Customer Free Format SMS
Customers use text messages to query the status of their loan or savings account – current balance, payments to date, payments outstanding. If a customer has an old phone, not capable of supporting Java apps, free format SMSs are the only means of providing them with these facilities. If a customer has a relatively modern phone, then a Java app provides a menu driven means of requesting the information. SMSs are sent to the customer’s phone, providing the details that have been requested

Existing Customers of a financial institution can apply for Loan Top-ups by SMS. Provided that more than defined number(normally 50%) of the loan repayments on an existing loan have been met, the customer sends an SMS requesting a top-up, and the loan amount they are requesting. Automated procedures deal with the top-up loan, assessing the viability, and dealing with the approval, notification and disbursement of the loan.

SMSs are automatically sent to customers to notify them when repayments are overdue. Customers can also elect to receive SMSs reminding them when next payment is due, or when payments have been received, at the same time informing them of current loan balance.

Field Officer J2ME applet
Using their mobile phones, Field Officers are provided with a cut-down version of the Back Office, which enables them to manage their workload and service their customers when not in the office.

Using a mobile phone that supports applets (which most reasonably modern phones do), Field Officers can request information on customers and their loans, even in areas where there is poor network coverage. Using a menu based application, SMSs are sent and received, which provides the Field Officer with essential information in order to manage their customers. They can record payments disbursed or received, request a payment holiday, record savings deposits or withdrawals or make a note against a Client or Loan, which Administration staff can access. They are also able to request information on late payments / delinquency

Field Officer GPRS App
Using their mobile phones, Field Officers are provided with a cut-down version of the Back Office, which enables them to manage their workload and service their customers when not in the office.

Using a smartphone, the Field Officer can request information on the customer and their loans, record any payments which are disbursed or received, request a payment holiday, record any savings deposits or withdrawals, or make customer notes. They can see a snapshot of balances and activity against a loan or account, which allows them to follow up on any delinquency.

SMS on Event
SMSs are sent to customers to remind them on payments due, or overdue payments. Optional SMS on Event facilities are available to notify customers when their loan has been paid off, or when half of their loan has been paid off. In both cases, the incentive will be to inform them that they are eligible for another loan. The SMSs can inform them that additional loans will attract a lower interest rate, and also provide options for the savings that will be made as a result to be put into their Savings Account. If customers reply to the SMS, the system automates the loan approval process, due to the decrease risk associated with ‘top up’ loans. MFIs can also use SMSs as a means of advertising any special offers, or to quickly disseminate essential information to their customers.

Financial institutions send out SMSs to customers containing marketing material, or as a means of contacting the customer to inform them of special offers, eligibility for another loan etc

WEB

Back Office and Loan Book
Administration staff are provided with all the tools to enable them to manage their loans. The Back office system enables them view all customer details, their related loans and savings, and have a ‘birds eye view’ of the balances, payments and any delinquency associated with the customer. Loans can be approved or rescheduled. New Loan products can be added and enquiries and reports enable them to manage the customer, enabling them to deal with any queries from customers or field officers.

The Loan Book module, which is part of the overall Back Office system provides facilities for :
o Defining and modifying loan products
o Loan approval
o Servicing and Managing Loans
o View Loan Schedule graphically and in a tabular format
o Include Payment Holidays and notes as to why these should be given
o Reschedule a payment
o Retain the original profile of the payment schedule, so that delinquency cannot be hidden
o Operational Reports, Enquiries and Wizards so that workloads and customers can be managed

Loan applications
Customers apply for loans on-line. By asking the customer for relevant details regarding the nature of the loan, the applications are matched to potential lending institutions and the customer makes their preferred choice. On-line loans include personal, business and social enterprise loans.Provided that MFIs are happy to provide this service, the RedCloud suite of products also allows for Customers to schedule appointments online, or talk to an advisor on-line, should they require assistance when completing the loan application Investment Portal

A web portal and decision engine which matches Investors to customers and businesses in need of a loan / investment according to credit preferences, loan types, asset category. They are also able to see information on the MFI servicing the loan, to assist them with their decision making process.

Reports / queries
Operational Reports are provided so that Back Office Staff and Field Officers are able to manage customers and loans effectively. Standard reports are provided, which can be exported into Excel in CSV format, but customers are also able to create their own specific reports.

Customer and Loan enquiries are optimised so that the information per customer and associated loans and savings are all available by ‘drilling down’ on a customer.

Workload Reports can also be used to guide Field Officers and Admin staff through their workloads for the day / week. Wizards provide a means of Back Office and Administration staff to be guided through their workload for the day / week.

Interfaces

Interface to Credit Scoring Systems
Where a centralised credit checking system exists in-country, an interface into that system allows the decision engine on the RedCloud system to utilise that information. The RedCloud system is also capable of feeding customer loan information to the central system.

Mobile Money interfaces
Loans are disbursed directly into a mobile money account (a virtual bank account that is linked to the customers mobile phone number), and repayments are made from the mobile money account as well. This feature works especially well if the customer does not have a Bank Account into which the loans can be disbursed.

BACS interface
An interface to BACS provides a means of automatically reconciling, on a daily basis, all direct debit payments received with loan payments.

Accounting Systems
Most MFIs have a separate Accounting Package. The essential information that is needed by the Accounting system can be extracted from the RedCloud system in a number of different formats to support an easy means of interfacing between the two.

MIX market The ability to upload information to the MIX market, for comparison purposes. This enables potential investors to compare MFIs and decide where best to invest their money

Middle ‘box’
Application Layer

Business Components and Classes
.net SOA (Service Oriented Architecture)
Services Layer
Business functionality exposed via WCF endpoints and traditional web services
Database
SQL Server 2008 relational database
Data Cubes
Data warehouse to enable reporting from non-relational data