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ENHANCING COOPERATIVE LOAN SCHEME THROUGH AUTOMATED LOAN MANAGEMENT SYSTEM.
The concept of automation has been variously applied in most computing fields. This involves utilization of computing or electronic devices to undertake the tasks that are being handled by people. It is a pertinent factor in a profitable and soundly run financial institution. Financial transactions through manual system of operation are prone to errors and unimagined complexities, making it so difficult a task maintaining all entries of users account, search records of activities, handle loan deduction errors and generate reports. Computers running automated system are targeted towards eradicating the menace – hence making the underlying activities efficient and providing the fast response needed. This underscores our interest in deploying a dynamic system that will effectively manage the loan scheme of a named organization. The system essentially manages both short-term and long-term loans, and keeps track of cash inflow and outflow of a cooperative society among others. It utilized SQL Server database architecture at the back end and Visual Basic.Net framework at the front end. This makes it user-friendly and highly interactive. The Object Modeling Technique (OMT) is adopted for the analysis and design of the Loan Software. Interactions with operators and stakeholders and thorough observation of records of activities/events of time, aided the gathering of the required information. Auto-LMS is an innovation, which is bound to bring swift changes in routine cultural loan practices of cooperative societies as it promotes efficiency and productivity. A pragmatic system bundles with several competent capabilities to eliminate data inconsistency and redundancy as well as ensuring data integrity and security, with guaranteed fast retrieval response time.
Keywords: Status Concept, Ledger, Automation, Amortization schedules. Mortgages, Collateral.