Phoenix International

Integrating BaaS

Technology and digital innovations are a constant in our everyday lives.  Today, almost any task you can imagine has been designed with convenience in mind. This seismic shift has resulted in even the most mundane tasks becoming effortless for customers. Food delivery, ride-sharing apps, and even the flipping of a light switch is now programmed by technology.  

All these inventions have one thing in common: they solve problems. Likewise, the financial industry is no stranger to increased change, and at Phoenix International, our goal is to partner with you to solve those problems that customers wish would be easier to solve.

Some companies may not believe it is necessary to upgrade – at least not right now. Their customers may still primarily visit their physical locations for transactions, and everything seems fine.  But, with the future generation transitioning to decision makers, how exactly will your services stand the test of time?

It is also fair to acknowledge that some companies simply are unsure of how to begin the process of integrating modern solutions.  In this post, we will explore how solutions such as Banking as a Service can improve the customer’s experience and transform a once lengthy undertaking into a meaningful, fulfilling and convenient part of their day.

What is Banking as a Service?

Banking as a Service or BaaS provides non-banks with access to systems that allow them to integrate financial services. A company may offer loans and repayment services, but not be a licensed bank. BaaS enables companies to integrate digital banking features into their system with the ease of third-party software or their own platforms.

For companies with legacy systems and manual processes, it is useful to partner with technology companies, like Phoenix, for step-by-step guidance and support on how to integrate the software. Rather than a full implementation, the approach can be taken in phases. This gives the company and its staff sufficient time to learn the new system and offer new and improved processes to customers.

How does BaaS help to gain and retain customers?

  1. At the heart of Phoenix International’s service is convenience and customer satisfaction, with a focus on emerging markets. We understand that regulatory and compliance issues remain a sore point for many of our customers in the Caribbean and Latin America. This understanding allows us to focus our efforts on solving issues and propelling financial businesses in emerging regions.
  2. Phoenix International’s core banking platform facilitates a two-way flow, which gives you insight into your customers’ habits. This data makes it easier to track your customers’ preferences, and influences decisions about which services/products to offer to increase buy-in and loyalty.
  3. The data shows that automation and digital services can increase ratings and favourability. Converting older systems for areas such as debt management and collection makes it significantly easier to track payments and receive alerts on high-risk customers or those who are about to default. Phoenix International’s collection module is a safer and faster way of managing delinquency, allowing companies to focus on other core areas of the business.
  4. Digital is here to stay. Trends indicate that the pandemic triggered a long-lasting demand for convenient services. Even if a system is currently functional, the younger generation will only be interested in remote experiences that have a slight emotional connection. These include mobile technology such as mobile wallets and online loan applications. Calling, emailing, and completing heaps of paperwork can be frustrating, and as time goes on, that lowers the customer retention rate.

What to look for in a BaaS provider  

 Even though you are now certain that this is the right course of action, the way to transformation is still a little hazy. The best part is that you can partner with technology companies including Phoenix International to provide an enhanced customer experience.  We use the dependable Microsoft technology with unwavering data security, benefiting both you and your clients. Additional factors to consider when partnering include:

  1. Scalability –we are equipped with the appropriate banking stack and the resources to keep you in the game and maintain competitive edge. Our team also comprises individuals with varying skills-set.
  2.  Reputation – We know we are an emerging market company that knows and understands emerging markets. Our history spans over two decades with several first to market technologies in the Caribbean and parts of Latin America.
  3. Speed and Efficiency – Your business and your customers expect the best results in the shortest possible time without compromising quality. These factors are intended to align your goals with the expected timeline for execution.

The financial environment is expanding and evolving rapidly. It is crucial to begin the transformation process quickly because the growth is anticipated to coincide with the preferences of the current generation. If you need more time, visit phoenixinternational.io for more details on our cutting-edge and cost-effective core banking platform. We’re ready to help.

Was this article helpful?
YesNo