Tag: mobile point-of-sale

Mobile technology is shrinking auto loan origination time

New research from NetSol has shown that this could be very helpful to both the automotive and financial sectors.

According to NetSol Technologies IT and enterprise software provider, mobile technology is having a transformative effect on both the automotive financing and leasing sectors by decreasing the amount of origination and decision making time required for loans.

This conclusion was made within a white paper that was issued by the firm about the impact of mobile tech.

Enterprise mobile technology is making it possible for financial institutions to be able to enhance their operational efficiencies to the extent that significant costs can be reduced from the elimination of the requirement to print and mail out documents to customers and other institutions. Beyond the cost savings, there is also a considerable amount of time savings as the amount of time needed for responses is reduced.

Mobile technology makes it possible for financial institutions to provide customers with information, anywhere.

Mobile Technology - Auto LoanThis means that it doesn’t matter where the customer is, he or she can gain the information that is needed to take out an auto loan using smartphones or tablets, without the need for actual paperwork. This can all be provided to customers on the spot.

NetSol Technologies CEO, Najeeb Ghauri, explained that “Netsol’s research shows how mobile technology is positively impacting the global auto-leasing industry.” Earlier in 2015, the company had implemented a form of mobile point of sale system to an auto company that remained unidentified. This made it possible for dealerships to be able to complete the contract origination process through the use of a smartphone or tablet.

The implementation process, which involved training staff members who would be using the service. Following that period, the unnamed dealer experienced considerable origination time and efficiency improvements, said NetSol.

A recent study conducted by 451 Research suggested that POS systems run over mobile technology are starting to have an impact in multiple sectors, which are not limited to the auto industry. It explained that there is actually a considerable cross-sector draw for using points of sale over devices such as smartphones and tablet computers.

Mobile payments platform goes live in Ghana

GCB Bank has now become the latest to join with goSwiff for smartphone friendly point of sale services.

Global mobile payments innovator, goSwiff, has now partnered up with GCB Bank Ltd., bringing the total number of bank clients to fifty and giving more locations the opportunity to complete transactions at a point of sale through smartphones.

This will provide merchants and consumers with a new shopping opportunity at the checkout counter.

Equally, Simone Ranucci Brandimarte, the chief executive officer of the Singapore-based goSwiff, unveiled an entirely new business strategy for the global operations of the company. This addition of GCB Bank is the latest in a long and growing list of bank clients that have joined with the company in order to be able to offer mobile payments services to their merchant clients, within emerging markets.

Therefore, GCB Bank will be able to offer mobile payments services to its Ghana merchant customers.

Mobile Payments GhanaThe bank is the largest indigenous commercial bank in Ghana. According to the goSwiff chief strategy officer and President CEMEA, Erik Holst-Roness, GCB “leads the way in innovation with new banking technology. This is a bank with a strong commitment to customer service and the determination to make a change in the way their clients go about banking.”

The CEO of the bank, Simon Dornoo explained that he feels that the addition of the mobile point of sale system from goSwiff was a “natural choice” for them. He has observed the size of the company’s global experience and feels that by adding it to the options available to merchants, they will be able to enhance their “presence in the payment markets in Africa.”

Dornoo stated that the bank had been seeking a complete solution that would allow them to be able to develop this type of technology based service. They decided on goSwiff as the partner that they needed in order to be able to launch this type of smartphone payments option to their Ghanaian customers.

Mobile payments is a market that is taking off at an explosive rate in Africa, as it provides the ability to bring services to people who were previously completely unbanked.