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As the world becomes increasingly reliant on technology, many establishments are failing to upgrade their computers to keep up with the latest features. This lack of upgrades can hinder their ability to satisfy clients and create a welcoming environment for each member.
The current loan transaction processing system employed by RGT Lending Investor Incorporated is manual, causing a two-day processing period. This approach may become outdated with the advent of computers, which can expedite transactions. However, the company only utilizes computers for documentation purposes, primarily relying on Microsoft Word and Excel without specialized software.
Consequently, their computer usage fails to improve efficiency and accuracy. Due to the prominent role of lending in RGTLI's services, it is imperative to develop a more efficient system to process all member transactions and handle inquiries. Implementing an automated system would allow for swift checking of member/staff status upon login, optimizing time for both parties.
In this proposal, we suggest implementing a Computerized Lending System for RGT Lending Investor Inc, which will make the loan transaction processes easier and faster.
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If this system is successful, both members and staff will reduce their workload. Implementing this solution will help tackle technical issues and improve efficiency, ultimately benefiting users by creating a more user-friendly experience.
RGT Lending Investor Inc. currently operates their loan transactions manually, which is time-consuming and decreases staff performance. However, we can introduce a Computerized Lending System to improve the efficiency of the process. This advanced technology will facilitate the processing of member transactions and queries, reducing the time it takes to process loans and minimizing technical issues for staff.
Currently, they primarily use Microsoft Word and Excel for their processes.
The introduction of computers improves the speed and efficiency of the Lending Process. By using an automatic system, better results can be achieved and the time required for the process is significantly reduced compared to manual processing. Unfortunately, RGT Lending Investor Inc's manual lending process system does not take advantage of the benefits offered by modern technology.
Our goal in creating this system was to optimize the lending process and improve transactions with customers. The aim was to reduce the time spent on manual processing of transactions and provide a smoother experience for members, staff, investors, and loaners. Our focus is on facilitating efficient processing of every member's transaction and addressing any queries they may have.
This project is being developed to create a Computerized Lending System, which aims to maximize the utilization of advanced technology in the lending industry.
The study's conceptual model had two main components: the entity and the process. The entity referred to the people involved in the system, while the process encompassed their actions.
The project aims to enhance the transaction process of RGT Lending Investor Inc. by developing software. The main objective is to record essential information of investors and loaners.
The importance of this study is to enhance the transaction rate between staff and customers, as well as provide better service quality to investors and loaners.
This study will be beneficial for the following individuals:
The staff's performance will improve as the amount of work decreases.
With this new processing system, the clients will receive faster and improved transactions.
The company will have a more efficient process than other companies, resulting in faster transactions with clients and improved productivity for the company and staff.
It will simplify the Loan information system.
The study focuses on the Lending System of RGT Lending Investor Inc. It involves gathering information from the staff and clients, specifically regarding the clients' details obtained after their inquiries.
A system is a set of principles or procedures used for performing a task, while information is a collection of data. Microsoft Visual Basic 6.0, which is a high-level language, converts text messages into code. The Graphical User Interface (GUI) allows users to interact with computer programs using icons, menus, and a mouse. In this context, the user is referred to as the Entity.
Data refers to a compilation of facts and statistics that are collected for the purpose of reference or analysis, while a process entails a series of actions or steps undertaken to accomplish a particular goal.
The Researchers conducted a comprehensive review of related literature and studies, encompassing both local and foreign sources. The objective was to gain a deeper understanding of their study. This chapter presents the review of related studies and literature, providing an overview of how the proposed project functions in relation to the existing system. It includes a description of relevant research, as well as studies and literature that will guide the development of the System. To enhance the quality and content of this study, and establish a solid framework of ideas and concepts pertaining to the problem, the researcher examined pertinent literatures and studies.
