Automated Solution For A Hire Purchasing System

Abstract

The Seylan bank PLC is a reputed financial institution which is registered under the Central Bank of Sri Lanka. Since its inception in 1988, Seylan Bank has rendered a remarkable service and become one of the leading banks in Sri Lanka. The Seylan Bank PLC offers various lending facilities to its customers. Recently the management of the bank has addressed an opportunity to extend their lending portfolio by introducing Hire Purchasing. Hire purchase facilities allow clients to afford goods (vehicles/machinery items) on credit basis. And repayments of such facilities are based on rental schedules. In a hire purchase contract, the buyer has the goods but does not obtain an ownership until the facilities have been fully paid. At present the Bank has started providing Hire Purchasing facilities. Most of the functionalities are performed by manually with the help of Microsoft excel work sheets. Some relevant details are maintained in manual files and some are in general ledger accounts in core banking systems. In order to maintain the accuracy and consistency of hire purchasing the bank requires automating the relevant major processes. And in return the bank expects to fine tune the customer service by increasing the productivity and reducing the work load of the employees. As such an automated solution for hire purchasing will address all of the said issues and will streamline the hire purchase process of the bank. As a stable methodical approach, the solution automates all most all of the processes from fundamental stage to final stage of the hire purchasing process. There by the scope of the system includes controlling and monitoring the processes such as client facility request appraising, granting and maintaining of facilities, repaying and settling of facilities. Apart from that the system includes generating of letters and email messages to notify clients and relevant parties. The scope of the system also includes generating of on demand and periodical reports to for managerial decision making. “Seylan- Hi - Purch” is the automated solution designed and developed to facilitate the hire purchasing process of Seylan bank.