Creova has developed an ingenious solution that allows Microfinance institutions (MFI) to face challenges linked to:
- The actions of the field loan agents: Lacking access to customer information on the field, loan agents typically have to look for and carry outdated paper files or call the branch for information to retrieve valuable information, or rely on manual and paper processing.
- The branches and agents rely on Internet connections to do their daily tasks. This is not always available or sufficiently performing. This limiting in efficiency and geographical coverage for MFI’s.
Creova calls the solution the Mobile Agent System (MAS).
The MAS is a universal and easy-to-use solution that provides loan agents true mobility and frees up the branches to handle additional customers and treat customers at remote areas with much more economical means.
How does it work ?
The MAS ensures security, optimization of the data transfer from the branch server to the MIS system of the MFI. In few clicks on the mobile phone, the loan agent remotely views information relative to a loan, indicates a payment or notifies any change of status. All agents involved in the mission share, enrich the information and feed in status changes. The solution offers a completely traceable process. The processing time is done in real time, and the manual entries errors are eliminated, resulting in a much more efficient operation.
The MAS offers multiple features for loan agents and other staff at the MFI. Some of the features for managing a loan are:
- View payment schedule
- View transaction history
- Apply payment notification
- Notify a loan disbursement
- Quick access to a customer list.
The MAS also offers a backup server to be deployed with branches unreliable Internet connections
The MAS is designed to ensures broad compatibility. It supports JAVA Mobile (J2ME) compatible phones, internet browsers, GSM/GPRS mobile networks, CDMA, and several information systems such as Grameen Technology Center MIFOS and soon the Octopus Networks system. It offers:
- Multilingual support
- Multi-server support
- Reinforced security with SSL encryption and a PIN for mobile phone users
The MAS advantages:
- A better knowledge of the customer: As a true CRM tool, the MAS allows better knowledge of the customer; including level of debt and reimbursement history so that a more adabtible offer can be made. The MAS allows loan agents on the field to have access to information related to their customers (or potential ones) directly from their mobile.
- A gain in efficiency and speed of action: The MAS allows a significant reduction in traffic between the loan agent and the branch. It also allows continuous work in the branch, regardless of the reliability of the internet connection. It also avoids the branch staff having to share a computer to access the information system. The MAS also ensures a reduction of exchanged data volume. In effect, with the MAS all operations can be accomplished in less time. For example, the cashier needs 1/3 of the time to register a transaction and 1/20 of the time to view an account history.
- Realtime transaction recording
- Complete data traceability: The MAS offers a complete traceability process. It reduces the risks linked to human error by providing real time data capture and treatment, regardless of the internet connection speed and state. Information accuracy is ensured through the suppression of manual transcription that is currently used when there is a slow or dead internet connection.
The MAS solution can be used for all types of loans. Beyond MFIs, it can addresses the needs of other financial institutions.
