Member registration is a crucial process in every financial institution. It is a necessary process before the institution can offer its services to the members.
Most memberships allow for individuals to register as entities. However, others require one to belong to a group that is a recognized entity by the institution. These customized requirements make data collection a complex and requires precision. This process of collecting member data and entering it into institution’s books is what is famously known as membership registration.
In the last few decades, most institutions in Africa have been using manual processes/ systems to register their members. More often than not, problems associated with human errors and delays are encountered in this process.
Challenges faced by using the manual system
- Time taken in mass membership registration. This process requires several officers in different parts of a region to do the manual registration. This takes time and energy since it is impossible for one officer to reach the number of members an automated system can in a single day.
- High cost of membership registration operations. Besides the institution hiring several, this manual process necessitates the need for offices in those regions, constant travel, use telecommunication, stationery and other facilities which require money.
- High cost of products and services offered. The high cost of operations leads to costly services and products to clients in a bid to make business sense. This affects the intake of the services and products and consequently affects business profits.
- Errors in data collection and entry. The manual system uses human labor to do all the work. Data loss or misplacement is not unusual in such systems.
However with introduction of technology like Jisort, the membership registration has been simplified. People can now install an application in their cellphones which enables them to register into an institution of their choice.
Benefits of the system for an institution
- A system can register several people at the same time. With the simplified way where a member can key in their details into a system using their mobile phones, it takes a short time to reach many people. This greatly increases the institutions’ performance and reduces the energy used to do the same job.
- Utilizing employees’ time better. Elimination of human interaction in the members’ registration process means that employees can concentrate on the most important tasks. One of automation’s best features is that it gives you the opportunity to use employees’ talent and do what humans do best: create ingenious business plans to eliminate costs, make important decisions, etc. Creative and innovative methods that an automated system can’t do.
- Reduced registration costs. A system like Jisort reduces the operational costs related to membership registration. With the elimination of the need for constant travels, several offices, several officers and paper work, the costs drastically reduces pushing the services and products to be more affordable. The institution also benefits from increased profitability.
- Error reduction. Errors that may occur during data input are detected by the system and the person keying it in is notified. With this, one is able to make corrections early. This enables the institutions to have a unified, same quality type of data at all time. The system also eliminates the possibilities of manipulation of paper documents.
The financial industry is growing and modes of operation changing. A system like Jisort not only simplifies the member registration process but also all other functionalities in the institution.