Developing countries around the globe struggle to supply resources to poor and low-income sections. Although social programs are an option, creating dependence amongst the intended beneficiaries remains challenging. It gave birth to microfinance institutions as a cooperative movement that sought to deliver microcredit solutions to urban wage earners and small farmers in regions such as Latin America. Latin America’s 70% population is marginalized from financial services by commercial banks, and only 4% of rural families have access to credit through a bank. Hundreds of microfinance institution ..read more

What is WhatsApp Banking? With WhatsApp banking, banks and other financial institutions can communicate with and serve their customers on the messaging platform via live chat or automated service delivered by a WhatsApp bot in a friendly and familiar setting. Artificial intelligence (NLP) or a rules-based conversation framework may power the chatbot. It is intended to provide support or services via chat and is used for everything from lead generation to feedback collection. The post WhatsApp Banking Solution: Enabling a Seamless Customer Experience appeared first on Panamax, Inc ..read more

As we progress through the COVID-19 crisis, it’s becoming more apparent that the value of real-time payments will increase. The current liquidity and risk management challenges continue, and we see a huge acceleration in the spread of real-time payments. The evolution of the payment infrastructure now brings us to an era where convenient, secure, and agile payment solutions revolutionize how money is exchanged, and business gets done. That evolution was progressing in a predictable path, pre-COVID-19. Given the realities of the COVID-19 crisis, we continue to shift from cash to digital methods ..read more

Frequent customers expect retailers to make relevant product recommendations based on their shopping habits. Banking customers are not an exception. Today’s digitally empowered consumers demand banking services according to their individual preferences anywhere, anytime, and however, they interact. Here, omnichannel digital banking solutions create opportunities to engage deeply with customers and deliver personalized services. While digital banking has become a default for many customers, they often prefer face-to-face interactions for complex financial products. It becomes a challenge to com ..read more

Today’s competitive & economic challenges are making the status quo shaky for the banking world. The macroeconomic solutions industry is surviving a slump associated with the pandemic continues to weigh down on the industry’s bottom line, with hardly any expectation of a turnaround. The competitive landscape is also becoming more challenging as digital technology shatters the barriers. With the microfinance solution industry attracting millions of new clients, executives are facing a need for a bold plan of action that is becoming more urgent by the day. A potential way to move forward for ..read more

The Covid crisis was terrible for almost every industry, and the banking sector had no different story. Many pundits and experts in the financial realm thought that banks would fail to evolve their internal system, especially the core banking system, and would cope with the changing customer demands. Traditional banking systems have reinvented themselves at a rapid rate. Whether dealing with changing regulations or effectively implementing digital financial solutions, banking organizations have revamped everything with technology according to the customer’s requirements. Now, what is this mode ..read more

Digital financial solutions have been the answer to the barriers to accessing banking services in African countries. Some of these barriers are irregular or informal incomes, lack of identity documents, and geographical remoteness. The key to sustainable digital financial products in Africa is an e-KYC management system with smart biometrics solutions. The underdeveloped infrastructure presents yet another challenge that stops most common KYC software solutions in the global market from solving these problems using plug-and-play techniques. However, smart biometrics enable African financial in ..read more

Panamax is glad to announce its participation as a Diamond Sponsor at the PITA (Pacific Islands Telecom Association) Business Forum, 2022. PITA 2022, one of the most prolific and renowned events in the Pacific Islands, is set to take place from November 9–11, 2022, at the Holiday Inn, Suva, Fiji. The event unites participants in its goal to provide a forum for those involved in telecommunications in the Pacific to exchange experiences, facilitate the development of solutions specific to the area, provide opportunities for training and the regular communication of information, and be ..read more

The financial industry is a dynamic realm constantly changing with the involvement of technology. Also, technology has made it easier for fintech to expand its wings to countries regardless of their geographic differences. Countries such as the United States, China, Ireland, Sweden, etc., have been the front-runners in implementing digital financial solutions. However, there are regions in the African continent that were a bit slow to get off the mark but are now slowly picking up momentum. Africa is making its move to become one of the leading Fintech markets in the world. Many indigenous mob ..read more

In the business-to-business (B2B) environment, it might appear that giant firms have all the perks. They have significantly more resources, clients, and experience. However, in recent years, a new trend has evolved that allows smaller enterprises to compete with Buy Now, Pay Later (BNPL) in B2B. Buy Now, Pay Later (BNPL) FinTech businesses are on their way to changing the way customers purchase things. While BNPL is not a completely new concept, it is the most recent and sophisticated form. Traditionally, shoppers could utilize EMIs and other types of credit, such as credit cards. However, BNP ..read more