Why is Digitalization Important?
Do you know that around 4.7 billion people use internet to get access the Digital World? In the last 12 months, there are more than 310 million new internet users were added. Going digital means you have the chance to present your business to this vast ocean of people. And if your products and services are good, then you will get your clients very easily from the digital domain.
How Microfinance Software can help the finance business?
Account Management
Microfinance Companies offer savings and other types of accounts for the poor and underdeveloped sections of the society. Those accounts are different from the banking savings accounts. Unlike banking accounts, Microfinance offered savings accounts don’t come with any kinds of maintenance charges. These are mainly ‘zero balance accounts’ that we are talking about.
Loans Management
Microfinance Companies offer microloans. These kinds of credits are quite different from the bank provided loans. Banks generally provide big ticket loans whether MFIs offer small amount of loans. The rates of interest of micro credits are also less. Most interestingly, MFIs does not demand any kind of collateral or securities for providing loans.
Advanced Microfinance Software has the ability to manage all kinds of microloan operations. It helps in streamlining the following areas.
- Loan Application Process,
- Loan Documentation,
- Loan Amount and Rate of Interest Calculation,
- Underwriting, Approval and Disbursal.
Well, these are the average details of Microfinance Software features. But the list does not simply ends here. There are tons of benefits that microfinance software can offer to any MFI.