dfcu’s Investment Club App has emerged as the Platinum Winner for the Infosys Finacle Innovation Awards 2023 under the category of Business Model Innovation.
The App was one of over 200 nominations across 10 categories that were received by Infosys from around the world. The winners were selected by a panel of esteemed experts, consisting of global leaders in banking and technology, and the dfcu App emerged as winner in its respective category.
Investment Clubs are widely used in Uganda for pooling peer group savings and pursuing possible investment opportunities. At its core, the dfcu Investment Club App simplifies the day-to-day management of Investment Clubs, SACCOs and Saving Groups by providing a real-time view of all financial activities. The App helps members track their contributions, manage their group lending and collections; effective reporting and general administration anytime, anywhere.
The App, which was ideated by dfcu Bank’s Innovation team, is also a by-product of collaborative work with Modefin; an award-winning Digital Banking and Fintech Solution provider to Banks across the globe. In its vision to bank the under and unbanked Savings Groups, dfcu worked with Modefin to create a digital solution that is easy to access and use across multiple operating systems.
In the recently enriched version, the upgraded App delivers an enhanced experience for our customers, simplifying their customer journey, and making life easier for club administrators. With this update:
1. Administrators can now easily activate and deactivate members.
2. Administrators can now update member personal details like names and email addresses with a few simple clicks.
3. With just a few taps, clubs can make payments to 3rd parties e.g., suppliers and members.
4. Club Administrators to register themselves for the App, no longer requiring them to visit a branch and fill out a paper form. The new streamlined registration process is done entirely online, making it simpler and more convenient.
5. The App also has a revamped the user interface, making it easy, more intuitive and giving customers a richer user experience. We have also streamlined the menus and made the dashboard more user-friendly.
Speaking on the win, Amarnath Choudhary, MD at Modefin noted that “We have shown what can be accomplished when two influential, purpose-driven organizations come together to deliver exceptional results. Kudos to the dfcu Bank and Modefin teams for their vision, dedication, and commitment to creating a future-centric app that is changing the game in Digital Banking.”
Veronica Sentongo, Chief Change and Innovation Officer said… “We are delighted that our partnership with Modefin has yielded this state-of-the-art Innovation which has taken its rightful place in the realms of excellence. At dfcu Bank, delivering exceptional value to our customers through technology is a strategic priority. Thus, our cutting-edge platform has empowered over 40,372 clubs & SACCOS in Uganda, by optimizing their Savings Group operations and allowing seamless convenience through its intuitive interface.
This achievement also showcases the versatility and reliability of Finacle as a Core Banking system over which the App operates. This provides a solid foundation for our ground-breaking customer solution.”
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