Microfinance is a form of financial service directed at small businesses that lack access to traditional banking and related services. The U.S. Small Business Administration defines microenterprises as businesses with less than five employees. Microfinance borrowers tend to be minorities, recent immigrants, women, or others with limited access to traditional credit. Financial innovations enabled by digital technology, or “fintech”, have started to play an important role in the provision of these microfinance institutions. Some of the top fintech softwares include:
- Loanbook
Loanbook is a simple lending application available for various platforms like web, Windows and Linux. The goal of the application is to simplify software acquisition implementation process for simple lenders like payday lenders from months to minutes. Loanbook is powered by Jisort platform which is a fully fledged banking system for SACCOs and MFIs. Loanbook setup is as simple as:
- Setting your default country,
- Setting your currency, and
- Setting your default bank.
The application is free to use for one user and only an additional user is billed.
2. CreditOnline
CreditOnline system has a complete set of tools origination and servicing of loan business, 24/7 support and End-to-End lending process. Packing more than 100 successfully launched projects in more than 15 countries since 2008 with fully automated loan life cycle process and multiple solutions for various challenges that our customers have faced. They are actively improving and expanding CREDITONLINE system based on their client’s needs and suggestions, making it 100% practical.
3. Calyx Point
Calyx Point Primarily catering to lenders, brokers, mortgage bankers, community banks, credit unions, and nonprofits, it is a mortgage solution provider that helps with electronic document management. Calyx Software dedicated to offering reliable and affordable software that streamlines, integrates and optimizes all phases of the loan process. All Calyx products are designed to maximize profitability by enabling more loans to close quickly.
4. Encompass
Encompass is Cloud-based mortgage platform that enables lenders and investors to manage loan origination, funding, correspondent lending, borrower acquisition, trades and more while ensuring consumer engagement. The Encompass Digital Lending Platform empowers lenders and investors to engage homebuyers and efficiently originate, close, sell and purchase loans that maximize ROI across their business all from a single system of record. The platform delivers a true digital mortgage experience across your entire workflow for every channel, every loan transaction and every customer type.
5. Loandisk
The idea behind Loandisk was conceived by one of the founders who also happens to run a recruitment company in Australia. Having hundreds of employees meant that some employees required loans from the company and it was becoming increasing difficult to manage the loans.
So the idea was born of developing an internal software that will manage all the loans and repayments. After developing the software and using it for 1 year, it became evident that this was a great tool which made it easy to manage the staff loans.
One of the HR managers who was responsible for giving loans suggested that she can market this software to other lenders. The vast majority of lenders don’t have any software to manage borrowers and loans. It is all done through Excel or paperwork and manually sorting through entries in diaries and endless piles of paper stored in cabinets. So it was decided to market the software to lenders. Loandisk was formally launched worldwide in 2015.
