The initiative comes amid difficulties faced by financial services providers (FSPs) to support the financial well-being of low-income customers, mainly due to products that are not customised to their needs and complex loan assessment and enrolment processes.
The newly introduced platform, namely 361 by FINCA, is enabled by Vault Core and focuses on providing configurability and efficiency for FSPs operating in emerging markets. Through Vault Core’s real-time architecture and API-first design, FINCA is set to be able to offer flexible, integrated financial products personalised to support low-income customers invest in opportunities, develop financial resilience, and access simplified, automated loan assessments and renewals. Additionally, the technology will enable FINCA to expand its operations across African markets and integrate with customer service channels and interaction points.
Furthermore, Thought Machine’s technology and approach position the company as a suitable partner for the platform. The 361 by FINCA solution is set to integrate into and advance the functional capabilities of the existing business software stack. Through Vault Core, FINCA can increase its flexibility to roll out products tailored to meet the needs, demands, and preferences of customers, including smallholder farmers, families on the margins, and microentrepreneurs.
Commenting on the news, representatives from FINCA underlined that, with 361, enabled by Thought Machine’s technology, their company can provide personalised financial products that serve customers’ needs, regardless of whether they are saving for school, starting a business, or supporting their families.
Additionally, the platform’s build is set to be led by Ikigai Digital, a certified Thought Machine delivery partner with deep technical knowledge and a track record of implementing Vault Core. 361 by FINCA will also facilitate white-labelling capabilities, enabling other organisations to utilise Vault Core’s engine to offer customised financial services to their users. Through this approach, the companies intend to mitigate traditional barriers to access, allowing a wider ecosystem of providers to accelerate financial inclusion across Africa.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now