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Digital Transformation & Financial Inclusion in the DRC A Case Study

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Page 1: Digital Transformation & Financial Inclusion in the DRCDIGITAL TRANSFORMATION DEFINED Digital transformation is a journey, a mindset, culture, a way of working ... Credit decisioning

Digital Transformation & Financial Inclusion

in the DRCA Case Study

Page 2: Digital Transformation & Financial Inclusion in the DRCDIGITAL TRANSFORMATION DEFINED Digital transformation is a journey, a mindset, culture, a way of working ... Credit decisioning

OVERVIEW

DIGITAL TRANSFORMATION (DX)

Embark i ng on the DX Journey

(Ka th r yn Grace )

C ASE STUDY: F INC A DRC

Imp l emen t in g the DX Journey

(Mamie Ka londa )

Page 3: Digital Transformation & Financial Inclusion in the DRCDIGITAL TRANSFORMATION DEFINED Digital transformation is a journey, a mindset, culture, a way of working ... Credit decisioning

DIGITAL TRANSFORMATION DEFINED

Digital transformation is a journey,

a mindset, culture, a way of working

and a set of capabilities to transform

the customer experience and

organisational processes to

leverage digital technologies in a

strategic and prioritized way.

PerformanceManagement

ProcessDigitization

Top-LineGrowth

CustomerUnderstanding

CustomerTouch Points

DigitallyModified Business

DIGITAL TRANSFORMATION

Page 4: Digital Transformation & Financial Inclusion in the DRCDIGITAL TRANSFORMATION DEFINED Digital transformation is a journey, a mindset, culture, a way of working ... Credit decisioning

STAGES OF DIGITAL TRANSFORMATION

DIGITAL FRONT-END

TRANSFORMATION

• Projects focused on

customer-facing

areas

• Projects driven by

individual units

• Omni-channel

integration

• Implementation of

innovation teams

DIGITALLY INTEGRATED

ENTERPRISES

• End-to-end

customer centricity

• Cross-functional

data intelligence

• Innovation culture

• Digital processes

• Integrated back-end

and front-end

solutions

DIGITAL ECOSYSTEMS

• Collaborative

business models

and service

networks

• Cross-industry value

creation

• Innovation and co-

creation networks

Page 5: Digital Transformation & Financial Inclusion in the DRCDIGITAL TRANSFORMATION DEFINED Digital transformation is a journey, a mindset, culture, a way of working ... Credit decisioning

SOME FUTURE SCENARIOS

C

u

s

t

o

m

e

r

s

Legacy Bank InfrastructureDigital

Banking Front-End

Built for Digital Bank

Banking Services

AggregatorFintech Providers

Fintech Providers

Fintech Providers

Social Network Banking Interface

Legacy Bank Platform

Fintech Providers

Fintech Providers

Fintech Providers

THE BETTER BANK

THE NEW BANK

THE DISTRIBUTEDBANK

THE DISINTERMEDIATED

BANK

Page 6: Digital Transformation & Financial Inclusion in the DRCDIGITAL TRANSFORMATION DEFINED Digital transformation is a journey, a mindset, culture, a way of working ... Credit decisioning

DRIVING DIGITAL TRANSFORMATIONDig i t a l Tr an s fo rmat ion i s a l i v i n g and eve r- chang in g roadmap

4

Sustain, Scale and Iterate

3

Create Momentum

2

Build your Roadmap

1

Define your Strategy

DigitallyTransformedOrganisation

Page 7: Digital Transformation & Financial Inclusion in the DRCDIGITAL TRANSFORMATION DEFINED Digital transformation is a journey, a mindset, culture, a way of working ... Credit decisioning

7

Most of the executives I talk to are still …focused on digital largely as a way to do “moreof the same,” just more efficiently, quickly, costeffectively. But I don’t see a lot of evidence offundamentally stepping back and rethinking, ata basic level, “What business are we really in?”John Hagel III | Co-Chairman at Deloitte LLP Center for the Edge leaders

Page 8: Digital Transformation & Financial Inclusion in the DRCDIGITAL TRANSFORMATION DEFINED Digital transformation is a journey, a mindset, culture, a way of working ... Credit decisioning

DEFINE YOUR STRATEGY

Your S t r a te g y i s Key

• Vision: Where do you intend to operate?

• Target Metrics: How will you measure success?

• Guiding Principles: What are your core values?

