Overview
This project examines the implementation of a complete loan management software solution to optimize and simplify loan-related processes within a TANESCO Saccoss organization. The software aims to improve efficiency while adhering to financial regulations and reporting requirements.
The study delves into the current practices, challenges, desired functionalities, and integration requirements identified by each department.
Role
Product Designer
User Research, Interaction, Visual design, Prototyping & Testing
Timeline
June, 2023 - Aug, 2023
Archived Project
Organization Background
TANESCO Savings and Credit Cooperative Society Limited (TANESCO SACCOS) is a savings and credit cooperative society established in 1968 by the Tanzania Electric Supply Company (TANESCO). The society is registered under the Co-operative Societies Act No. 17 of 1968 and has its headquarters in Dar es Salaam, Tanzania.
TANESCO SACCOS is a member-owned and controlled organization that provides a variety of financial services to its members, including savings, loans, and other value-added services. The society has over 100,000 members, who are drawn from TANESCO employees and their families, as well as other members of the public.
Opportunities and Challenges of Loan Management
In the process of designing complete loan management software, several unique opportunities and challenges have emerged, shedding light on the dynamic landscape of financial technology and user-centric design.
Challenges
- Enhanced Financial Services: Implementing loan management software offers TANESCO SACCOS the opportunity to enhance its financial services for members.
- Tailored Reporting for Members: The automated financial reports, such as loan balances, interest earned, and delinquency reports, present an opportunity for TANESCO SACCOS to provide tailored and insightful financial information to its members.
- Seamless Integration with Existing Systems: TANESCO SACCOS can capitalize on the opportunity to seamlessly integrate loan management software with its existing financial systems.
- Member Engagement and Communication: Through automated communication, notifications and member self-service portals, TANESCO SACCOS can offer an opportunity to enhance member engagement.
- Compliance and Data Integrity: Through automated auditing capabilities and compliance TANESCO SACCOS can enhance adherence to financial regulations and reporting requirements.
Opportunities
- Scale and Member Base: As TANESCO SACCOS serves a substantial membership of over 100,000 individuals, managing loan processes manually becomes increasingly complex and time-consuming.
- Accuracy and Data Integrity: Manual recording and reconciliation of payment records and financial transactions introduce the risk of human errors, leading to discrepancies in loan balances, interest calculations, and repayment tracking.
- Compliance and Reporting: TANESCO SACCOS operates under regulatory guidelines outlined by the Co-operative Societies Act No. 17 of 1968. Adhering to these regulations and ensuring accurate and timely reporting can be challenging with manual processes.
- Communication and Member Engagement: The cooperative society's significant membership requires effective communication regarding loan-related matters. Manual communication methods, such as emails and in-person meetings, can be inefficient and prone to delays.
- Member Experience and Satisfaction: Members expect timely and accurate information regarding their loans, including balances, interest rates, and repayment schedules. Manual processes can lead to delays in providing this information, potentially impacting member satisfaction.