The Lending System provided by FAS is a comprehensive package that stands out in the current market. It is built around a system manager and is compatible with almost all operating systems. This application can efficiently handle up to 16 million loans and can be used by one user or an unlimited number of users. The base system is designed for standard financing but can be customized to meet various needs such as construction loans, mortgages, agricultural loans, commercial loans, installment loans, student loans, and lease/loans. These custom options make it superior to software packages that cost a quarter of a million dollars. The Lending Service System is our largest package, capable of effectively managing all loan transactions. It offers 12 different transaction types and over 100 available reports. Customer information only needs to be entered once and can be associated with multiple loans. Customers can be sorted by class and type.
The MIMICS Loan Cashier System helps the cashier in receiving payments, printing receipts for payment, looking up account and loan status, and balancing at the end of the day. Payments due can be looked up by account, loan number, or by scanning the outstanding loans. Class, type, and loan officer are able to sort loan information. The class is tied to general ledger accounts for interfaced postings. It is easy to handle partial payments by defining what will be satisfied first, such as interest, late charges, principal, and escrow. Any unsatisfied item will be carried over and reflected in reporting. Past due notices can be generated at any time using global late charges or individual rates for each loan class. Past due reports can be produced using any date window.
Customers can make payments using check, cash, or DDA debit. Any change due to the customer will be calculated if there is an overpayment. Both overpayments and underpayments can be distributed according to specific instructions. It is possible to check the status of the loan, view the amortization schedule, and access the payment history. The payment history can be searched by receipt, check number, account number, or loan number. Additionally, users can print out amortization schedules, daily transactions, receipts, and history. If requested by the customer, payoffs can be calculated immediately. A simple screen is available to reconcile cash drawer balances by identifying discrepancies between check amounts and the amounts entered. There are also supervisor features for correcting and deleting payment transactions.
Loan, in business, refers to borrowing a sum of money at a specific interest rate. It can also refer to giving something on the condition that it will be returned or an equivalent repaid. Different forms of acknowledging a loan include a bond, a promissory note, or a verbal promise to repay.
In the early Christian church, taking interest was forbidden due to biblical teachings against usury. However, in feudal European society, loans were mainly taken by peasants and serfs for personal expenses while priars, nobles, and ecclesiastics were heavy borrowers. Merchants and townsmen who became moneylenders found ways around the prohibition of usury.
As commercial society developed, restrictions on interest-taking gradually eased. Today banks and finance companies are the main providers of loans typically requiring collateral such as stocks, personal belongings mortgages on land and other properties or assignments of wages.
The savings and loan industry has undergone significant changes recently due to government deregulatory measures in the 1980s. These measures expanded the range of services offered by savings and loan associations allowing them to engage in commercial lending trust services and non-mortgage consumer lending.
The Lending Service System is our largest package, offering the ability to handle all loan transactions. The base system includes 12 different transaction types and over 100 reports. Customer information can be entered once and tied to multiple loans, with the ability to sort customers by class and type. Loan information can also be sorted by class, type, and loan officer. The class of loan is connected to general ledger accounts for interfaced postings. Handling partial payments is easy, allowing for the definition of what will be satisfied first (such as interest, late charges, principal, or escrow). Any remaining unpaid items will carry over and be reflected in reporting. Past due notices can be generated at any time, with the option for global late charges or individual rates for each loan class. Past due reports can be generated within any date window. The Loan Service System is comprehensive, offering an all-inclusive loan tracking system. It now includes 13 different transaction types and over 100 reports. Customers only need to be entered once and can be tied to multiple loans, with the ability to sort by class, type, and loan officer.
Past due notices may be generated at any time, with global late charges or individual charges, and past due reports can be pulled using any date window. The user has control over which items are to be satisfied first for partial payments (interest, late charges, principal, or escrow). Loan Portfolio, as described by Kelly in his book on the Loan Service Plus system concept, is designed with the small, growing user in mind. It encompasses all transaction abilities of its larger counterpart, without distinguishing or sorting by class and type for loans or customers. The product offers all thirteen transaction types: new (opening), regular payment, odd payment (partial payments), disbursements, principal added, interest added, deferral, extra principal only payment, variable rate (interest) adjustment, mark-down (discount or partial charge-off), write-off (charge-off), closing, and automatic reversals. Local.
