If you are one among the very determined financial services providers and still facing a critical problem that many providers face then you need to follow me closely
Let’s think together:-
” 1. There is enough capital for the business.
2. There is enough manpower to provide services to those who need them.
3. There are enough resources for loan officers to work and so nothing is blocking them from performing.
4. The loans are provided on time.
5. The interest is reasonable, within the standard range.
6. The process are well operated.
7. It is a well known organization in the region.
8. The offices are in a reachable places and so it is not hard for it to be accessed “
BUT : The loan portfolio is a mess!!!!!
Confusing huh!!! it has to be, Everything is in place but still the results are not satisfying.
Okay, all we have been thinking so far is what we all know, but there is something else, that you also know but you haven’t taken as important as it should be.
Financial inclusions are spreading everywhere in the world but at the same time is rapidly changing with new opportunities
The demand of financial service is increasing and at the same time the people searching for the services, they want somewhere were they will get better services
You notice the strong words on item number 3 and 6 above?
When we say “enough resources” and “well operated” at this 21st century, we have to refer to resources that allow the data to be accessed anytime they are needed and well operated processes that can be traced back in the future, and all of this to be accessed in a right platform
And this will help assessment of: approaching due amounts for follow-up, good borrowers for incentives, good KYC, management of products that meet the needs, measure of growth of the financial institution timely and other many benefits that can be brought by correct and easy accessed data. All of these will lead to a good management of loan portfolios
Is it on your case? If not then not everything is in place.
Now what you have to do is to have a sense of urgency and act on this ASAP
Singo Africa is always here for someone like you, all you have to do is reach to us and we will be happy to listen to you and discuss on how we can act urgently on the matter.