Loan Application Software

Topics: Software testing, Integration testing, Requirements analysis Pages: 30 (6601 words) Published: February 19, 2013

[Pick the date]

A good definition of microfinance as provided by Robinson, Marguerite S. is; ‘Microfinance refers to small-scale financial services for both credits and deposits that are provided to people who farm or fish or herd; operate small or microenterprises where goods are produced, recycled, repaired or traded, provide services, work for wages or commissions, gain income from renting out small amounts of land, vehicles, draft animals, or machinery and tools and to other individuals and local groups in developing countries, in both rural and urban areas. From the above definition by Robinson, S. it can be said that Microfinance aims to bridge the gap between the rich and the poor in the society. Unlike many commercial banks, whose main aim and target market is the rich and influential amongst society, Microfinance Institutions (MFIs) aim at providing financial services to the poor and under privileged members of society. The operations of MFIs in an economy are necessary as they serve as a method to alleviate and reduce poverty in a country. Again, the operations of MFIs have helped bring out many people from the poverty class into the middle income class. The impact of MFIs can be measured by the poverty reduction rate of an economy. MFI operations constitute a major contributive factor in many economies for the empowerment of women and poverty alleviation. Microfinance activist, Taylor Akins states that; the majority of people he interviewed had a positive testimony on the credit services provided to them by MFIs, this shows the positive role MFIs play in any economy. The MFI impact is a slow, yet promising process. 1.2 PROBLEM DEFINITION

Spring Board Micro Financial Services is looking to significantly increase its customer and revenue base. The management of the organization also seeks to provide up to date reports and proper accountability of expenses and revenue accruing the organization. The current system being implemented by the organization is entirely manual, right from the registration of new customers and loan processing to report generation and basic accounting operations; recording of daily contributions by already existing customers are also done manually in a savings account booklet. The main problems posed by this manual method of doing things are as follows; I. Bulky nature of transportation and storage of numerous booklets and forms of customers. II. Extra cost of time involved in manually calculating and processing of loans III. Loss of data in the outbreak of a natural disaster

IV. Lack of up to date and self-explanatory reports
V. High cost of resources for the printing of savings booklet and notebooks for record keeping purposes VI. Data redundancy occurring from the manual records of transactions and registration of new customers. VII. Issues of security and customer privacy, as personal files and documents are kept in folders and office cabinets, and can be easily accessed by anyone in the organization. 1.2.1 Aims and Objectives

Given the above stated problems, the Loan application software seeks to achieve the following in order to provide a solution to the problems associated with the traditional operational method. The Loan application software will not only allow Spring Board Micro Financial Services administrators to register, update and store customer information and manage loans, but will also allow reports to be generated upon request, to enable management analyze and measure the performance of various sales personnel and teams. This will help in decision making activities and strategic planning to increase the customer base. The Objectives of this project are;

I. Providing an automated and computerized system for...
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • Computer and its application Essay
  • Operating Systems and Software Applications Essay
  • Essay about Information Systems and Software Applications
  • Case: Supply Chain Management and Application Software Packages Essay
  • Accounting Software Essay
  • Software Requirement Specifications Essay
  • Essay about The Origin of Software
  • Essay about Software Req

Become a StudyMode Member

Sign Up - It's Free