Microfinance - Finance for the Masses

Microfinance has a significant role in bridging the gap between the formal financial institutions and the rural poor. Microfinance Software provides smart banking functionalities and enables you to focus on other areas of business. The Microfinance Institutions’ (MFIs) access to financial resources coupled with a  huge selection of unbanked populations with no prior credit history makes microfinance a very lucrative sector.

Over the past few years, microfinance software institutions have shown impressive growth and have been instrumental in furthering the cause of financial inclusion. These institutions are the only factor equipped to resolve the existing cash crunch among low-income individuals situated in the suburban and rural areas.

MFIs offer financial services and small business loans within communities which have limited resources and very few avenues for economic growth. By empowering the people within these communities with their microloan products, MFIs help these small businesses develop using their existing talent and skill sets.

Despite the incremental growth of MFIs, a lot remains to be achieved in terms of their operational efficiency. The cost of outreach would have a negative impact on the business model, making it dangerously unprofitable if the processes involved are completely manual.

The lack of scalability often makes smaller microfinance systems end up in a struggle to preserve their profitability and performance amidst cutting edge competition. The intrusive involvement of government organisations to promote SHG linkage programs through banks has placed MFIs under considerable duress.

Changing dynamics among unbanked borrowers and the lack of technical support diminishes the overall operational efficiency of these institutions. Existing geographic factors make it very difficult for the MFIs to communicate with their prospective clients who are located in the far-flung areas. This creates problems in sustainability and expansion for an organisation.

Also, supporting a broad range of lending activities amidst this chaos becomes costly and extremely difficult. To compete with large-scale commercial banks, MFIs need world-class financial software within their substantial IT budgets. An integrated banking software solution like Cloudbankin is ideal for both group and individual microfinance lending.

Cloudbankin - A Comprehensive Microfinance Software

Our Signature product Cloudbankin is designed to work seamlessly with Micro-Finance Institutions of all sizes. Cloudbankin intuitive user interface, guided procedures and powerful reporting functionality optimise workflows to meet the demanding requirements of a microfinance software institution. It simplifies the sophisticated loan process and ensures that all the client information has been captured accurately.

Cloudbankin serves as a lending workhouse which was designed to perform high-throughput loan processing and robust data analysis. The method-based analysis protocols automate the loan life cycle and offer a time-resolved analysis capability.

The cloud-enabled nature of microfinance software applications reduces accessibility issues and offers maximum storage by using data compression algorithms. The user permission controls and protected data repository makes Cloudbankin a thoroughly secure loan management system with a built-in comprehensive reporting structure and accounting module.

Digital Loan Origination

Multichannel Banking solution

Multilingual & Multi-Currency

Pay-as-you-go Model

Powerful Reporting Structure

Strong Customer Analytics

Loan Lifecycle Management

  • Loan Origination System
  • Loan Management System
  • Accounting Management
  • Reports and Dashboard

Loan Origination System

Cloudbankin helps MFIs completely digitalize the onboarding experience.  Be it income generation loans (IGL), group loans (SHG or JLG), individual loans or emergency loans, officers can complete the origination process in a jiffy using our intuitive software. The seamless onboarding mechanism reduces the TAT (Turn around Time) of a loan application and also improves the operational efficiency of an MFI.

  • Seamless Customer Onboarding
  • Quick Credit Risk Assessment
  • Faster Turnaround Time
  • Digitalised Application Process
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Loan Management System

Cloudbankin is a highly agile loan management software which lets financial institutions rapidly build, integrate, launch and service any loan product in their lending portfolio. Cloudbankin smoothly integrates document storage and management into its list of features. Customise and simplify every aspect of a loan cycle from configuring loan products to meet client’s needs, managing loan accounts, interest rate, time period of loan, maximum principal, transaction charges, EMI schedule etc.

  • Accurate Amortisation Schedule
  • Customizable Loan Products
  • Complete Loan Management
  • Configurable Role Based Permissioning
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Accounting Management System

Cloudbankin’s in-built core banking system fully integrates the capabilities of a traditional accounting software with its sophisticated yet user friendly accounting configurations.These integrated functionalities of an accounting software help CloudBankIN provide everything including chart of accounts, automated or manual journal entries, financial activity mapping, tax configurations, fund source mapping, accrual accounting and maintain the tradition double entry ledger on a single platform. Each repayment is mapped in a way that it reflects immediately in accounting reports such as Profit & Loss Statement and Balance Sheet.

  • Custom Chart of Accounts
  • Cash and Accrual Accounting
  • Customisable Accounting Rules
  • Automated or Manual Journal Entries
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Reports and Dashboard

Accelerate the overall operations from loan approval to overdue repayment collections with Cloudbankin’s interactive dashboard. An impressive reporting structure highlights the areas that need immediate attention. The real-time reports allow MFIs to consolidate key performance indicators and accounting in real-time, regardless of location or size of the loan portfolio. Reduce your reporting burden using our 100+ custom made reports or create an exclusive report using the existing data from scratch in seconds.

  • Built-in Standard Reports
  • Data Visualisation for Advanced Analytics
  • Executive Dashboard
  • Integrated Pentaho Reports
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Benefits

dynamicworkflowmanagement

Minimal Upfront
Costs


scalable-software

Extensive Reports



stateoftheart_1

Intuitive
User Interface


lendingsoftware

Reduced
TAT


Robustmanagamendocument

Maximum Data Security


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