Structured data and streamlined business processes

CLIENT 6 WITH THE IMPLEMENTATION OF ASPEKT MICROFINANCE SOFTWARE SOLUTION RECEIVED A HIGH QUALITY COMPLEX SYSTEM THAT SCOPES ALL BUSINESS OPERATIONS AND FOLLOWS THE FUTURE ORGANIZATIONAL GOALS

Summary

This CLIENT is a microfinance institution, established in 2009 with main business purpose to provide financial support and microloans to vulnerable social layers and categories and to encourage and support the development of small businesses in rural areas. CLIENT’s main activities are granting mortgage, agro and pawn loans and arbitrage by buying and selling currencies. Providing financial partnership to small and medium-sized businesses by offering them innovative and cost-effective financial services, the CLIENT encourages economically active but low-income families to work and develop their business ideas, making them realize how these ideas can improve their social and economic conditions.

These are crucial goals to CLIENT’s business operations and fundamental mission to their organization. CLIENTS’ organization grows very rapidly and it’s consisted of 10 branches in urban and rural areas across the region. By covering the activities in these areas, the branches provide and guarantee for total confidentiality of information, commitment and high level of professionalism.

Challenge

The CLIENT is a MFI organization that operates locally and has several branches. As the scope of operations and activities increased, the CLIENT needed a streamlined software solution that could incorporate all operations in one single integrated solution and replace the manual data entrance and excel spreadsheets with more advanced tools and provide a mechanization of the everyday work for higher productivity and operational control.

Beside the decentralized work and manual data entrance, the CLIENT has also faced issues with the synchronization of the applications and documentation between the branches, due to performance of their applications on several decentralized systems. This caused problems for the information flow between the branches, making it harder to communicate and share data among themselves.

With detailed analyses and examination of the core system problems that the CLIENT is facing, ASPEKT has prepared a detailed report with suggestions on how the new system should be constructed in order to help the CLIENT receive a structured technological solution and work on a single complex system that could fulfill their expectations and follow the organization’s future growth.

Solution

Following the initial CLIENT’s requirement for a integrated solution that could automatize the existing business and working processes in one system, ASPEKT’s team provided the Aspekt Microfinance Software which was completely adapted according to CLIENT’s needs. With implementation of Front Office Modules and Back Office Modules in one structured solution, the CLIENT has received one point solution which can cover the scope of all operations in the company and with the flexibility and scalability that Aspekt Microfinance Software can provide, the CLIENT will be able to adjust and upgrade the solution as the CLIENT’s organization continues to grow. The CLIENT will be able to respond to every change to outside activities in the industry, respectively with its internal processes.

Aspekt Microfinance Solution managed to cover the loan application process with General Ledger for automatic booking of all clients and loan transactions, starting from loan application until the final phase of disbursement of the loan. The solution is user friendly, all organizational levels can navigate through it, which makes it completely flexible and adaptable.

The solution can easily be operated and understood starting from employees from the lowest level up to the highest, from Front office employees and ending with General Managers, without any obstacles and confusions. It has flexible definition of approval schemes and various approval levels, which allow different organizational structures on different hierarchical levels to appropriately check borrower’s creditworthiness.The workflow is flexibly defined based on CLIENT’s business needs, with predefined documentation on separate stages and excludes chances for errors during the loan application process. With validation rules, the employee will receive a notification whether the application is completed, or if some information is missing in the client’s portfolio, which is important in order to close the loan application process without losing any crucial data, which might lead to wrong decision making process.

With Aspekt Microfinance Solution the CLIENT’s employees were able to quickly experience significant improvements in their daily operations and reach higher productivity. These changes contributed to establishment of highly efficient internal processes.

Results

Our goals and expected results are complete fulfillment of all CLIENT’s expectations and requirements. We achieved that by delivering the client a highly operational and sophisticated system which incorporated several different systems and excel spreadsheets in one integrated solution. Aspekt Microfinance Software helped all CLIENT’s branches across the country to work on a same unified system that will reduce manual errors and will increase the employee’s efficiency and productivity in their everyday work activities. With Aspekt Microfinance Software the CLIENT reduced the possibilities for overlaps and differentiations in the documentation- problems that were present with the former manual way of work. With the option for flexible mapping the process flow, the CLIENT will benefit from the high process control and streamlined management of all business operations that are adjusted according to specific CLIENT needs.

Below are listed some of the benefits the CLIENT experienced against the former way of work:

  • With flexible business process flow mapping CLIENT have experienced high process monitoring and streamlined management of all business operations.

  • All operations were centralized from all branch offices into one single system and the system replaced some of the manually operations with automatic operations.

  • With structural and detailed Financial Reports the CLIENT can increase the visibility of their performance and can easily track results, compare planed and achieve results and plan future steps according to this results. The data and information gained this way contribute for making better financial decisions.

  • As the CLIENT expands its operations and continues to grow, the solution will follow the process by scaling up CLIENT’s future needs and keeping up with the bigger range of activities.

  • The administration of the system is easily manageable from user side and it can track users’ activity with the Log Audit platform, which allows the administrators to receive detailed information about time, user and action performed in the system.

