countries across Asia. The geographically distributed workforce posed an immense challenge for the bank’s daily operations. The bank’s top priority was to unify their key employees spread across different branches and ensure a seamless experience for their customers. The institution leveraged Software Group’s expertise to create a cloud-based platform that allowed all members across their financial institutions in Asia be part of a shared platform.
“The main differentiator of our service is the digital competence we offer to our clients through powerful integration architecture and how we organize and orchestrate their cross system, cross channel workflows,” remarks Radev.
In March 2019, Software Group signed a loan deal with the European Investment Bank to receive EUR 18 million funding. The company will invest the funds in two main areas – primarily in R&D and innovations, and also in business development and marketing. In the next three years, Software Group will focus on developing new technologies, platforms, and products in the fields of insurance, factoring and the Internet of Things (IoT). The company also plans to invest in strategic partnerships with other technology vendors and consultancy organizations. “Currently, we are optimizing our platform to cater to the wide range of demands from the top players in the finance domain,” adds Radev, voicing a optimistic future for his company.
eFinance Partners with Software Group to Promote Financial Inclusion in Egypt through Digital and Agency Banking Solutions
Thursday, January 11, 2024
Cairo, Egypt : e-finance Investment Group, one of Egypt’s leading developers of digital payment infrastructures, has signed a Memorandum of Understanding (MOU) with Software Group, a global technology company specialised in digital banking solutions and financial inclusion, to encourage the adoption of digital financial technologies, agent banking, along with cloud computing services and artificial intelligence.
The MOU, which was signed during the 27th edition of CairoICT 2023 Middle East and Africa Exhibition and Conference, is part of e-finance’s plan to empower banks and financial institutions in Egypt by providing a wealth of solutions and services including agency banking services widening the access of financial services to mass market, while focusing on rapid time to market.
This Partnership is capitalizing on the capabilities of Software Group’s Agency Banking technology aiming to contribute to the Central Bank of Egypt’s strategy for financial inclusion and national economic development under the 2030 Vision.
Furthermore, the partnership augments e-finance’s vision to be an enabler, not only for Digital Banks, but also for Banks and NBFIs who wish to become more digital. The aim is to provide pre-built building blocks and make them available to achieve faster time to market and high value for customers. This Financial Services Platform is compatible with the banking regulatory instructions published by the Central Bank of Egypt and the Financial Regulatory Authority, allowing e-finance to provide a wealth of components in Banking-as-a-Service (BaaS) model on its Sovereign Public Cloud e-finance ability to operate national-scale end-to-end mission-critical solutions is one of its kind; It is considered one of the top unique values that e-finance provides for its customers.
Software Group will capitalize on its technology and expertise necessary to build technological solutions for the financial sector. The company’s DigiWave Digital Banking Platform will serve as the foundational system, complemented by its off-the-shelf digital channel solutions including agency banking, mobile and internet banking, loan origination with credit scoring, mobile card applications and digital wallets, factoring, enterprise integration, and more.
e-finance and Software Group are developing a commercial model to support the development and management of all digital banking and financial components. Further, the two companies will partner to market, and cooperate with banks and financial institutions in Egypt and beyond to enhance financial inclusion and reduce the costs incurred by banks in leveraging new technologies, opening new branches, and reaching underserved customers in remote locations.
While commenting on the partnership, e-finance Investment Group Chairman and CEO, Ibrahim Sarhan, said, the Egyptian market is evolving and we are working on empowering financial and non-financial institutions to respond innovatively to this rapid change by providing a full spectrum of digital financial service activities, supported by huge investments and a giant infrastructure established by eFinance group aiming to accelerate the digitization of economy. He further added that the group continuously seeks enrichment of its capabilities by forging partnerships to provide digital financial solutions that are first of its kind in the Egyptian market.
“The group is proud of its partnership with Software Group, a global company and a leader in its field. The cooperation will result in the provision of a diverse and new set of digital financial services to the banking and financial sectors considering the continuous development and modernization of various regulations, controls, and laws led by the Central Bank of Egypt and the Financial Regulatory Authority to support and enhance digital financial inclusion and make more innovative financial tools available,” stated Ibrahim.
Also commenting on the partnership, Software Group CEO, Kalin Radеv expressed his pride in partnering with e-finance due to its great experience in digital transformation and financial inclusion within Egypt.
“We are thrilled to collaborate with e-finance Investment Group in this strategic partnership that accelerates financial inclusion in Egypt and supports the realisation of the country’s Vision 2030. The synergy between e-finance's industry and market expertise and Software Group's global experience and proven digital banking solutions, positions us to drive the nation forward into a digital era of financial inclusivity and sustainability,” said Kalin.
Company
Software Group
Management
Kalin Radev, CEO
Description
A global technology company specialized in digitalization and integration solutions for financial services institutions to improve organizational efficiency and customer outreach
