A robust digital banking experience is one of the most fundamental competitive advantages banks can have to drive user acquisition and loyalty in the modern age. This is especially true in Africa where, once a person has one bank account, they are likely to have multiple accounts with different banks, so competition for app engagement is becoming only more fierce.
On top of this, as inflation and broader macroeconomic trends make it more difficult for people to manage their finances well enough on their own to ultimately qualify for premium financial products (i.e., loans with affordable interest rates), it is becoming more important than ever for banks to provide more personalized support to their retail customers via their banking apps. Neobanks and the world’s most forward-thinking traditional banks get this and are investing massively to ensure they stay ahead of the digitization curve.
Providing such data-driven support to retail customers, however, is difficult to do well and often highly expensive for banks to do themselves. Alvin offers Africa’s first end-to-end suite that specifically solves this problem for African banks. Alvin’s Enterprise suite starts with a data aggregation and analytics foundation that helps banks make sense of how their retail customers are spending so they can provide money management support and more personalized products to their retail clients in-app. And this they are able to do within weeks (rather than months or years) and at a fraction of the cost of them trying to build it from scratch themselves.
Over time, we are building additional plug-ins that use this foundation to help banks cultivate more responsible spenders and savers amongst their retail customer bases, thus helping the bank cultivate more creditworthy customers and increase monetization opportunities.
We took the learnings from our Alvin App beta in Kenya and engaged banks and fintechs in both Kenya and Nigeria to build Alvin’s foundation of Enterprise API products: Bank Account Aggregation (in first partnership with Mono, with more enablement partners on the way) and Data Enrichment.
These products help banks understand how their retail customers are spending across their financial accounts. Banks can then layer in Alvin’s money management products to make it easier for their customers to choose their app for managing all their finances in one place while getting personalized guidance toward their goals. Alvin’s Enterprise offering helps banks save significant time incorporating modern PFM (personal financial management) capabilities into their existing retail apps or new PFM apps they may be building for their retail clients.
Alvin’s Enterprise products can be integrated directly into a bank’s native infrastructure or layered on top of core banking platforms as a value-added service designed to delight the end consumer and help them better manage their funds. The latter includes financial data platforms such as our first financial data partner Mono, as well as credit-assessment-as-a-service platforms such as Pngme or Akiba that banks may currently be using to better identify customers they can lend to.
Are you a forward-thinking African bank looking to accelerate your speed-to-market with data-driven PFM support for your retail clients? Or, a credit-assessment-as-a-service platform looking to focus your resources on backend infrastructure and credit-decisioning innovation for banks but would like to layer in data-driven PFM as a ready-to-deploy solution that works on your stack? Drop us a line at email@example.com today. We look forward to partnering with you to help you deliver even more value to your clients and optimize on new revenue generation opportunities.
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