Mandate Management System with Applied Cloud Computing — A Case Study on Flawlessness
When you’re playing in big numbers, safety and accuracy is a non-negotiable clause. Thus, it is but natural for clients and customers to gravitate towards avenues that are reputed for being reliable. This is especially the case when financing activities are involved.
Loans are the ace card in every banking and non-banking finance company’s deck. But when the numbers soar of the count of clients the company has to handle, it can be a little challenging to not outsource the required assistance and depend solely upon on-premise functionalities and solutions.
To remedy this very hiccup, and that too with unparalleled fluidity and ease, we, with one of India’s leading non-banking finance and investment management company whose reputation of their trust and reliability precedes them, have come up with a solution that would make life easier for not just fast-paced clients of this century, but also for your hard-working employees. And the solution is a simple, yet brilliant, Mandate Management System.
So, before we head into the details of how this avenue performs on a day-to-day basis, let us have a quick look into what a Mandate Management System is, and why it could prove to be your pot of gold if you are a banking or a non-banking financial company.
What is a Mandate Management System?
To put things simply, Mandate Management Systems are built around the sturdy and modernistic concept that every step in a mandate management cycle can be and must be automated. You just have to address your needs with the platform, and you can have solutions wrapped around them in no time. The program can aid in the efficient processing of clients’ data, provision of accurate statements, the sanctioning of new loans, managing interest rates, and many such tasks that may have earlier led to resource blocking unnecessarily.
Switching up your game to a more digitalized platform has benefits tenfold times that of any of its counterparts. For many sectors, it’s not even an option now as customers prefer their activities digitalized as it reduces the propensity of risks and human errors to a great extent.
Key Features
When it comes to interacting with financing firms, people mostly look for certain features that would benefit them and their savings greatly. It’s but natural to feel inclined to options that, if summed up, are quickly processed, pocket friendly with low interest rates, and come with flexible terms and conditions — exactly the pillars on which our collaborative partner excels at! Let us now quickly gloss over the various features that have kept operations and functioning quick and easy.
Customer Acquisition Software
Here is a complete loan origination software that manages and automates the numerous business processes and activities involved in the loan or credit card application procedure. It’s a versatile and robust loan origination software that supports many lines of business and can be easily integrated with third-party systems due to its architecture. Business process automation, improved operational efficiency, increased customer satisfaction, cost reduction, contact with credit bureaus, and fraud detection are all benefits given by CAS.
Loan Management
It is a cutting-edge bank management system that seeks to increase quality, speed, and service for the end customer. It allows banks to increase their responsiveness, transparency, and efficiency. It allows financial institutions to automate procedures for cost savings and improved client experience as a loan management solution. Banks gain from LMS in terms of business agility, operational efficiency, company growth, manageability, and customer delight.
NACH
To conveniently clear the multitude of payments and transactions that occur daily in the banking system, the NPCI (National Payments Corporation of India) has ordained that these must be carried out electronically to reduce and avoid human errors. NACH (National Automated Clearing House) is the solution offered to clear this huge daily task bound to repetition. They carry out bulky, interbank transactions with electronic ease.
Penny Drop
Following the latest guidelines of SEBI (Securities and Exchange Board of India) under its circular for KYC, penny drop verification has been mandated to increase security and to verify the bank account details of the beneficiary. With our APIs put in place with this mandate, you can safely verify prospective clients before actual onboarding them.
Inward-Outward for Maker/Checker
The process herein is carried out through SystemX UI. Branches will have the access to view and update contracts. Accordingly, the HO user will update the POD number, type, courier, shipment date, and notes. The user will choose the source system, contract number, and contract-related information from the disbursement data. For HO users to check data submission, a branch user will submit scanned pictures. On the DE1 screen, a link to the DMS will be provided. There will be three fields in the DE1 mandate status: Okay, Scanned image not available, and RTB. If the picture is unverifiable, the DE1 user must label the contract as RTB. The information of a few contracts will be auto-fetched from disbursement, while the remainder will be updated by the HO user.
Merge — Demerge
Different types of files such as .xlxs, .doc, .docx, etc are received from different sources, which are all in turn stored in SystemX. The file to be delivered to the bank is compiled from several sources and sent to a specific bank. When the Manual Mandate option is selected, the Sponsor Bank changes as well. The sponsor bank, herein, is a collection of providers and companies that support an individual’s or company’s ambitions and objectives. This whole process is called the merge function. Whereas, demerge is the procedure through which a bank sends a file to the finance and investment company with the status of refuse, or accept.
Reporting
For the ease of operation for your employees, and for results to be generated in the blink of an eye to cut down on wait time, the system is well equipped to generate reports. These reports can be specific to the area of request, or can procure a cumulative understanding of a client’s profile as well. These may be EMI status reports, registration pre-conversion records, records of registration reversal response, portfolio records, E-NACH — Aadhar/E-mandate registration report, payment reports, disbursement reports and disbursement table data, etc.
These features are just the tip of the iceberg of what these functions can achieve in actuality. With automation being a part of everyday operations now, the boost in efficiency and accuracy is a more than welcome upgrade that our generation as a whole has embraced. With this systematic approach in place, you are not just making your life easier at present, but also setting benchmarks for the future by actively participating in innovations and absorbing them splendidly into your curriculums.
