An Automated Loan System To Enhance Co-Operative Loan Scheme

ABSTRACT

The concept of automation has been variously applied in most computing fields. This involves

utilization of computing or electronic devices to undertake the task 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 operations are prone to errors and unimagined

complexities, making it so difficult to maintain 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 efficiently 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 utilizes SQL Server database architectures

at the back end and Visual Basic.Netframework 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 through observation of

records of activities/event 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 component capabilities to eliminate data inconsistency and redundancy as well as

ensuring data integrity and security with guaranteed fast retrieval response time.