CBS for Credit Societies (SACCOs) / Credit Unions
Many SACCOs and credit unions worldwide are cooperative associations of members from a common geography or employer. The 'Member Shares Management' solution in the TrustBankCBS Suite automates the complete workflow for membership management. The TrustBankCBS Solution suite, customized for this segment, allows SACCOs and credit unions to offer comprehensive retail banking services with a focus on member deposit and loan services.
Over the years, TrustBankCBS has been integral to the growth of various types of cooperative societies, including:
TrustBankCBS provides 24/7 real-time access to members through self-service channels, such as mobile banking and mobile passbook. It is integrated with mobile money platforms and mobile wallets, allowing members to transfer funds online for e-commerce transactions and utility payments.
For SACCOs and credit unions offering foreign exchange buy/sell services, TrustBankCBS provides a comprehensive Forex Management Solution. This solution manages foreign currency balances, handles accounting in local currency, and tracks income or loss from forex transactions and fluctuations in forex rates.
TrustBankCBS provides customized solutions for statutory reporting, ensuring compliance with the reporting requirements of the cooperative registrar in various provinces or countries.
Solutions:
TrustBankCBS offers a configurable platform that enables SACCOs to design loan products, providing affordable credit access to members. Key solutions offered by TrustBankCBS to SACCOs and credit unions include:
- Member registration and member shares management.
- Unique Customer Identification Code (UCIC) and Know Your Customer (KYC).
- Online loan application, loan origination, application processing, and document management.
- Various types of member loans.
- CASA accounts.
- Self-service online banking channels, including internet banking, mobile banking, and mobile passbook.
- General ledger, financial accounting, investments, and financial statements for branches and SACCOs/credit unions.
- Digital banking, including mobile money, mobile wallets, RTGS/NEFT, ECS, NACH, and more.
- Retail banking services, including branch banking and inter-branch transactions.
- Term deposits, recurring deposits, and daily deposits.
- Agency banking for on-field operations and doorstep services for customer acquisitions, collections, disbursements, and overdrafts.
- Statutory compliance reporting.
- Forex sale and purchase operations.
- User management with two-factor authentication, biometric authentication for login, digital signing, and audit trails.
- Enterprise applications, including HRMS & payroll, fixed assets & inventory management, reconciliation, and SMS & email gateway integrations.
Key Features:
- Agile and scalable architecture.
- Agency Banking App for real-time, online field operations.
- Browser-based application at branches providing a real-time view of field operations.
- Lightweight and optimized application with minimal bandwidth and infrastructure requirements.
- Pre-configured workflows incorporating industry best practices.
- IPSec VPN and SSL VPN for secure connectivity between branches, field agents, and the data center.
- Open architecture with API-based access to third-party systems.
- Extensive experience in NBFC software implementation.
- Graphical analysis and dashboards.
- Digital banking, payment, and self-service channels.
- Embedded report configurators and ad-hoc report builders.
- Cloud-based SaaS model offering 99.99% uptime for data center and disaster recovery site.
- Ongoing upgrades to align with the latest technology and banking trends.
- Maker-checker workflow with central approvals for field activities via agency banking.
- Regular updates to ensure compliance with evolving statutory reporting requirements.
- Reduced connectivity costs with mobile internet sufficient for field operations.
Value Delivered:
- Optimized resource utilization.
- Prevention of revenue leakages and savings on unnecessary expenditures.
- Comprehensive view of customer, branch, and bank operations.
- Effective control over field operations.
- Optimized software with minimal bandwidth and infrastructure requirements, leading to reduced recurring infrastructure costs.
- Enhanced efficiency and staff motivation.
- Increased member and customer satisfaction and retention.
- Reduction in operational and support costs in banking services.
- Enhanced decision-making based on analytics.
- Increased revenues, optimized expenses, and improved profitability.
