In the last five years new digital financial services have been launched, internet connectivity has become more ubiquitous and smartphone ownership has risen. Customers now expect to be able to interact with their financial organisation online, through their phone or through agent and ATM networks. Alongside this, banks and MFIs are looking for new ways to use technology to expand and retain their competitive edge while lending decisions are increasingly automated through credit bureaus and credit scoring.
While Musoni already includes a lot of this advanced functionality as standard (including a highly customisable tablet application), its also incredibly easy for organisations to integrate their own external systems directly into Musoni. Many of our partners already have.
“The integrations themselves were straightforward to manage, while the Musoni team has supported us beyond measure with good turnaround times.”
One example is Okoa Finance, based in Eldoret (Kenya) who have been using Musoni since March 2015. Okoa have taken advantage of the Musoni platform to launch their own account origination tool through SMS. They also offer clients airtime purchases that automatically top up a client’s airtime balance while deducting the funds from the client’s savings account. Okoa are now in the process of launching a loan origination smartphone app as well as integration with a local credit bureau.
All of this was done using Musoni’s open APIs and standard API documentation, with only minimal support from the Musoni team. Speaking about the integration work, Justus Wanjala, Okoa’s CEO said “the Musoni System has very robust controls, management reports and a credit management framework that have truly helped us grow. The fact that the system can be integrated with any external application has also been extremely useful and helped us to differentiate ourselves in the market. The integrations themselves were straightforward to manage, while the Musoni team has supported us beyond measure with good turnaround times. We are impressed.”
Another organisation taking advantage of the Musoni platform is MicroEnsure, for a new product called Fearless Health, focusing on providing financial services to cover treatment in health clinics. In February 2016 MicroEnsure developed their own tablet application specific to their client onboarding and loan application workflows that was then integrated directly into the Musoni System. Integration of the app with Musoni was completed in under two weeks and has been working smoothly ever since (see below for a screenshot).
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These are just two examples of organisations launching their own products and services on top of the Musoni platform. We’ve also helped organisations integrate directly with local credit bureaus, credit scoring companies, peer-2-peer lending portals and Salesforce. We know the market is evolving rapidly and its crucial for organisations to differentiate themselves and respond to customer expectations. If you would like to learn more about launching your own service, product or delivery channel on the Musoni System, please get in touch at hello@musonisystem.com.