Leading Rural Bank Adopts Next-Gen Omni-channel Platform

Surigao del Sur-based leading rural bank Cantilan Bank (CANBNK) with nearly Php 2.4 billion in assets, recently signed a deal with pre-eminent next-gen financial software solutions provider Genuisto to deliver omnichannel (Mobile & Internet) banking services to its customers in central and southern Philippines.

Under the deal signed in October 2020, Geniusto will implement its OmniPLUS platform, integrating the platform with CANBNK’s core-banking system. Cantilan is the first bank in the country to use and successfully roll-out cloud-based core banking technology. The new system is seen to improve the bank’s operations and provide mobile and internet access to products and services for its customers. Finally adding an omnichannel component to their digitalization project furthers their push towards innovating their product and service delivery channels through technology.

Geniusto is excited about the potential of this partnership to scale CANBANK to unprecedented reach and growth through the OmniPLUS platform.

“Executing an omnichannel solution simplifies and enriches the experience of customers with the brand,” Shane Hermans, CEO, and Founder of Geniusto commented about the partnership. “It will give the bank the ability to connect, automate, scale and serve more customers in the self-service channel while improving margins and generating more customer retention and loyalty.”

Also, Hermans added that omnichannel banking would provide new sales channels for the bank and customer engagement through platform-based targeted and moment-specific marketing capabilities. For customers, the omnichannel solution allows them to manage their everyday finances from paying bills, applying for loans, transferring funds, and other essential transactions anytime and anywhere.

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Geniusto will provide Cantilan’s network of 46 branches and branch lites in 12 provinces in the Visayas and Mindanao with its OmniPLUS platform. This will expand the bank’s capability to offer mobile banking and internet (retail and business) banking services, agency banking, and contactless payment processes as a response to COVID-19 and safer banking. The OmniPLUS solution also comes with QR Code P2P and P2M payments and QR Code cash-in/cash-out at branch level and for agency banking.

“Through OmniPLUS, Cantilan would be able to handle many of the processes handled at branch via the mobile channel,” Hermans said. He went on to say, “OmniPLUS also has a Payment Services Interface (PSI Hub) integration layer that enables Cantilan to easily integrate with their current technology stack and thousands of 3rd party systems giving them the potential to grow exponentially their payment services model.

It will also help Cantilan to transform its branches or re-engineer them to become centers of customer engagement excellence, instead of the traditional transactional arm of the bank. By deploying digital, cloud-based platforms like OmniPLUS, it allows Cantilan to deliver an integrated experience for all customers, resulting in new revenue channels and new data that can be used to improve products and services.

More importantly, Hermans explained the process automation would significantly lower the bank’s operational risks so they could focus their efforts on creating new and valuable customer engagement, whilst providing platforms for their customers to conduct contactless transactions at the branch, via agency banking, or in the safety of their own homes and business spaces.

He added,” The bank can quickly stand-up an out-of-the-box solution, reducing the delivery time previously required to implement a digital solution. As OmniPLUS is a platform and not just a software, they will be able to offer a customized user experience for different customer segments or even personalize the mobile banking experience for individual customers. It will give bank customers 360-degree access to banks existing products and services, thus enabling the bank front line staff to transform into relationship managers for their banks. The result of these would-be value-generating interactions with their customers, creating a more meaningful yet transparent banking relationship.”

Geniusto will complete the roll-out before end of Q1 2021.

About Geniusto International LTD

Geniusto is a fintech enabler, a solutions and services provider. This is not just what we do. It is who we are. We deliver end-to-end next-gen digital banking technologies to: Banking, Securities, Finance, Insurance (BSFI) and other sectors globally. Working closely with local and global partners, we enable solutions that accelerate economic growth through: digital transformation, financial inclusion, and financial education. The ASEAN region is our new focus, in addition to countries across Europe and MENA.

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