Micro Finance
Overview
Microfinance refers to effective initiative services extended to socially and economically underprivileged strata of the society to help them to raise their income levels and improve their standard of living.
The organizations involved for the betterment of this segment face numerous challenges in the form of, being able to reach out to the concerned group of people, managing the entire business chain along with necessity of the precise software required to hasten up the process and lessen the burden of manual documentation.
SourceEdge has designed and developed an easy-to-use solution whose advantages are numerous and gives you absolute control over Clients’ data, loans, savings, accounting and report generation.
Business Needs
Our country has a population of around 1000 million, among which 300 million people are living below the poverty line with only about 20% having access to credit from the formal sector. Furthermore, a section of the rural population just above the poverty line also does not have good access to the formal financial intermediary services, including savings services.
The first segment consisting of manual laborers in various industries, the landless and those occupied in agricultural work on seasonal basis that require credit during lean months, for eventualities like illness and also for acquiring small productive resources such as livestock, through which they can generate additional earnings.
The next segment is made up of mainly weavers, hawkers, vendors, rural artisans who need credit for working capital, crop production, acquiring additional industrious assets, like irrigation pump sets, bore wells, livestock, equipment (looms, machinery) and for consumption requirements.
The third market segment comprising of medium farmers who have opted for surplus commercial crops, others engaged in dairying, poultry, and fishery. Among non-farm activities those engaged in manufacturing activity, operating provision stores, repair workshops various service enterprises.
At SourceEdge, we believe in helping the Micro Finance Institutions(MFIs) significantly enhance economic opportunities for poor families and in turn help improve their lives by introducing a full portfolio of microfinance solutions and services. We have leveraged the latest in web technologies and software development practices to get a modern web-based solution which is incredibly fast, reliable and suited to different methodologies from group lending, solidarity groups, village banking to personal loans and savings.
Our Approach
Keeping in mind the uniqueness of this domain we have analyzed many requirements of this industry and delivered cost effective solutions. Our application lets addition of new features, improvement and bugs fixes to be made in no time.
This is a robust technology platform which is a must for all MFIs who want to optimize their services by reaching out to more clients and reduce interest rates while maintaining healthy margins.
The main advantages of using our customizable solutions are:
- Adaptable: Our solution adapts quickly to new business-model practices and evolutions without halting your operations. In-built is a data migration tool that is powerful and easy to use. Set up, download your own customized Excel template and fill in your information from your previous system. Then just validate, import your data and get started in days
- Easy to use: Easily create accounts, view/edit client’s details, closed account history etc. With numerous searchable custom fields, structured information is easily accessible when required
- Scalability: With the flexibility to expand, create unlimited number of accounts, users, branches and products inline with your organization’s needs
- Global but Localized: Our application offers seamless integration of features. While meeting global needs, it has local appeal as it is available in different languages
- Automatic Consolidated: Consolidation across branches is faster, error-free and locked out to fraud and inaccuracies. Risk analysis is available at any time - always up to date
- Real-Time Information: All the vital information is available at any given second to help interpret your business performance alongside the opportunities and risks ahead
- Fast & Secure: Giving you an Edge beyond other MFIs, our solutions provide secure and tamper-proof information instantly
- Go Live Fast: Migration tool lets you bring on board the current information interlinked to your branches and centres to help implementation and use
Application/Uses areas
SourceEdge’s revolutionary Microfinance solution aims to make technology easier so that MFIs can focus on the clients and mutually we can bring a new revolution in the microfinance industry.
A custom definable modern solution to facilitate automation of business processes on a single technology backbone, thereby enhancing business growth plan. It helps in reaching out to customer in a multi-fold, secure manner improving profitability, compliance & reporting.
Micro Finance solution on lending, deposit and loan management that is ported to handheld devices for state wide Rural Development Society.
As a technology leader, SourceEdge is aware that the key to customer satisfaction and our long-term success is to foresee customer needs and develop newer, innovative technologies & solutions that provide customer with a distinct competitive advantage.
