Microfinance Software

Microfinance Overview

Microfinance has a significant role in bridging the gap between the formal financial institutions and the rural poor. 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 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 the low-income individuals situated in the sub-urban 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 Micro loan 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 making the business model dangerously unprofitable if the process was completely manual in nature.

The lack of scalability often makes smaller micro finance 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 Finabile which is ideal for both group and individual micro finance lending would make the MFIs function efficiently.

Finabile - A Comprehensive Microfinance Software

Our Signature product Finabile is designed to work seamlessly with Micro-Finance Institutions of all sizes. Finabile’s intuitive user interface, guided procedures and powerful reporting functionality optimizing the workflow to meet the demanding requirements of a microfinance institution and simplifies the sophisticated loan process.

Finabile 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 the application reduces the accessibility issues and offers maximum storage by using data compression algorithms. The user permission controls and protected data repository makes Finabile a thoroughly secure loan management system with a built in comprehensive reporting structure and accounting module.

Features

Digital Loan Origination

Multilingual & Multi-Currency

Pay-as-you-go Model

Powerful Reporting Structure

Multichannel Banking solution

Strong Customer Analytics

Benefits

  • Minimal Upfront Costs
  • Maximum Data Security
  • Intuitive User Interface
  • Extensive Reports
  • Easy Accessibility - Cloud Powered
  • Reduced TAT

Loan Lifecycle Management

Finabile 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

Finabile is a highly agile loan management software which lets financial institutions rapidly build, integrate, launch and service any loan product in their lending portfolio. Finabile 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 Finabile 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

Finabile’s 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 Finabile 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 Finabile’s 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

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