About RSF
Reliance Financial Services (RFS), a leading financial institution in The Gambia, offers a broad range of credit products to individuals, groups, women-led enterprises, and small and medium businesses. However, their manual credit underwriting process was hindering their ability to scale lending operations and maintain standardized risk evaluations.
The Callenge
RFS previously used BankOne, Qore Technologies’ core banking platform, which provided basic loan initiation functionality. However, key aspects of credit underwriting were handled manually, leading to a time-consuming, error-prone, and inconsistent process.
The Product
To address these challenges, RFS partnered with Qore Technologies to implement Recova, a digital credit underwriting and appraisal solution. Recova automated end-to-end lending lifecycle processes, delivering enhancements across RFS’s lending operations:
– Automated Credit Underwriting: Replaced manual workflows with intelligent digital processes.
– Dynamic Workflow Configuration: Enabled product-specific credit policies and appraisal workflows.
– Financial and Income Statement Analysis: Supported detailed assessment of SME borrowers.
– Collateral Valuation Tools: Empowered RFS to evaluate asset-backed loans with structure and transparency.
– Bank Statement Analysis: Introduced automated parsing and scoring of bank statements.
– Credit Bureau Integration: Enabled real-time customer profiling using external data sources.
– Risk-Based Scoring and Profiling: Powered intelligent borrower segmentation.
The Impact
Since implementing Recova, RFS has achieved significant impact:
Improved operational efficiency, credit quality, and reduced processing errors.
Shortened approval times and enhanced ability to serve a wider customer base.
Expanding Digital Banking Services
To further enhance customer experience, RFS wanted to enable its customers to transfer funds between banks in Gambia. Our team of experienced engineers seamlessly integrated with Gamswitch, a payment gateway provider, eliminating the need for RFS to engage its own engineering team. This integration enabled RFS customers to send money to other banks, make bill payments, and buy airtime. Building on this success, RFS implemented mobile banking, allowing customers to access accounts, perform transactions, and manage finances independently. Additionally, RFS introduced branchless banking, enabling marketers to open accounts, collect deposits, and process withdrawals in the field.
Customer Evolution
Since onboarding as a customer in 2017, we have RFS now subscribes to six (6) unique product offerings from Qore
