How microfinance software can bring growth to the Microfinance Business?
People may wonder how Microfinance Software helps to grow MFI’s financial business. Let us provide you some crucial details about “how microfinance software can bring growth to the Microfinance Business?”
Low Cost Solutions
Microfinance Software comes at very affordable price. In India, people can spend ₹30,000-40,000 to get a complete MFI Software. Whereas banking software could make them spend ₹150,000-200,000 and may be more than that. This is a great deal of advantage that MFIs can enjoy.
Microloan Application Processing
Advanced Microfinance software facilitates client’s microloan application process. With it, the whole procedures of the loan get automated. Automation means more flexibility and accuracy in completing complex mechanisms. It makes the loan approval and disbursal system faster than before.
Automated Collections
Microfinance Software grants you the ability to collect loan EMIs from various sources. Apart from directly depositing the money, clients may also use other types of transaction methods like UPI, E-payments, Net banking, RTGS, NEFT, IMPS and many more. The software has the ability to incorporate all those payment gateways.
Extensive Management of Data
Microfinance Software has the ability to keep data of all the details of client’s accounts, loan, repayments, documentation and many more. Further it maintains all those data and prepares them for further usage. Dealing with all that huge chunk of data is not an easy task. But Microfinance Software makes the tasks very easy.
Maintaining Transaction Records
It helps keep track of all the financial dealing records of your MFI organization with the customers and alternative parties. It includes all loan connected transactions, ranging from details of all the parties taking loans and the amounts disbursed to them. There are also tasks related to the calculation of interests and EMIs, late fees and penalties, all these tasks are automated now. So, you do not need to worry about them.
Facility for Mobile Banking
The mobile banking facility is a premium feature that has been incorporated in the modern and advanced Microfinance Software. With this facility, MFIs can offer mobile banking services to the clients. The Android Microfinance application can be downloaded and installed in your client’s smart phones and utilized. With it, MFIs can connect themselves with the clients from further and rural areas.
Security and Routinely Data Back-up
Microfinance Software utilize web and cloud based remotely secure server to keep all the data and records. MFIs can schedule a routine backup of data as per their conveniences. There are multiple security measurements like encryption and encoding methods that are deployed to provide utmost security to keep those data safe. It further diminishes the chance of getting hacked or attacked by malware and viruses.