Software is basically a feature-rich tool that helps to conduct large verities of tasks for the users. Business management software comes with a lot more features than common personal applications. And it is very important for a business management application to have some specific features that are imperative for business management.
Today we will discuss the most important features of Microfinance Software. It is a crucial part of any Microfinance Institution’s (MFIs) business management. But, let us know what Microfinance business is?
What is Microfinance?
Microfinance is a financial service-oriented company that can be found all over the world. In India, these are a part of the NBFC (Non-Banking Financial Company) sector. MFIs are not banks, but bank-like institutions that provide basic financial services like micro-savings, micro-deposits, microloans, and micro-insurance to the underdeveloped and poor section of the society and firms.
Since Microfinance Companies provide financial services like banks, hence they deserve bank-like software called Microfinance Software. Now let us know about the most awesome features of Microlending Software.
5 Most Crucial Microfinance Software Features:
User Friendliness:
Software must be user-friendly so that the users can operate it without losing much sweat. Hence, Microfinance Software also needs to be user-friendly because it would be utilized for the overall business management. If the software is user-friendly, people will love it. Let me give an example
In our personal lives, we utilize many kinds of applications like WhatsApp, Facebook, Messanger, Snapchat, and many more. These free applications are so much popular that they have been downloaded and installed on over a billion devices. What makes them popular? User-friendliness is the most common feature in all those applications.
Software Security:
Software needs to be secure enough so that hacking it would be very tough for online attackers. As Microfinance Software in Tamil Nadu would be utilized in the management of financial services, it needs maximum security.
Financial institutions are one of the most vulnerable to online attacks as they are directly connected with money and a huge amount of client data. An American Management Consulting company name Boston Consulting Group revealed that financial companies are 300 times more prone to online attacks. Hence, advanced Microfinance Software must be secured enough to protect the business from online attacks.
Fund Management:
Fund Management is the cycle of cost tracking, contributing, planning, banking, and assessing duties of one's fund. It is an essential strategy to bring in cash to generate the most noteworthy premium yield an incentive for any sum spent. It is a crucial part of any Financial Organization.
The best Software for microfinance in Tamil Nadu must have the requisite qualities for managing the company fund. If it has all the tools to compute, analyze and planning of monetary funds, then the MFI would be greatly benefitted.
Asset Management:
Asset Management is another crucial task of any Microfinance institution all over the World. It helps in tracking the huge amount of assets and provides details of them in real-time. This can significantly reduce managerial expenses, improves administration, and gives your association more noteworthy clarity into resource usages, expenses, and support.
Human Resource Management:
HRM or Human Resource Management is a very important part of a company's management. It gives a solitary, brought together a perspective on an organization's human resources by coordinating a wide cluster of utilizations. HRM is crucial when your company needs to deal with the acquisition of talents, benefits of administration, management of compensations & performance, succession planning, and career development.
Hence, online top Microfinance Software in Tamil Nadu needs to have an HRM module integrated with it. Without it, you cannot be able to manage your company’s human resources effectively.
Conclusion:
These were some of the most important and awesome features of a great quality Microfinance Software. If your company deals with Microfinance then you obviously need such an application. Before making any purchase, just check for these features with a free Microfinance Software Demo.
1 Comments
Very Nice information catered about Microfinance Software Features. Keep publishing we would love to read more from you.
ReplyDeleteNow a days global market for Microfinance is expected to reach US $313.7 billion by 2025, driven primarily by the rising lack of equality in wealth distribution and the resulting increase in the number of underserved & unbanked poor people.
As recently as 2010, estimates suggested that ‘half the world was unbanked’. The data from the World Bank’s Global Findex suggest that those numbers had been cut by nearly a billion people by 2017, leaving just 31% unbanked.
Microfinance is currently available to only about 20% of the 3 billion individuals who fall below the “International Poverty Line”.
The Covid-19 pandemic has, for the very first time, affected both global capital markets and local economies, filtering all the way down to the poorest neighborhoods.
Technology for Microfinance has proven to be a major disruptor in the industry – to the extent that a majority of the challenges faced by the sector can be addressed with a state of the art microfinance software.
AllCloud microfinance Software Features Empower your microfinance operations and better serve your customers and stakeholders with our industry-leading software features.
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