  • With automated accounting option, the CLIENT can reduce time engaged in back office data processing and secure more time for data consolidation among different operational departments. This automated consolidation of reports, will reduce not just the time for it but the possible errors that could occur in the accounting processes.

Aspekt Microfinance Software has given the CLIENT exclusive experience to operate on a highly structured, improved and multiple operational system which has improved CLIENT’s daily operations, increased employees’ productivity, decreased operational costs, streamlined its working process, supported with automated workflow processes, avoiding data discrepancies and increasing the overall operational productivity of the company. With ASPEKT’s team of experts, the CLIENT will be able to receive highly professional service, consultation and maintenance in order to enjoy in their impeccably new software solution. ASPEKT is looking forward for the future collaboration with this CLIENT, hoping to fulfill its needs, expectations and standards.

What
clients say
  • "It's an outstanding system. Having a full overview and control over the branch operations in due time is a huge advantage when corrective actions should take place. Before ASPEKT, it was difficult and lot of effort was invested, to analyze the performance and make conclusions that will lead to improving business processes." - Credit Director
  • "Before ASPEKT, I had to remember all loan conditions, criteria and other rules and I was continuously under pressure not to make any errors. I felt a huge relief when ASPEKT system was introduced, everything is now predefined: amount limitations, interest rates, provisions, etc., even the loan contract templates are automatically generated so no additional double-checking is needed." - Loan Officer
  • "With Aspekt Microfinance Software, we have complete control over the corporate portfolio. Our active portfolio is monitored accurately and we are able to make future assumptions based on historic data, making precise risk assessment." - Risk Manager
  • "Aspekt Microfinance Software helped me better manage my time. When I start in the morning, I can make a quick review for: status of open loan applications, loan disbursements, clients with payments due for the day, new loan in arrears, portfolio outstanding, etc. Everything can be found from one location, so I can efficiently prioritize daily tasks and coordinate other activities with my colleagues." - Loan Officer
  • "Administering one system, from one central location saved time, improved the control and security mechanisms of our IT Department. I’m more than glad to recommend this highly flexible solution to other companies." - System Administrator
  • "With the integrated functionalities and controlling procedures in Aspekt Microfinance Software, we could easily locate a breach of procedures and prevent frauds. The solution is adjusted to detect errors and inappropriate transactions." - Risk Manager
  • "Before ASPEKT, I couldn't monitor neither review my performance. I waited for my Branch Manager to receive reports from head office, to find out about exact number and amount of outstanding loans, PAR and delinquency, drop-outs etc. Now with Aspekt Microfinance Software, I can even predict my performance in near future." - Loan Officer
  • "Before ASPEKT, the field audit in a single branch could last for 4-5 days. Now, with ASPEKT I can do most of the preparation work in my office and be more efficient on the field." - Internal Audit
  • "I can't imagine that all client's information and records are at one place. Before ASPEKT it was extremely difficult to check the credit history of returned clients, and we could make mistakes and approve loans even to rejected clients. With ASPEKT we can also review the repayment history of clients coming from other branches." - Loan Officer
  • "Before ASPEKT, we didn't have reliable information to assess performance. We were overburden with forms and excel spreadsheets and no information on how other branches perform." - Branch Manager
  • "With Aspekt Microfinance Software we can efficiently and accurately control all cash transactions. Borrower's cash receipts are printed from the system only when payment transactions are entered by Loan Officers. This prevents from handing over the cash outside of branches." - Internal Audit
  • "I'm happy now that Loan Officers I'm supervising can spend much more time on a field with clients. Before ASPEKT, the manual administrative work occupied so much of their time so that they were unable to recruit new borrowers and reach the projected growth." - Branch Manager
  • "Once ASPEKT was introduced, our efficiency increased, allowing our MFI to grow by 50% with current human resources. Aspekt Microfinance Software contributes on replacing the manual and routine tasks, so that staff can spent more time on innovations and development." - CEO
  • "ASPEKT is not just a simple loan tracking software. I used to travel in every branch once per month to monitor and appraise each branch performance. Now, I can monitor the progress and identify weaknesses from distance." - Credit Director
  • "With this vendor, we didn’t receive just a system sophisticated to be administered independently from the vendor, we also got entire team that supports us in any situation and is more than happy to help us continuously improve our operations." - System Administrator
  • "Aspekt Microfinance Software as one integrated solution offers full coverage of MFI's business process. It's an excellent management tool that improves decision-making processes. The flexibility and adoptability perfectly match the dynamic environment in which our MFI operates." - CEO
  • "With the centralization of the data we got smart system that streamlines all financial activities we perform on a daily basis. Payment transactions are automatically posted in general ledger and our department is able to perform complex financial analysis, using customized financial reports." - Accounting Officer
  • "Aspekt Microfinance Software is very flexible and managed to fully incorporate our internal risk management policies and procedures. I can generate customized reports on clients and loan portfolio and closely monitor and analyze the credit risk before and after disbursements. The information from the system is the baseline for any improvements on risk policies and procedures I have recommended." - Risk Manager