Case Studies
Alcides - Loan Management System
"This was an essential project for us, paving the way for lower administrative costs and for future growth. We were impressed not only with the clear communication and focus on quality achieved by Ascent but also by the extent to which they were able to get to grips with our business processes. Our day-to-day operations have been dramatically improved by the new system and we have better management information than ever before."
Brendan Keogh
Director
Practical Finance
The challenge
Practical Finance came to us when their existing systems of Excel worksheets were proving to be an obstacle to continued growth. Data volumes were growing rapidly and what had worked well for smaller quantities of work was no longer proving sufficient. The firm knew they needed a new solution that would give maximum support to both customers and staff and they evaluated a number of potential suppliers, including Ascent, before making an appointment. Their choice was based on Ascent's solid project track record in matching solutions to business needs and because of a strict emphasis on quality.
The solution
Ascent developers began by visiting Practical Finance onsite to begin Business Process Analysis. The whole range of relevant business procedures were analysed and incorporated into formal technical specifications. The Alcides solution was developed using Microsoft SQL Server 2000 as a database, with programming in Visual Basic 6. This choice of technology reflected not only the amount of data being processed but also the need to accommodate future growth.
The specification was complex. Alcides caters for two types of financial lending instruments – open personal loans and loans for material goods purchased by clients. Finance options include interest bearing credit, interest free option, and interest only. Clients can also repay in a number of ways. These include direct debit, where the system collates all data and creates an EMTS file for the bank as well as cash/standing order/postal order/etc.
A system of checks was created within the software to ensure that all necessary information needed to approve a loan is recorded, including proof of employment, marital status and proof of address. All financial data was automatically captured and monthly/weekly/fortnightly loan repayments calculated. Another system utility validates bank accounts using a set of algorithms (according to IPSO specs). Staff input client bank account numbers and sort codes which are then determined for validity and Alcides reject any invalid account numbers.
The eventual solution was designed to run under Windows XP and was implemented successfully with full testing in October 2006.
The benefits
Practical Finance staff can now produce quotes and proposals and capture customers’ personal details more quickly than ever before. Credit scores are quickly assigned to customers, helping with speedy loan decisions. Practical Finance now uses Alcides at every stage of a loan, from underwriting to the settlement of an account. This includes issuing payments to dealers, printing letters to customers, reviewing the performance of an account, recording customers’ payments, generating Direct Debit transactions and producing a range of reports.
The day-to-day administrative burden is substantially reduced because of the sheer breadth of communications and letter types handled by the system. Management information is also greatly improved with many different reports including Account History, Arrears Reports, Customer Repayments, Debtors Balances and Detailed Dealer Payments. All are available on screen or as .CSV files.
