Microfinance process wrapped up in one app! . read more
Finance management wrapped up in one app! SmartTeller! For Individuals, Groups, Thrift Collectors, Cooperatives, Banks ....!
Digital Banking Platform for cooperatives and microfinance.
TRADITIONAL COLLECTION PROCESS
The traditional process of transaction used by microfinance institutions which involves liaising with Accounts by the teller who then collects cash from them and records manually in his own book and then heads over to remit the cash to the bank where they manually put it in record as well. These process has been in existence for a long time now which we need to upgrade to meet the modern day Accounts and process.
PROBLEMS WITH TRADITIONAL METHOD
There are a lot of problems associated with the traditional process of transaction used by microfinance institutions which include;
- Account does not receive instant transaction alert(email/sms)
- Institution does not receive update on transactions until the field officer presents the transaction for the day at the office
- Records can be altered before the field officer gets to the office
- Backlog of transactions that could have been treated earlier
- Account can not verify from the bank/institution the true state of their account on the sport
- No improved way of wooing new customers
The Traditional Process can be automated to enhance performance and increase through-put within a given quantum of time
- Eradicates theft/losses and improves teller's efficiency
- End to End supervision of field transactions
- Transparent transaction via mobile app/instant notification
- Automated transaction synchronization
- Advance audit trail
- Instant account oppening and cash withdrawal (On Approval)
- Customized interactions leading to higher Account satisfaction
- Increase Account base/Grow your image/Stand out from the crowd