The need to provide information that is accurate when they are needed is one of the major problems of management
The need to provide information that is accurate when they are needed is one of the major problems of management, as they are often used in the making of vital decisions. Consequently wrong or delayed information can lead to very costly mistake which may cost the firm or individual a lot thereby portraying bad or poor managerial ability. In the financial sector especially with the banking section concerned with loan applications and transactions, there is need for efficient, accurate and automated analysis of such business transact tools even on a small scale such as with small and medium scale (SMS) enterprise. Loan schemes are rapidly becoming computerized or digitalized for faster processing, on demand accessibility secured, innovative and flexible to acquire.
Many of this computerized loan management system are employed in diverse ways, such as through SMS services, pager services and through other real-time mobile systems and application services.