MF Core Micro Finance Solution
Introduction - Micro Finance Market
Micro finance is defined as a provision of Micro Finance Institutions (MFIs) of extending credit and other financial services of very small amounts of money to the poor population in rural, semi-urban or urban areas to enable them to improve their income and improve their overall living standards. The Micro Finance (MF) industry, globally, is experiencing major growth fuelled by recognition of the need for financial inclusion of larger populations in most countries. This objective requires quick implementation of services delivery network, establishment of strong business processes and workflow and above all, building of controls & compliance across growing enterprises.
Micro Finance Market Research
According to McKinsey & Company (2010) in excess of 2.5 billion or a third of the world's population still does not use banks or micro finance institutions.
- 2.2 billion of these people reside in Africa, Asia, Latin America and the Middle East.
- These numbers clearly represent opportunities for financial institutions in their domestic markets to offer an innovative range of high-quality, affordable micro finance products and services.
Micro Finance Market Trends
- Technology will play an important role in achieving the goal of making financial services available to poor people and people and people living in remote or low populated areas.
- Transaction costs will thus be significantly reduced and "exclusion" on grounds of being too far from a physical outlet will continue to diminish.
- As the technological infrastructure (internet, cell phone networks) continues to improve, people will be able to do their transactions without any physical contact with a bank branch or a MF credit officer.
- The rapid proliferation of cellular phones around the world has changed the course of human development.
- At the same time, 1.7 billion low-income cell phone users do not have a bank account. Thus they remain outside of the sphere of economic opportunities that is represented by financial access.
- Through their phone connections, small business owners, farmers and others either living in rural areas or at the bottom end of the socio-financial pyramid are obtaining the capability to communicate instantly and transfer funds to individuals and institutions.
What is MF Core Micro Finance Solution?
- MF Core is a modern and reliable micro financing solution that enables MF providers to reach out to this market, with a banking solution that is easy to implement, user-friendly, yet capable to scale up to support a high velocity of growth of customers and expand the range of products and services.
- MF Core is a fully integrated banking solution that features comprehensive CRM, deposit and lending capabilities, branch automation and a wide array of rich functionality and enabling technologies from biometrics to ATM and POS gateways, Internet banking, and Smart Phone and Mobile Device capabilities.
- MF Core has been created around a core system and an array of modules that a MFI can select depending on their current and future business needs.
- MF Core is an out-of-the-box solution that can easily be customized with a wide range of functional modules and technical capabilities.
What is MF Core Features
- Scalable and adaptive SOA
- Online real-time system
- Business-service and Workflow oriented
- Security Access Control of the system - User Levels
- Connecting through LAN and WAN
- Auto Database Backup Process
- Connects to Multiple Applications, Multiple Database
MF Core Modules
- Lending Management
This module enables creation and management of different loan products, tracking of both individual and group loans, monitoring of the loan process from application through delinquency management and collection, reporting in their original currency, disbursement and re-payment.
- Deposit Management
This module enables the opening and management of customer deposits, withdrawals as well as enabling customized products suited to their local consumer needs.
- Accounting & GL
This module enables the automatic generation of reconciliation reports, balance sheet, P & L statements, cash flow statements and more.
- Customer Relationship Management (CRM)
This module enables quick and easy customer relationship management. All the information associated with a customer loans, savings, defaults; EMI date etc is all available in one click for access, review and connection to a service center or Chat facility.
- Reporting & Business Intelligence (BI)
This module enables building metrics-based monitoring and reporting capabilities for key management decision making with a dashboard and customized alerts. The module easily maps to the leading commercial and open source business intelligence tools and a data warehouses.
MF Core Architecture
- MF Core Solution is a robust and scalable platform that automates micro finance business processes on a single technology backbone.
- MF Core is built on the principles of Service Oriented Architecture (SOA) and designed to meet the requirement of Micro Finance industry.
Integrated scalable ODBC databases with excellent performance capacity for increased number of concurrent users or higher data volumes.
- Excellent connectivity on Local Area Network (LAN) and Centralized Wide Area Network (WAN)
MF Core Technical Environment
- MF Core is built within the below technical environment:
Microsoft .NET Framework 3.5
ASP.NET, C#, HTML
MS SQL Server 2008 & Reporting Services
Linux & C++ for integration with Hand Held Terminals
MF Core Mobile Capability
- Smart Phone and iPad type Mobile Devices integrating within MF Core enabling:
Access Account Documents, Balances, Transactions, and Statements and other account information
Enter Deposit Notification
Enter Loan Payment Notification
- MF Core provides an automatic, transparent and comprehensive audit trail meeting most major compliancy requirements.
MF Core Logical Model
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