Microfinance has a significant role in bridging the gap between the formal financial institutions and the rural poor and the microfinance software is robust that helps to automate all business activities. Microfinance Software provides you a smart banking functionality and enables to manage you to focus on other areas of business. The Microfinance Institutions (MFIs) access to financial resources to a huge selection of unbanked population which has no prior credit history.
Over the past few years, microfinance software institutions have shown impressive growth and have been instrumental in 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 making the business model dangerously unprofitable if the process was completely manual in nature.
The lack of scalability often makes smaller microfinance systems end up in a struggle to preserve their profitability and performance in the cutting edge competition. The intrusive involvement showed by government organizations to promote SHG linkage program through banks has placed MFIs under considerable duress.
The changing dynamics of the unbanked borrowers and the lack of technical support diminishes the overall operational efficiency of these institutions. The existing geographic factors make it very difficult for the MFIs to communicate with their prospective clients who are located in the far-flung areas, creating a problem in sustainability and expansion aspects of the organization.
Also, supporting a broad range of lending activities amidst this chaos becomes rather costly and extremely difficult. To compete with large-scale commercial banks, MFIs need world-class financial software within their substantial IT budgets. Only an integrated banking software solution like CloudBankIN which is ideal for both group and individual microfinance lending would make the MFIs function efficiently.
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 optimizing the workflow to meet the demanding requirements of a microfinance software institution and simplifies the sophisticated loan process. Microfinance Software will ensure that all the client information has captured accurately.
CloudBankIN serves as the lending workhouse which was designed to perform high-throughput loan processing with a robust analysis. The method-based analysis protocols automate the loan life cycle and offer a time-resolved analysis capability.
Cloud enabled nature of microfinance software application reduces the 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
Multilingual & Multi-Currency
Powerful Reporting Structure
Multichannel Banking solution
Strong Customer Analytics
- Minimal Upfront Costs
- Maximum Data Security
- Intuitive User Interface
- Extensive Reports
- Easy Accessibility - Cloud Powered
- Reduced TAT
Loan Lifecycle Management
CloudBankIN helps MFI completely digitalize the onboarding experience. Be it Income Generation Loan (IGL), Group loan (SHG or JLG), Individual Loan or Emergency Loan, the loan officers could 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
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 the client’s need, managing loan accounts, interest rate, time period of loan, maximum principal, transaction charges, EMI schedule etc.
- Proper Amortization Schedule
- Customizable Loan Products
- Complete Loan Management
- Configurable Role Based Permissioning
The Cloud ready interface of CloudBankIN offers a compelling alternative to every complex traditional core banking systems or custom in-house solution with its streamlined collection management system. Every successful repayment will be updated immediately and initiate automated notifications to customers. Streamline your collection management by monitoring the entire loan collection process from disbursal date, date of repayment, number of outstanding arrears and write-offs in a single window.
- Bulk Collection Sheet Entry
- Monitor Field Officer Performance
- Alert Notification on Repayment Date
- Configurable Collection Strategies
CloudBankIN inbuilt core banking system rivals fully integrated capabilities of a traditional accounting software with its accounting configurations that are sophisticated yet user-friendly. 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 the 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
Accelerate the overall operations from loan approval to overdue repayment collections with CloudBankIN interactive dashboard and impressive reporting structure which 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 the 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 Visualization for Advanced Analytics
- Executive Dashboard
- Integrated Pentaho Reports
Our tailor made mobile apps help MFI agents to attract, retain and engage customers with the robust interface which tracks, collects and maintains records of customers real-time from anywhere. Equipped with this app, field agents take care of complete end to end collections in a considerably lower time. The Offline Synchronisation feature captures the entered data irrespective of the collection.
- Complete Offline Synchronisation
- Integrated GIS Feature
- Advanced Search and Improved Navigation
- Secure Login with Passcode