Speridian Implements LOS & LMS for Fiji based Financial Services Organization

Based in Lautoka, the 2nd largest city in Fiji, the Sugar Cane Growers (SCG) Fund is a financial services organization whose primary function is to provide loans to Sugar Cane Growers and Farmers.

Project Background

SCG was using a legacy system which was a hybrid model with few functionalities automated and the rest was based on MS Excel Worksheet.

Being primarily into agriculture and farm base lending business, the repayment is based on the harvesting (seasonal) which does not come directly from the customers but driven by the govt. authorities who procure the Agri products from the farmers.

Hence, it was in dire need of implementing a more structured, streamlined and automated software solution comprising of Loan origination process and Loan management process which could help’em to swiftly serve their customers, provide timely responses to Govt. queries as well as provide timely reporting to the regulator.

Speridian Solution

Speridian Beacon’s Loan Origination Solution (LOS) facilitates swifter loan processing, increasing business penetration and Loan Management Solution (LMS) is a comprehensive, integrated, customizable, browser based solution, designed to manage the complete loan lifecycle.

With the implementation of aforementioned solutions, SCG will:

• Experience improved operational efficiency that’ll enable’em to address customer demands and multi-interphase consolidation.
• Be able to introduce new financial schemes and products and manage changes in existing products.
• Have more competent MIS and minimized manual intervention, thereby limiting errors.
• Avail digital financial services i.e. Mobile Banking, WhatsApp Banking – newly introduced to their banking ecosystem, resulting in enhanced CX.

Solution Component

• Loan Management System – BEACON CLS (asp .net)
• Loan Origination System – BEACON LOS (.net core)
• Mobile App – Android
• Internet Banking – .net MVC

Project Outcome

• With the implementation of a comprehensive LOS, LMS and Product Mgmt. Solution, SCG is now capable of handling their customers easily and helping the team improve their customer servicing capability.
• With these products from BEACON suite in place, the strategic initiative of SCG to acquire the banking license from the Finance Ministry is advanced.
• Speridian helped SCG to further their reach to new and existing farmers helping them do their job better, thereby earn a better standard of living.
• The regulatory reporting, responses to queries of Government officials are on time and higher data accuracy is achieved, saving time and relieving workload of SCG officials.
• Now with better usage of manpower & skills SCG is ready to expand its business acumen and shall lead in the Banking Institution space soon.

Reference(s)
https://www.fijitimes.com/scgf-going-online/