Building societies are financial organisations often referred to as ‘mutuals’ as they are owned by their Members. This means that every borrower or saver of a building society has a say on how the society operates, that’s why they are referred to as ‘Members’ and not customers.
Th key benefits include:
- Member Management: Centralized database for managing member information, including personal details, account information, shares, loans, savings history, and transaction records.
- Accounting and Financial Management: Tools for managing financial transactions, including deposits, withdrawals, loan disbursements, repayments, interest calculations, and dividend processing. Integration with accounting systems for financial reporting.
- Loan Management: Automation of loan origination, approval workflows, disbursement, repayment schedules, and interest calculations. Monitoring of loan delinquencies and provision for managing collections.