FINSOFT: Availing Real Time Web Based Loan Management

CIO Vendor N
BFC (Non Banking Finance companies) play an important role in nation building and financial inclusion by complementing the banking sector in reaching out credit to the unbanked segments of society, especially to the micro, small and medium enterprises (MSMEs), which form the cradle of entrepreneurship and innovation. Speaking of society, particularly Indians are the second-largest mobile phone users (over 590 million unique users) in the world. Every time these individuals make a phone call, send a text, browse the Internet, engage social media networks on smart phones, or top-up the prepaid cards; the digital footprints the users leave behind are deepened. Data from such mobile phone records, prepaid top-ups, mobile bill payments and mobile browsing or app download history can be used to assess consumer risk and determine the credit worthiness of underserved customers. Lenders can use the output of their credit scoring to offer unsecured, small ticket, short-term credit at a much lower cost than traditional loans. Bridging the gap for NBFC’s requirement of an ideal software solution to better promote the financial inclusion of India, is Hyderabad, Telangana headquartered Kireeti Soft Technologies Ltd.

Finsoft is web-based ERP Application which offers flexibility, transparency, complete control, and easy to use technology for direct interaction with customers, Online Collections, SMS integration, and Mobile connectivity. Finsoft’s CRM approach tries to analyze data about Customers' history with a company, in order to better improve business relationships with customers, specifically focusing on retaining customers, in order to drive sales growth. One important aspect of the CRM approach is the systems of CRM that compile information from a range of different channels, including a company’s Website, telephone, email, live chat, marketing materials, social media, and more. Through the CRM approach and the systems used to facilitate CRM, businesses learn more about their target audiences and how to best cater to their needs. Finsoft cuts down report preparation time and increases quality & accuracy information. Defaulter list, guarantors’ information, subscriber wise ledger, agent wise business, automatic notices generation, balance sheet and profit & loss statement can be generated with the software. All these lead to full utilization of man-power, quality and accuracy in information and image among subscribers.

Loan Management features
Finsoft has various add-on modules, like CRM, DMS, Pay Roll, Asset Management etc. Finsoft is suitable for all types of loans like Vehicle Finance / Gold Finance / Micro Finance / Personal Finance. Document management System for the financial services industry helps to streamline processes, increase customer service, ensure compliance and reduce costs.
Financial Institutions like Finance companies, Micro Finance companies, Investment services, mortgage, brokerage firms are paper intensive businesses. Reducing costs, increase in service levels and operational efficiencies provide a competitive advantage crucial for success. Finsofts’s features help businesses streamline the office through enabling the control of document access, enforcing document retention policies and auditing file activity. This service ensures quick ROI for lending businesses by allowing instant access to client documents. “The instant Document Access feature helps in instantly locating documents without requiring the employee to leave the desk thereby triggering quick and easy retrieval of all files to speed-up the regulatory audit process”, adds Sridhar Narra, MD.

Finsofts’s features help businesses streamline the office through enabling the control of document access, enforcing document retention policies and auditing file activity

Finsoft tracks the entire movement of cheques starting from receipt through On Hand cheques to Honoring of the cheques. With this, Bank Reconciliation becomes very easy and within no time, one can generate BRS and zoom for details with few clicks. One can also generate On- Hand cheques report, cheques dairy, report for deposited but not cleared and cheque returns report. Also, as soon as a loan is granted, one can generate a schedule with details including date to be paid, amount to be paid along with loan details immediately. Apart from schedules, all customer related documents like receipt, intimation, notice etc. can be directly generated from Finsoft. Several detailed reports are available, allowing one to oversee the progress of the entire organization. All reports are in real-time basis. For example, Collection Details, Outstanding Details and Business reports and Transaction reports. It also provides generation of late payment calculation report, report on the number of days delayed for each payment from collection date and the total number of days delayed. Based on the rate of interest given, Finsoft even calculates the interest to be collected for late payments. As a web based real time system, it can be accessed from anywhere and anytime which makes the system more reactive in nature minimizing response time.

Mobile Applications for Finsoft
Finsoft is offering Real Time Mobile Applications for customers, agents, directors and it gives great comfort for Customers to see their account copy online on mobile and even making payments directly on mobile. Directors can login on their mobile and view critical details of company operations in a quick nutshell. SMS & Email can be sent on any action that ensures members about completion of task.

Finsoft is from Kireeti Soft, which is a pioneer in developing and marketing premium quality software. With Kireeti Soft’s comprehensive support and hands-on training, Finsoft will continue to serve the Indian NBFCs with solutions to simplify the loan management dilemma for the unbanked segment.