Our team implemented Apache Fineract as a core banking solution to modernize the operations of a microfinance bank, enabling financial inclusion for underserved communities. The solution focused on digitizing loan management, customer onboarding, and financial reporting processes to enhance scalability, transparency, and accessibility.
Hours delivered back to the business
SOX compliance in Settlement process automation
Success rate of bot case completion
For functional release of OBT, RTS and OGS
The Challenge
The microfinance bank faced several operational challenges:
- Manual Processes: Paper-based loan and customer management processes led to inefficiencies and data inconsistencies.
- Limited Scalability: Legacy systems could not accommodate the increasing volume of transactions and customers.
- Regulatory Compliance: Difficulty in generating accurate reports for audits and compliance.
- Customer Experience: Slow loan approval processes and limited transparency into account details.
What did
Neoworks do ?
Customized Core Banking System
We configured Apache Fineract to align with the bank’s specific requirements for loan management, savings accounts, and customer onboarding. The platform was deployed with robust integrations for secure transactions and seamless operations.
Streamlined Loan and Savings Management
- Loan Workflows: Configured flexible loan products with dynamic interest rates, repayment schedules, and penalties for overdue accounts.
- Savings Products: Enabled tiered savings accounts with automated interest calculations and periodic statements.
Centralized Customer Data
- Migrated legacy customer data into a single database, ensuring consistency and accuracy.
- Implemented a customer self-service portal for balance inquiries and transaction history.
Integration and Automation
- Payments Integration: Integrated mobile money services for disbursements and repayments, expanding customer access.
- API Gateway: Built APIs for third-party fintech integration to enable value-added services like credit scoring.
- Automated periodic backups using Ansible and Kubernetes, ensuring data safety and recovery readiness.
Reporting and Compliance
- Custom Dashboards: Built dashboards with Grafana for real-time insights into loan performance and savings growth.
- Regulatory Reporting: Configured Fineract’s reporting module to meet local compliance standards, enabling automated generation of financial reports.
Monitoring and Maintenance
- Deployed ELK Stack for system logs, enabling proactive issue detection and resolution.
- Utilized Redis and RabbitMQ for queueing services, ensuring smooth and uninterrupted system operations.
Scalable Infrastructure
- Hosted on Microsoft Azure for high availability and scalability.
- Containerized deployment using Docker and Kubernetes, facilitating rapid scaling during high demand.
The Results
- Loan approval times reduced from 5 days to 1 day.
- Mobile money integration led to a 40% increase in loan repayment rates
- Automated reporting improved audit accuracy, reducing preparation time by 80%.
- Transactions capacity increased to handle 100,000+ active customers without performance degradation.
- Security Payment API that supported integration with multiple channels