According to the book "The Importance of Training for Supervisors In Local Government," the significance of training is discussed, specifically in relation to orientation, implementation evaluation, and reinforcement of training programs. This study emphasizes the importance of training for members of the cooperative in order to understand the system flow. It also highlights the role of cooperative management in operating the system. In our proposed system, loan approvals from management are based on member records and their ability to make payments. This measure is in place to protect and expand the cooperative. Additionally, a local study states that a loan is a type of debt where financial assets are redistributed over time between the lender and borrower. The borrower receives an initial amount of money from the lender, which is then paid back, typically in regular installments, along with interest charges.
This chapter discusses the techniques and processes employed in collecting data, such as the Research Design, Data Instrument utilized, and Data gathering Procedure.
The descriptive survey method was employed by the researchers, which involved conducting face-to-face interviews, directly observing, and distributing questionnaires to the respondents.
Researchers conducted a face-to-face interview with the staff and manager of RGT Lending Investor Inc. to identify necessary actions and improvements. They also created a questionnaire for clients to gather data for the proposed system.
The study includes selected samples of respondents, which consist of both employees and members of the company, in order to produce an accurate source of information.
This presentation showcases all the data collected from surveys and questionnaires that aimed to identify the issues that were not addressed by the respondents in the current system. It effectively presents all the gathered information.
According to the respondents, the existing Lending System of RGT Lending Investor Inc is derived from their description of the previous system. This is mentioned under section 4.1 - Existing Lending System.
The current lending process of RGT Lending Investor Corp is primarily manual, with limited use of computer technology consisting only of Microsoft Word and Excel. Unfortunately, this approach leads to slow and inadequate processing of necessary loaner/investor information. The staff members must prioritize providing high-quality service to the loaner/investors. The procedure typically involves the staff providing a form for the loaner/investor to complete with the required information. Subsequently, the staff member submits the form to the Manager for approval. During this stage, there is a brief discussion regarding the company's workflow. Once approved, the Manager transfers the information to the Admin, who records it in their database. The loaner/investor receives the approval sheet as a result. This outdated system lacks modern technology utilization, putting the company at a disadvantage in its operations.
The proposed lending process for RGT Lending Investor Inc. is an advanced and efficient system compared to the current system. It is developed using Visual Basic 6.0 programming language. This system aims to enhance overall performance, streamline tasks, and reduce time spent on recording information. Here's how the proposed system functions: Firstly, staff members must log in to the databases to monitor and record their daily time. They will then distribute a form to loaners/investors to gather required information. The staff will collect the completed forms and pass them on to the admin, who will input customer records into the databases. The manager will review and approve the request, providing the loaner/investor with their requested needs. This is how our proposed computerized lending system operates.
The impact of computerization on organizations has had a significant role in contributing to the process of globalization. This is clearly seen through the remarkable and outstanding effects it has brought to various sectors, as they have undoubtedly reached new heights as a result of computerization.
The objective of this study is to arrange the various transactions carried out in the loan information system and produce reports that will enable easy access to different records for RGTLIC. The study aims to assess the current status of RGTLIC's Computerized Lending system, including how they operate with the common challenges they encounter during operations to improve the quality of their customer service.
RGT Lending Investment Inc has experienced negative consequences from using a manual Lending System. These effects have made the organization realize the need for proven solutions, which they address in their study. Automating the various transactions that the organization is responsible for would provide numerous advantages, such as fast and accurate processing, increased efficiency, and effectiveness.
The researcher suggests replacing the current lending system with a proposed computerized lending system in order to address the issues caused by the existing system. The summary and conclusion highlight that the manual traditional loan information system is complex and prone to inaccuracies and delays in loan processing. Therefore, a new lending system is recommended. The researchers suggest using Visual Basic as the preferred programming language for the company.
Enhancing Efficiency Through Computerized Lending System. (2016, May 10). Retrieved from https://studymoose.com/lending-system-essay
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