CEVI’s Digital Transformation: Advancing Financial Inclusion
CEVI Profile:
Community Economic Ventures, (A Microfinance NGO) Inc. (CEVI) was conceptualized in 1998 in Bohol, Philippines to provide support to the need for livelihood among families covered by the Area Development Program of World Vision Development Foundation (WVDF). CEVI started as a micro-enterprise development program that aims to offer more dynamic and sustainable projects. In 2000, CEVI was registered as a non-stock, non-profit, non-governmental organization (NGO). CEVI’s social mission is to “serve the economically active poor by providing appropriate and quality microfinance products and services to help their business grow.”
By providing better alternatives to access credit, build up capital, micro-insurance, and savings, in addition to extending consultancy services and training (Credit Plus Education Program), CEVI has helped transform the lives of thousands of families. Currently, CEVI has 38 branches plus over 40 satellite offices and more than 700 dedicated staff to deliver its products and services to over 78,000 clients across the country with a total portfolio of PHP860M.
Our Digital Journey:
For more than two decades, CEVI's journey towards digitization remained unrealized until mid-2023. During this period, the organization relied heavily on traditional methods for various operations. Data gathering for loan applications, monitoring operational performance, and managing other processes were all handled manually. Clients were required to fill out extensive forms and documents for loan applications and renewals, leading to significant frustration. The manual processing of these forms extended the loan disbursement timeline, often leaving clients in a state of despair.
The reliance on manual data entry and storage in Excel files created additional challenges. Monitoring performance and meeting reporting requirements were hampered by issues related to data credibility and availability. Inconsistent and error-prone data made it difficult to generate accurate reports and track operational metrics efficiently. This outdated system not only slowed down operations but also undermined the trust of our clientele and stakeholders.
Driven by a strong desire to improve and deliver the best products and services to clients, CEVI recognized the limitations of its core banking system and decided to take a decisive step forward. With the support of the Board, the management team began exploring digital solution providers to find the most reliable and suitable cloud-based core banking system. Thorough planning and stakeholder consultations were conducted to assess needs and requirements during the vendor selection phase, ensuring a smooth transition to the new system.
User access training was conducted before pilot testing and implementation, ensuring all staff were well-prepared to use the new system effectively. Regular monitoring and evaluation allowed for system modifications and adjustments to optimize performance.
With the support of its partners, CEVI provided tablets to all its loan officers in the field. Equipped with the new core banking system, these tablets enabled loan officers to gather and update client information related to loan applications and repayments directly in the field. This data was then synced with the organization's master database, streamlining the entire process. Loan reviews and approvals became more efficient, as branch accountants and branch managers could now review and approve applications electronically. This significantly reduced the need for clients to fill out multiple forms, enhancing their overall experience.
The transition to a cloud-based core banking system marked a significant milestone in CEVI's journey toward digitization. It not only improved operational efficiency and data accuracy but also strengthened client satisfaction and trust in our services, thus giving a financially inclusive institution and impacting over a hundred thousand children.
By: Kristian C. Piala / Marketing and Corporate Communications Manager / July 2024
