Case Study
Konnekt Business Services
The below numbers speak for the success of digital transformation for our client KMoney.
Increase in Customer Onboarding
Increase in Remittance Volume
Cost reduction thanks to Automated Compliance Checks And Mobile Apps
About K Money:
KMoney is a money service business established in 2015, providing money remittance services to the local community, specifically catering to customers who want to transfer money to Nigeria. The company has a fairly large regular customer base within the regional ethnic community from Africa. The business activities were initially carried out directly from the office of the company based in Barking. This model of business worked well, with customers reaching out to the stores and availing money remittance services at reasonable rates.
Challenge:
Since inception, KMoney was not a digitalised business – which meant that customers were required to personally visit the store to get themselves registered, submit documents for verification and request any money transfers, once registered. The whole process from registration to transaction completion was relatively manual, when compared to other players in the same business.
This model worked well until the global pandemic hit all countries and businesses around the world. With new restrictions on non-essential businesses to suspend business activities, KMoney decided to hire staff to attend to customer calls for money transfer requests. However, the business had slowed down due to the pandemic and the costs had increased due to new staff hired.
The constraints of operating without a digital framework impacted the business adversely. Hence the Director of KMoney, Mr. Kayode Quadri, approached Calyx Solutions to understand their options to digitalise their business to provide money remittance services via a website and mobile app, alongside their existing in-store model.
“Great experience so far and the staff are quite friendly and helpful. The product is very easy to use with very competitive price. The quality of customer service is something to be proud of. The integration is so smooth and the quality of service is indeed worth more than the price.”
Mr. Kayode Quadri
Solution:
KMoney consulted with the money transfer solution experts at Calyx Solutions, who proposed a technological solution to the challenges faced by the company. The solution included subscribing to Calyx Solutions’ money remittance software - CS Remit, which is a complete suite with web-based interface and mobile app for customers to process money transfer requests from A to Z.
The constraints of operating without a digital framework impacted the business adversely. Hence the Director of KMoney, Mr. Kayode Quadri, approached Calyx Solutions to understand their options to digitalise their business to provide money remittance services via a website and mobile app, alongside their existing in-store model.
- Customer Onboarding:
Assistance with Customer registration, uploading supporting documents and conduct relevant checks
- Initiate transfers and Transaction monitoring:
Assistance with sending money abroad – in Cash or bank transfers, view transaction status, manage beneficiaries and facilitate transaction monitoring via custom built reports.
- Compliance management:
Adherence to AML regulations, thorough KYC checks against international PEPs, Sanctions lists, negative media lists to reduce risk and impact of fraudulent activities.
- Digital communication:
Quick and efficient way of communicating with customers – both individuals as well as corporate clients, via digital means like emails and text messages.