Design And Implementation Of Account Holder’s Information System For A Micro Finance Bank

Introduction

1.1 Background of the Study

The “Account Holders Information System” project is a model Internet Banking Site. This site enables the bank workers to effectively manage users accounts in the bank. The system provides the access to the customer to create an account, deposit/withdraw the cash from his account, also to view reports of all accounts present. The customers can access the banks website for viewing their Account details and perform the transactions on account as per their requirements. With Internet Banking, the brick and mortar structure of the traditional banking gets converted into a click and portal model, thereby giving a concept of virtual banking a real shape. Thus today’s banking is no longer confined to branches. E-banking facilitates banking transactions by customers round the clock globally. [Arestis, P., P, 2007]

Currently users accounts in Microfinance banks are managed manually. The aim of this “Account Holders Management System” is to provide an improved design methodology, which envisages the future expansion, and modification, which is necessary for a core banking sector. This necessitates the design to be expandable and modifiable and so a modular approach is used in developing the application software. Anybody who is an Account holder in this bank can become a member of Bank Account Management System. He has to fill a form with his personal details and Account Number. [Aziz, J. and C. Duenwald.(2002)]. Bank is the place where customers feel the sense of safety for their property. In the bank, customers deposit and withdraw their money. Transaction of money also is a part where customer takes shelter of the bank. Now to keep the belief and trust of customers, there is the positive need for management of the bank, which can handle all this with comfort and ease. Smooth and efficient management affects the satisfaction of the customers and staff members, indirectly. And of course, it encourages management committee in taking some needed decision for future enhancement of the bank. Now a day’s, managing a bank is tedious job up to certain limit. So software that reduces the work is essential. Also today’s world is a genuine computer world and is getting faster and faster day-by-day. Thus, considering above necessities, the software for bank management has became necessary which would be useful in managing the bank more efficiently. All transactions are carried out online by transferring from accounts in the same Bank or international bank. The software is meant to overcome the drawbacks of the manual system.

1.2 Statement of the Problem

The Traditional way of maintaining details of a user in a Microfinance bank was to enter the details and record them. Every time the user needs to perform some transactions he has to go to bank and perform the necessary actions, which may not be so feasible all the time. It may be a hard- hitting task for the users and the bankers too. The project gives real life understanding of Online Banking System and activities performed by various roles in the supply chain. Here, we provide automation for banking system through Internet. Online Banking System project captures activities performed by different roles in real life banking which provides enhanced techniques for maintaining the required information up-to-date, which results in efficiency. The project gives real life understanding of Online Banking System and activities performed by various roles in the supply chain.

1.3 Objectives of the Study

The main objective of this study is to design an account holder’s information system for Micro finance banks. The aim is to ensure efficient user account management in banks. To achieve the stated objective, the following specific objectives were laid out:

Develop a banking system where users can login through the secured web page by their account login id and password.

Users will have all options and features in that application like get money from western union, money transfer to others, and send cash or money to inter banking as well as other banking customers by simply adding them as payees.

To design a software capable of preparing monthly statement of account from various revenue sources.

Design a secured database capable of storing large data with limited access functionality.

The system will be capable of preparing monthly and yearly statement of account of users

1.4 Scope of the Study

The software has been developed using the most powerful and secure backend MYSQL database and the most widely accepted web oriented as well as application oriented. This system keeps the day by day tally record as a complete banking system. It can keep the information of Account type, account opening form, Deposit fund, Withdrawal, and Searching the transaction, Transaction reports, Individual account opening form, Group Account. The existing part of this project is; it displays Transaction reports, Statistical Summary of Account type and Interest Information. To getting started, if you want to try out online banking without committing, select our Online Banking. You don’t have to register in any way, so it’s a good way to check it out first before register. Once you register, you’ll have the choice of doing just basic banking and viewing your balance or doing more involved transactions like bill payments and transfers. The choice is yours. It really depends on how you like to bank. You will get a confirmation number after each transaction and you can always check the session summary to see what you’ve done. If you make a mistake, customer service is always available for your good kindness help.

Here are some of the features available through bank holders information:

1. View balances:

Firstly login your account with your account number and password. Then checking your balance doesn’t require much work. You simply select Account balances and take a look at your balance and past transactions. If you have more than one account, you can also do transfers between accounts.

2. Transfer funds:

When you select Transfer Funds, you’ll be asked where to transfer the money to and from, when, and the amount.

3. Set up recurring bill payments or transfers:

If you make a regular payment every month, it might be convenient to set up an automatic withdrawal from your account.

4. Monitor CIBC investments:

If you have any CIBC investments, you can keep an eye on those stocks or mutual funds here.

5. Pay bills:

To pay your bills online, you just need to add to your account the names of the companies you wish to pay bills to.

6. View our VISA* accounts:

Always a good place to monitor your spending. You can make your credit card payments online, right from your account.

7. Order Cheques:

We don’t need them much anymore due to online banking and debit purchases, but if you still use cheques, you can order them directly from the BAMS website.

1.5 Significance of the Study

The findings of the current study will help identify gaps within the systems of financial controls in businesses and the research findings will be important in addressing these gaps. The findings will be of invaluable benefits to Micro finance management and those charged with transaction management since they are bound to enable them streamline the systems of financial controls. Ultimately, the findings are likely to ensure improved user account management and also attainment of the businesses organizations’ objectives.

The study may also add to the existing knowledge regarding user account management particularly in the banking sector. The study may generate knowledge to link financial controls and financial management which may guide policy makers in the planning for the limited resources.

1.6 Limitations of the Study

The main constraint to this work was during the actual software development. PHP codes needed to develop a user account system were difficult to obtain. This made me go for the available but less preferred code for implementation. Poor attitude of staff in the business to give useful information form the basis for another challenge encountered during the course of this project. Also time and finance are major factors that militated against this research work.

1.7 Definition of Terms

User Account:

A user account is a location on a network server used to store a computer username, password, and other information.

Bank:

A bank is a financial institution licensed to receive deposits and make loans. Banks may also provide financial services such as wealth management, currency exchange, and safe deposit boxes.