Sesame has made history by launching a one-of- kind banking software solution for Business Correspondence, named Beacon Orbit. This cutting edge product has been meticulously developed by leveraging most advanced modern technologies. Beacon Orbit can rightly be called the “quintessential” Business Correspondent solution. It is the only proven product that can enable Business Correspondence by interfacing with any standard CBS.
A Story definitely worth emulating!
Thenjipalam Co-operative Rural Bank, is a live and ideal example of Beacon Orbit’s success. The bank made a significant step towards promoting a unique model of Business Correspondent (BC) by introducing Green Earth Farmers Club as its BC. It became the “first ever Co-operative Bank in India” to have a Business Correspondent (BC). Sesame firmed up an agreement with the bank, providing our unique BC solution. Powered by Beacon Orbit, the bank is now enjoying a magical time with unprecedented success!
Benefits of Beacon Orbit – BC Model
With requisite oversight and due diligence, banks can enjoy some great benefits, employing the BC Model. Here they are:
- Enables greater financial inclusion
- Take bank to doorsteps of poor
- BC handles various day-to-day operations and settlement on behalf of the bank, thus significantly reducing operational costs
- Increase the spread and share the risk return of lending
- Strengthen bank’s loan portfolio
- Improve bank’s recovery position
- Facilitates cost effective outreach channels
- Above all, bolster bank’s business
Iron is hot!
These are difficult times for the banks when they are struggling to profitably and reliably service the low income, unbanked areas and segments of the economy. This is the right time to avail the BC model, to service these segments and utilize systems and processes to serve it. BCs deal with the financial needs of the low income sector in a realistic manner. Banks can leverage BC’s local knowledge to build a reliable network of agents and cut down the costs of many of the core operations.
To know more about BC and Beacon Orbit BC, Sesame is always ready to help, offering our expertise anytime.