• Strategic Imperatives: Digital capabilities; Partnerships;

Culture; Leadership.

HIGHL IGHTS

Page 9: Digital Transformation & Financial Inclusion in the DRCDIGITAL TRANSFORMATION DEFINED Digital transformation is a journey, a mindset, culture, a way of working ... Credit decisioning

BUILD YOUR ROADMAPStrategy & Business

CaseAnalyze

Current StateDefine Target

StateBuild

RoadmapImplement

Assess Impact/ Refactor

Define your

digital strategy

Build business

case for investment

Current operating

model

Current digital

maturity assessment

Competitor

digital maturity assessment

Define target

state

Target digital

maturity assessment

Gap Analysis

Define key

programs to reach target state

Define key

projects within each program

Define key

activities within each project

Define your

digital vision

Implement

business change

Implement

technology change

Ensure people

and culture change

Monitor change

adoption

Monitor

performance

Continuous improvement

Digital Transformation Change Management and Communication

Program and Project Management

Page 10: Digital Transformation & Financial Inclusion in the DRCDIGITAL TRANSFORMATION DEFINED Digital transformation is a journey, a mindset, culture, a way of working ... Credit decisioning

10

“The biggest part of Digital Transformation

is changing the way we think” S imeon P re s ton

Page 11: Digital Transformation & Financial Inclusion in the DRCDIGITAL TRANSFORMATION DEFINED Digital transformation is a journey, a mindset, culture, a way of working ... Credit decisioning

BUILD YOUR ROADMAPData – Driven

Insights

Comprehensive data

ecosystem single

version of the truth

Robust data

analytics

infrastructure

Data-curious culture

Integrated Customer

Experience

Customer-Centric

workforce, process

and feedback

Omni-channel

experience

Digital Customer

Lifecycle

management

Innovative Products & Services

Targeted product

portfolio

Continuous

assessment &

innovation

Focused product

team cross-

functional

development

Digitally enabled Operations

Streamlined and

automated

fulfillment

processes

Digitized sales and

service interactions

Operational

excellence enablers

Next Generation Technology

Platform

Scalable Application

Architecture

Cybersecurity

Flexible IT

Infrastructure

Comprehensive

metrics with data-

driven decision

making

Customer decision

journey experience

Test & Learn

approach to product

development

Agile delivery to

market

Customer &

employees co-

create products &

processes

Page 12: Digital Transformation & Financial Inclusion in the DRCDIGITAL TRANSFORMATION DEFINED Digital transformation is a journey, a mindset, culture, a way of working ... Credit decisioning

GENERATE MOMENTUM

HIGHL IGHTS

Ea r l y Momentum i s Cr i t i c a l to Succes s

• Launch with key win projects (significant impact with manageable risk)

• Appoint a high-caliber DX launch team

• Adopt Agile Principles for Iterative Delivery

• Kick off your talent development initiative

• Measure your results, remediate, redesign, retry

• Communicate progress widely and often

Page 13: Digital Transformation & Financial Inclusion in the DRCDIGITAL TRANSFORMATION DEFINED Digital transformation is a journey, a mindset, culture, a way of working ... Credit decisioning

SUSTAIN AND SCALE

• Prioritise Change Management

• Exercise Ruthless Portfolio Prioritisation

• Sequence Initiatives for Quick Returns

• Build Out Digital Capabilities ensuring Flexibility and Scalability

• Embedded focus on risk management and cybersecurity

• Continuous Improvement & Innovation becomes your DNA

HIGHL IGHTS

Dig i t a l Capab i l i t i e s and Ways o f Work i ng Embedded

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14

“By integrating digital finance tools in truly

impactful ways, these traditional institutions can

remain relevant drivers towards meaningful

financial inclusion.” Scott Graham, Director of Customer Research, FINCA Impact Finance

Page 15: Digital Transformation & Financial Inclusion in the DRCDIGITAL TRANSFORMATION DEFINED Digital transformation is a journey, a mindset, culture, a way of working ... Credit decisioning

OVERVIEW

DIGITAL TRANSFORMATION (DX)

Embark i ng on the DX Journey

(Ka th r yn Grace )

C ASE STUDY: F INC A DRC

Imp l emen t in g the DX Journey

(Mamie Ka londa )

Page 16: Digital Transformation & Financial Inclusion in the DRCDIGITAL TRANSFORMATION DEFINED Digital transformation is a journey, a mindset, culture, a way of working ... Credit decisioning

