Any solution that will allow the banking industry to tap into this significant growth area must encompass numerous unique features and innovations - particularly in the areas of distribution, process and client service - and must be deployed quickly and efficiently to ensure success.
Firstly, banking institutions require custom-designed devices that feature exceptional portability and ease of use, including a 12-hour battery life and simple on and off switches, as well as robustness and reliability, including the ability to withstand wind, dust and spills. Secondly, the devices must have a low theft value and be unsuitable for any other purpose, unlike mobile phones and tablets. A QWERTY keyboard is essential to enable fast, easy and accurate data capturing, eliminating errors associated with touchscreen devices. Thirdly, each terminal must feature GPS tracking and be managed by a full asset-management system to keep track of the data flow and the terminal location.
The solution enables customer and transaction data to be paperlessly and accurately captured at source while eliminating unauthorised use, such as browsing the Internet or playing games. A range of functional peripherals, such as scanners, barcode scanners, printers, signature pads, numeric keypads, magswipe card readers, debit and credit card payment devices and fingerprint scanners, which attach to the terminal as plug-and-play devices or through customisation. In addition, the terminal includes an integrated customer-facing webcam for taking pictures and basic facial recognition, taking customer registration to a new level.
Data transmission can be best achieved through dual Sim capability for enhanced network coverage; integrated Ethernet for connecting to a bank's WAN and optional Wi-Fi connectivity and/or an internal 3G/GPRS modem, allowing for real-time connectivity to the bank system, even from remote locations. Robust offline storage prevents any possible loss of information that is not uploaded successfully due to connectivity issues.
Security is paramount for the banking industry and, in this respect, I recommend a secure system with a FIPS201-compliant biometric fingerprint log-in, as well as data encryption to international standards. Lastly, ongoing support is crucial. For example, a supplier that provides on-site repairs negates the time-consuming and costly process of sending in devices for repairs. The ability to upgrade firmware remotely also contributes to a cost-effective solution.
CFS Rica and its latest V5 Terminal tick all these boxes, providing the next-generation biometric customer registration and transaction technology that can be adapted to each banking institution's exact needs and can be deployed, managed and supported wherever the bank's previously unreached and unbanked customers may be.
The CFS Rica V5 Terminal essentially allows banking institutions to take agency banking anywhere, with robust, secure and traceable biometric registration terminals that can support the opening of accounts, the provision of statements and balances, money transfer, social grant pay-outs and the capturing and updating the FICA Know Your Customer (KYC) data. The terminals can be extended to process withdrawals and deposits, as well as one-step loan applications. It is a banking platform custom designed for the harsh conditions experienced in rural areas and informal settings, enabling the banking industry to reach unbanked areas quickly, efficiently and with exceptional accuracy and affordability, literally taking banking to the people.
