Digipay Guru

Agency banking solutions have emerged as powerful tools for reaching underserved populations. These solutions create financial inclusion and help provide a much-needed service to communities where regular bank branches are few and far between, allowing agents to deliver banking services remotely. However, while a branchless banking solution provides scalability and expansion opportunities, strong security, compliance, and regulated practices are integral to safeguarding agents and customers. In this blog, you will learn the role of security, compliance and regulations in agency banking. Why security matters for agency banking solutions Security is not just a feature, but a fundamental necessity in agency banking solution . Agent-assisted transactions involve highly sensitive customer information, including accounts, identity numbers, and biometric data.  The business has access to information that is vulnerable to numerous threats, such as unauthorized access, fraud, cyberattacks,...

  Banks are increasingly under pressure to sell, particularly as they strive to attract and serve more customers, particularly those living in distant or poorer urban areas. One of the most effective strategies banks can adopt is agency banking, a model that extends financial services beyond traditional bank branches.   With this solution, banks can partner with third-party agents like retail shops or businesses that provide basic banking services to customers at locations other than their physical bank offices.   Read on to find out how your bank can use a branchless banking solution to reach customers and foster financial inclusion. When Agency Banking Solutions Work to Increase Outreach Agency banking offers a safe and convenient avenue to access financial services for customers, particularly those of low-income groups that may have been excluded from the formal banking network. From the mundane chore of day-to-day transactions to becoming a conduit for opening accoun...