The Latest View on the Horizon of AI – 5 Things to Expect in 2025
Marais Neethling
- AI, Data, Machine Learning
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iMasFinance, a leading financial services co-operative, wanted to transform its digital enablement to better service its clients.
With its vision of reimagining financial wellness, it also had to find a way to reimagine its platforms.
iMasFinance has agreements with more than 600 corporates across South Africa, which allow it to offer their respective employees a range of comprehensive financial products and services, including personal loans, vehicle finance, insurance solutions, pension-backed loans and a purchase card.
When an individual uses an iMasFinance product, they become a member of the co-operative. This means that, along with the many product benefits, they also get to share in the profits of the co-operative through the iMasRewards programme.
iMasFinance truly cares for its clients – it believes in empowering its members to live financially well and even provides workshops and training at no cost at the corporates that have agreements with the co-operative.
However, the organisation faced a challenge whereby members could only physically engage with iMasFinance when they wanted to request a statement, check their balance and update their information. As such iMasFinance wanted to put automation in place to assist clients at anytime, anywhere in a secure environment. Digital transformation was the answer.
The type of digital transformation and client satisfaction that iMasFinance was seeking was not possible with its current infrastructure. The cloud would allow them to reimagine their platform and services.
“Given the current requirements and landscape of things that we needed to do, and the tools available on Amazon at the time, we decided that Amazon was the best option. We asked Amazon themselves for a list of recommended partners” says Jaybalan Goonahsylin, Chief Information Officer at iMasFinance.
“They shared a list of four partners, and of those four partners, we chose Synthesis Software Technologies because Synthesis best met our criteria and because it already had experience in the financial sector.” continues Goonahsylin.
“Experience in your sector is crucial because the company already knows your unknown unknowns from their experience. This saves time, money and suffering,” explains Leslie Luyt, IT Solutions Development Manager at iMasFinance.
Synthesis began by implementing the AWS Control Tower, built the infrastructure in AWS as well as set up the Kubernetes cluster. Synthesis also began managing the AWS environment to ensure best practice security is in place as well a platform designed for constant deployments of new features.
iMasFinance now has a connected cloud environment with bank-grade security, an ability to scale as clients use the platform, compliance and an ability to constantly innovate through AWS tools which will lead to greater client satisfaction. This includes future transaction functionalities.
Security is a priority as the company is responsible for protecting their member’s personal financial information.
The cooperative’s new client engagement platform was deployed into its cloud which allows its members the freedom to check anything they would like at any time without having to contact a branch or agent.
Its DebiCheck mandate system is also deployed into its cloud with a series of other projects that have been targeted for deployment in AWS.
“The Synthesis team is really on the ball. They are always willing to help. They fixed a number of problems for us even after hours and if we couldn’t fix something ourselves, we could call them to fix it.” says Luyt.
iMasFinance is upskilling its team to take over the management of its platform with the help of Synthesis but in the interim Synthesis is managing its enviroment for fast innovation, security, scalability and governance.
“Our clients can be comfortable that the environment is safe and secure and being managed properly, and at the same time we can focus on training our staff to have the same level of expertise in the area.”
With a platform built for the future and an ability for clients to always contact iMasFinance and access their financial information – the organisation is putting care into its client service and this is only the beginning.
“The Synthesis team is really on the ball. They are alwayswilling to help. They fixed a number of problems for us even after hours and if we couldn’t fix something ourselves, we could call them to fix it.”
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