Milestones in the FINCA agent banking

Desciption 2007 2010 2012 2016 2017

# Agences 4 8 12 20 21

# Clients actif 28,802 61,825 137,391 223,833 397,818

Total Epargnes (,000) 2,060,000 7,647,000 13,015,849 46,422,213 50,684,000

Moyenne clients/Agence 7,201 7,728 11,449 11,192 18,944

Moyenne Epargne/clients 72 124 95 207 127

1.First POS transaction: 19

October 2011

2.First Master Agents :

December 2013

3.First rural agent:

March2013

4.First Mobile agent : April

2014

5.Introduction of dual currency :

Mars 2015

6.Governement payroll ia POS: August 2015

7.Bill payments and collections:

September

Page 17: Digital Transformation & Financial Inclusion in the DRCDIGITAL TRANSFORMATION DEFINED Digital transformation is a journey, a mindset, culture, a way of working ... Credit decisioning

FINCA eXpress is Agent Banking network used by our customers to do

their transaction though biometric POS devices.

Deposits

Withdraws

Transfers

CANAL+Startimes

Taxes

Schoolfees

Page 18: Digital Transformation & Financial Inclusion in the DRCDIGITAL TRANSFORMATION DEFINED Digital transformation is a journey, a mindset, culture, a way of working ... Credit decisioning

The Dream !!How to cover at lower cost the all country ?

Page 19: Digital Transformation & Financial Inclusion in the DRCDIGITAL TRANSFORMATION DEFINED Digital transformation is a journey, a mindset, culture, a way of working ... Credit decisioning
Page 20: Digital Transformation & Financial Inclusion in the DRCDIGITAL TRANSFORMATION DEFINED Digital transformation is a journey, a mindset, culture, a way of working ... Credit decisioning

A Digital MFI serving beyond expectations !

Page 21: Digital Transformation & Financial Inclusion in the DRCDIGITAL TRANSFORMATION DEFINED Digital transformation is a journey, a mindset, culture, a way of working ... Credit decisioning

Digitalization gives access everyone and bring

financial services closer to customers !

Page 22: Digital Transformation & Financial Inclusion in the DRCDIGITAL TRANSFORMATION DEFINED Digital transformation is a journey, a mindset, culture, a way of working ... Credit decisioning

FINCA 2.0Digital Field Automation (DFA)

General Workflow Management (GWMS)

Credit decisioning (credit scoring)

Centralized underwriting process

Centralized underwriting Unit

Mobile Financial Services (MFS)

Branchless banking (FINCA EXPRESS AGENTS BANKING)

Centralized Call Center

Internet Banking, IMT

Page 23: Digital Transformation & Financial Inclusion in the DRCDIGITAL TRANSFORMATION DEFINED Digital transformation is a journey, a mindset, culture, a way of working ... Credit decisioning

The VISION is not getting old, the dream is becoming big !

Page 24: Digital Transformation & Financial Inclusion in the DRCDIGITAL TRANSFORMATION DEFINED Digital transformation is a journey, a mindset, culture, a way of working ... Credit decisioning

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Give opportunity to all Congolese to open a bank account using a regular phone on USSD or a mobile app.

Be able to serve client without necessary having a physical branch but using Agent Network

2018 FINCA 2.0 Journey

Page 25: Digital Transformation & Financial Inclusion in the DRCDIGITAL TRANSFORMATION DEFINED Digital transformation is a journey, a mindset, culture, a way of working ... Credit decisioning

CLICK !!!!! Mobile app

25

Page 26: Digital Transformation & Financial Inclusion in the DRCDIGITAL TRANSFORMATION DEFINED Digital transformation is a journey, a mindset, culture, a way of working ... Credit decisioning

CLICK !!!!! USSD *455#

26

Page 27: Digital Transformation & Financial Inclusion in the DRCDIGITAL TRANSFORMATION DEFINED Digital transformation is a journey, a mindset, culture, a way of working ... Credit decisioning

Mobile Savings and loansFINCA DRC will soon go live on the mobile savings and loan product in partnership with VODACOM.

We expect to give out virtual loans and serve over 500,000 customers around the country continent DRC.

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And we will get there, while making our customer happy and proud of us

Page 29: Digital Transformation & Financial Inclusion in the DRCDIGITAL TRANSFORMATION DEFINED Digital transformation is a journey, a mindset, culture, a way of working ... Credit decisioning

Thank you AsanteMerci