Banks should find a way to help serve all of their clients including those who don’t have a stable income. With microfinance banking software, banks can help manage their microfinance while helping their clients in need. Here are some of the best microfinance banking software available right now.
13+ Microfinance Banking Software
1. Nelito Loan Origination
6. Adysoft Nidhi
8. Virmati’s CBS
9. TurnKey Lender
10. Sopra Banking
12. Profitmissile POS Terminal
14. Microfinance IMS
What Is Microfinance Banking Software?
Microfinance banking software is a specialized banking software where banks manage and keep track of their microfinance processes. This software for microfinance helps banks provide services for unemployed or low-income customers through various tools that can help engage with customers, build portfolios, etc. through the use of core back-office banking capabilities.
Microfinance banking software can help banks process multiple microfinance transactions at once. Banks need to be able to serve as many of their customers as possible so the software should be able to process multiple transactions at once. Microfinance banking software can also be supported on various methods such as physical banking or through mobile and online banking which provides convenience for customers and gives them many choices in availing microfinancing services. The software also encourages a digital, paperless system that helps banks to document various microfinance activities as well as reduces the reliance on bulky documents that can be hard to navigate and can take up unnecessary space. The microfinance application software also provides workflow automation capabilities that help automate certain tedious microfinance processes such as data entry and alerting customers. Through this system, it can help save time for employees to focus on other more pressing matters on microfinance and help serve their customers instead of performing redundant tasks that waste the productivity of employees.
Microfinance banking software should provide compliance management software tools that help banks track their microfinancing activities and help them comply with regulation laws on microfinance. The micro banking software should provide a contact database that contains information about their customers, which is important for banks to reach out to their customers. The microfinance core banking system should have transaction monitoring tools that help bank employees to analyze microfinance transactions as well as their history to see whether such transactions are genuine or suspicious. The software should also contain core banking software capabilities such as creating new bank accounts, recording microfinance transactions in real-time, automatically calculating interest on microfinance loans, and more. The software should also contain payment processing software capabilities to allow banks to process paid microfinance from their customers. The banking software should also be flexible in serving their customers through various methods such as physical banking, online banking, and mobile banking.
- Compliance management capabilities
- Customer contacts database
- Transaction monitoring tools
- Core banking capabilities
- Payment processing capabilities
- Flexible banking methods
Top 10 Microfinance Software
Websoftex provides a microfinance software that provides complete features in a customizable set-up that can be tailored to the size of the bank’s operations. Websoftex has 66 employees and earns annual revenue of $9.6 million.
2. Sopra Banking
Sopra Banking provides banking software that provides component banking services at scale. Sopra Banking has 3,320 employees and earns annual revenue of $481.4 million.
3. Nelito Loan Origination
Nelito Loan Origination provides smart lending software that generates end-to-end loan origination solutions. Nelito Loan Origination has 1,200 employees and earns a revenue of $253 million.
CloudBankIN helps banking companis with a digital lending software company that enables financial institutions to manage their money lending activities online. CloudBankIN is owned and developed by Habile Technologies, which the parent company has 85 employees and earns annual revenue of $17.9 million.
5. TurnKey Lender
TurnKey Lender is used by baking companies to deliver a single lending management software to help them manage their money lending transactions. TurnKey Lender has 123 employees and earns annual revenue of $17.8 million.
6. Virmati’s CBS
Virmati’s CBS provides a core banking software that provides a strong banking system for banking companies. Virmati has 75 employees and earns annual revenue of $10.9 million.
Dista’s location intelligence software helps banking companies to provide location-based services with ease. Dista has 70 employees and earns annual revenue of $7 million.
OpenCBS’s loan origination software enables banking companies to fully digitalize their operations and services. OpenCBS has 27 employees and earns a revenue of $5 million.
9. Microfinance IMS
Microfinance IMS provides banking software that is out of this world with innovative features and tools. Microfinance IMS is owned and developed by Vexil Infotech, which the parent company has around 25 employees and earns a revenue of around $5 million.
10. Adysoft Nidhi
Adysoft Nidh’s banking software helps agencies with end-to-end software that is designed to be used as a web app that provides various banking services such as online banking, ATM management, investment banking, and many more.
What banking companies should consider when using microfinance banking software?
Banking companies should consider having flexible microfinance banking software as the financial environment is always regulated and laws associated with banking change all the time. As such, banking companies need to have software where it can adapt to these changes easily. Banking companies should also consider having a microfinance banking software that has a strict security system to ease concerns from their clients and partners through various cybersecurity tools such as authentication software.
What current trends should bank companies be aware of regarding microfinance banking software?
Banking companies should be aware that artificial intelligence software is slowly becoming a new standard feature in most banking software as it can help provide a personalized banking experience when dealing with customers during off-hours or when peak times are too busy. Another trend that banking companies should be aware of is that many of the services are being powered by the cloud which makes it easier to perform microfinance banking tasks as the cloud backs up and syncs data in real-time.
How much does microfinance banking software cost?
Pricing for microfinance banking software can range is usually customized, with each software offering different subscription tiers that offer more features as the prices increase. Pricing for microfinance banking software varies depending on the features available and the intended banking company. Small banking companies may benefit from low-cost money lending software while large banking companies may benefit from high-cost money lending software.
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