HOW SACCOs CAN USE THE AVAILABLE TECHNOLOGIES FOR GROWTH AND CONVENIENCE

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Are you working towards growing your SACCO or Microfinance institution? Here are some of the available technologies you can use for growth and offer better customer service.

 

 Automate your processes using core banking

Core banking solutions are the centralized systems for financial institutions that are responsible for ensuring seamless workflow within the institution.

A core banking system will help your SACCO offer members convenience through quick and efficient service delivery.

Because it automates the processes, it helps eliminate the common human errors and, in the process, it will boost your employee’s productivity.

SACCOs have experienced growth and there are a lot of success stories that came with automation using the right systems and working with the right technology partner.

 

Understand your members’ needs

To offer your members better services, you need to understand their needs and the kind of products you can offer to suit their needs.

Making good use of business intelligence/ analytics you will be able to understand their trends, the products they demand most, and transactional patterns. This data will help you make better decisions in terms of customer service delivery, marketing, and where you should focus most of your resources.

Check out how Total SACCO used CoopMIS with Business Intelligence to improve their customer experience by 50%.

 

Get smart with your documents

Being in the financial service industry you get to work around a lot of documents on a day-to-day basis. You always want to keep your files safe and easy to access for authorized personnel.

An Electronic Document Management System will help you achieve all this and make your work easier so that you can focus more on important activities.

Considering the high spread of the coronavirus, the transfer of physical files from person to person may also lead to the spread of the disease.

Why risk your health, important files and make your work more difficult while you can solve all this with a single solution? Be sure to check out the Electronic Document Management System and the advantages to your SACCO.

 

Make Better Use of Social Media

Social media has become a key platform for any business in terms of marketing, communication, and customer support.

It is so sad to see that some financial institutions, being part of the essential services have no presence on social media.

Today, customers use social media to get answers from their financial partners because it is convenient and the response is quicker.

SACCOs can make greater use of social media to educate the public on the importance of savings, the existence of SACCOs, and even for marketing their products.

FSD Kenya
Data source: FSD Kenya

 

Here is a report by FSD Kenya on Monitoring financial consumer protection via social media.

 

Leverage on alternative channels

It’s 2021 and with the pandemic, most of your members have no time and are not willing to make queues and fill a tone of forms just to transact or to be served.

Make good use of the available mobile banking platforms.  People are glued on their phones and they want everything there: from getting content, paying bills, business activities, etc. If you don’t enable them to access your services on your phone, they have several options at their disposal.

Also, agency banking is a great alternative channel especially for your members who are small business owners in the markets. They tend to handle a lot of cash and at the end of the day, they would like to deposit the returns to their accounts. Why not give them agency banking as a reliable and affordable way to do that?

Keep in mind that these alternative channels will not only offer your members convenience but also act as an alternative source of revenue to the SACCO. Every time a member makes a transaction, they are charged a small fee which will be a source of revenue to your SACCO.

Here is how Lainisha SACCO improved its revenues by 85% and membership by 75% using our alternative channels.

 

Today low-interest rates are no longer a selling point for SACCOs and MFIs against other players in the industry. People are looking for quick and convenient services because that what makes your services more relevant to them. For instance, if a member applies for an emergency loan and they end up receiving the funds 3 days later, you have not helped them solve the problem even though they got the loan.

Use the readily available technologies to stay relevant in the industry today and for years to come and generate more revenues for your SACCO.

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