Congratulations to Proximity Finance for successfully launching the Musoni Digital Field Application (DFA) just four months after going live on the Musoni core banking system! The DFA is now used by over 400 of Proximity Finance’s field officers, making it much easier for them to capture information in the field while simultaneously reducing manual tasks and paperwork. After one month of testing and training, the rollout to all branches was completed in just a few weeks.
The Musoni DFA enables field officers to register clients, complete loan applications, collect client data and enter repayments, all in offline mode, from anywhere in the country. At the end of the day, the data is automatically synced into the core banking system, reducing the amount of data entry work required.
Proximity Finance has already seen real benefits. Given that client information is digitally captured in the field, the loan process has become more efficient, while reporting has become more timely and transparent. Since credit analysts can focus more on credit assessment than data entry, data quality and portfolio quality have improved. Data collection processes with clients take less time, therefore improving the overall customer experience.
Speaking about the project, Cameron Goldie-Scot, Musoni’s CEO said: “Proximity Finance’s rapid launch of the Musoni DFA shows how quickly an organisation can digitalise when they have the right digitalisation team and a robust strategy in place. It’s a real privilege to be working with such as social impact focussed organisation as they extend high quality financial services to farmers across the country.”
Proximity Finance is one of the leading financial institutions in Myanmar. Focussed exclusively on smallholder farmers, they provide a range of financial services to more than 165k farm families. Aside from financial services, farm households can also access agronomy services and affordable irrigation systems to increase yields and productivity, through Proximity Finance’s parent company, Proximity Designs.
Moving to the Musoni cloud banking system in March 2020, and launching the DFA just months later, has made it easier to continue supporting farmers during these challenging times. Proximity Finance chose the Musoni core banking system in order to digitalise their operations. Adopting Musoni has enabled Proximity Finance to extend their digital channels, increase transparency for clients, and better serve customers in the field.
Impressively, the launch of the DFA was completed while Proximity Finance was in the middle of COVID-19 imposed lockdowns, meaning that much of the project planning and end user training was carried out remotely.
Soe Htike Lwin, Proximity Finance’s Head of Business Operations concluded; “Working with Musoni has made it easy for us to quickly launch new channels and services for our clients. We’ve appreciated the hands-on support provided by both the Musoni and ThitsaWorks teams. This is just the start of our digitialisation journey – we’re excited to be exploring digital payments for our customers and completing the integration with MCIX to further improve loan decisions.”
Entering the next stage of the digitalisation journey, Musoni and Proximity Finance are now working on integrating potential digital payment services, reducing the amount of cash handling in the field. This is expected to be completed before the end of the year. Proximity Finance is also planning for paper reduction and digital archiving processes.