Three things financial institutions in the Philippines must do to grow

Businesswoman and a client looking at the computer

Growing competition in the market is making it difficult for microfinance institutions, rural banks, thrift banks, financing companies and lending cooperatives to continue growing their businesses by reaching more clients. However, in the last few years innovative financial institutions have figured out how to grow using technology and reach new financial inclusion milestones last year. Here are the three things that financial institutions in the Philippines must do to scale and how Oradian’s digital management information system (MIS) makes it possible.

1. Simplify your administration

If administration consumes too much of your staff’s time, they don’t have enough time to dedicate to more important tasks. For example, it can take your staff weeks to create one monthly portfolio report. This is because they are creating the reports manually: collecting loan information, consolidating transactions, and calculating key metrics like PAR and portfolio size by hand. By the time they have finished, they must start the process again.

With Oradian’s digital MIS for financial institutions, your staff can create accurate reports with real-time data in seconds, with just a few clicks. There is no time-consuming processes at the end of each month because reports are created automatically.

Oradian's business development manager sitting next to a Filipino woman at her office desk
2. Focus on your portfolio

Your loan officers need to focus on your portfolio: collecting payments for existing loans and issuing new loans. To do so, your loan officers must plan meetings with their members and clients, find their loan history, calculate interest payments ahead of time and make a list of the payments they need to collect.

With Oradian’s digital MIS, your field and loan officers can use the client relation management (CRM) tool to instantly compile all the relevant information for them. In seconds, they have an accurate list of payments to collect and from who.

Before leaving the office for the field, your team can automatically send an Instafin Message using Oradian’s digital MIS to all of their members and clients with their balance and loan payment information.

3. Serve more members

The Philippine microfinance market is competitive and financial institutions must continue to grow their client or member base and serve their communities better. However, adding new members can be a time-consuming process in itself. If the onboarding process takes too much time, the potential member will go to a competitor for service instead.

Oradian’s digital MIS lets you instantly generate forms to streamline the new member process. Your staff can create customised loan application forms and new member forms from their digital MIS dashboard. The forms can be printed or filled out directly on the computer. Then, all the documents are stored on the new member’s profile – organised and accessible.

How Oradian makes it possible

Oradian provides a digital MIS for microfinance institutions, rural banks, thrift banks, financing companies and lending cooperatives. It’s an all-in-one solution that enables our customers to become more efficient, dedicate more time to collecting payments and issuing new loans and serving more members. Oradian’s digital MIS enables you to be ahead of the competition and face the future with confidence.