This document outlines the total functionality that could be built onto the Mifos core banking platform. It will document both the functionality that currently exists as well as a forward-looking roadmap into the functionality that the platform will (and in some cases will not) evolve to support. Each feature will be classified according to the following color-coded legend:

COMPLETE  - completed feature that has already been developed as part of the platform (or a module/service connecting to that platform) and shipped as a public release

IN DEVELOPMENT - feature that is actively being developed and will be shipped in the next 1-2 release cycles

SCHEDULED IN ROADMAP - feature of high priority that has been scheduled as part of the product roadmap and will be developed.

FUTURE ENHANCEMENTS - feature that has been documented as a potential requirement but has not currently been scheduled or prioritized as part of the product roadmap.

This document is geared towards business-level stakeholders seeking to understand the functionality of the Mifos X platform and the product vision. It will be completed by several other documents:

• Feature List: High-level snapshot of the current functionality in the Mifos X platform. 
• Product Roadmap: The annual roadmap of features and enhancements that are being prioritized to help us achieve this set of product requirements
• Functional Specifications: Detailed user stories and functional requirements to build each of these features. This is useful for developers building the features and once the feature has been built, for implementers to understand how to properly configure the feature. 
• User Manual: each feature will be also be fully documented from an end user perspective on all its various parameters for configuration.
• JIRA Tickets - each feature will be broken down into various user stories and development tasks that will be scheduled into each development iteration  which will be be packaged into regular releases.

An invaluable reference guide to understand the various products and services and policies and processes to effectively deliver financial inclusion is the New Microfinance Handbook published by CGAP. Download it here. 

Loan Products

Individual Lending - 

Group Lending - 

SME Lending - 

Client Management

Client Identification (KYC) COMPLETE - Mifos X fully supports KYC requirements, allowing you to store customer photos and signatures and upload a range of identity documents which can be searched and catalogued by their unique identifiers. Personal data is protected through strong KYC tools, layered account verification and the security built into the architecture of the platform itself. Fully compliant with any country’s Know Your Customer rules and regulations.

Online Photographs And Signatures COMPLETE - Photographs and signatures tie to the client record visible on main client screen.

Document Attachment (Photos, Applications, IDs) COMPLETE - ID card, passport, driver's license can be captured with supporting image. Application, decision documents, account agreements upload and tie to the client.

Data Tables COMPLETE -Collect any type of user-defined data and attach at any entity or record (client, group, loan, etc.) - all data can then be analyzed and reported on.

Client Relationship Management COMPLETE - Any type of additional information for a client can be capture via our data tables or surveys modules. Data tables allows you to create custom forms to capture any type of data for any entity within Mifos X. Surveys including the PPI and other SPM frameworks can be defined and captured within Mifos X. Notes are supported within each client. Currently on our roadmap is basic CRM functionality for complaints handling and case management. Accounts and loans will tie into master client account.

Customer Closure and Blacklists COMPLETE - Close individual account or the entire client and blacklist clients no longer eligible for services.

Client Risk Analysis COMPLETE - Use tools such as Client Monitoring, Credit Scoring, Document Templates, and Product Mix to analyze the risk your client poses. Review new customer applications prior to opening accounts with a customer approval process and blacklist clients no longer eligible for services with the Customer Blacklist tool. With the Client Risk Analysis tool, the user has the ability to track client behaviors to identify potential risk areas.

Credit Scoring COMPLETE - Mifos X offers the ability to track client behaviors to identify potential risk areas. Additionally, the user can score credit based on criteria set up by the organization. Using our data tables and reporting framework, one could configure their own homegrown credit score within Mifos.

Document Templates COMPLETE - Standard communication templates for client communication and WYSIWYG editor to create user-facing documents dynamically populated by data from Mifos.

Product Mix COMPLETE - Use Mifos X to define rules to restrict number and types of simultaneous loans for individual clients.

Social Performance Management COMPLETE - Surveys including the PPI and other SPM frameworks can be defined and captured within Mifos X. Integration with the Progress out of Poverty Index (PPI) scorecard available for all countries. Use the MPAT (Multidimensional Poverty Assessment Tool), which provides measurable data analytics and client insight to assess the impact Mifos X makes in financial inclusion.

Client Education COMPLETE - Throughout our community, numerous Partners have built mobile applications which directly foster financial education.

Patron Approval Process COMPLETE - Mifos X full supports the review of new customer applications prior to opening accounts.

Client Protection COMPLETE - Personal data is protected through strong KYC tools, layered account verification and the security built into the architecture of the platform itself. Better protect and manage your clients with tools such as online photographs, online signatures, online identification documents, online document storage, and data tables.

Unlimited Group Patrons COMPLETE - 

Duplicate Patron Verification COMPLETE - 

Multi Language COMPLETE IN DEVELOPMENT - Mifos X currently supports: Spanish, English, Georgian, French, Portuguese, Vietnamese, Chinese, Lao, and Hindi. Additional translations are in development.

Multi Currency COMPLETE - Mifos X support regional currencies and can support mixed currencies.

Mobile Delivery & Enablement

Continued Development of Android App : According to the Gates Foundation, “In wealthier countries, people conduct most of their financial activities in digital form, and value is stored virtually and transferred instantaneously. The global revolution in mobile communications, along with rapid advances in digital payment systems, is creating opportunities to connect poor households to affordable and reliable financial tools through mobile phones and other digital interfaces.  In fact, research has shown that the most effective way to significantly expand poor people’s access to formal financial services is through digital means. In addition to cost savings, digital financial services offer a wide array of benefits".

Mobile Field Tools & Processes

Mobile Financial Services and Products (Micro-savings) - 

Mobile Payments, Transfers, and Remittances (M-Pesa)

Mobile Delivery Channels (Agents & Correspondents)

Mobile Field Operations Via Tablet or Smartphone COMPLETE - The Android Field Operations App is designed for field officers to interact with the Mifos X platform from the field. Mifos X functionality on for field operations in the most remote areas with Tablet.

Transaction Network Interface 

Store and Forward Capability

Email Support

Bulk Loan Assignment

Bulk Collections Assignment

Open API For Easy Customization

Business Management

Multi-Functional Institution Support COMPLETE - Mifos X can be deployed for the use of a variety of financial institutions. The platform supports a broad range of entities or operational methodologies – Banks, Credit Unions, SACCOs, Cooperatives, Credit Societies, Microfinance Institutions, Savings Groups, Peer to Peer Lenders, and Asset Financers. No matter your means of operation, Mifos X is easily customizable to fit the needs of your financial institution.

Unlimited Individual Patrons (Members) COMPLETE - We wanted Mifos X to be scaleable to have the ability to support extremely large financial institutions. So, with Mifos X, there is no restriction on the number of accounts you can create. The user can configure unlimited savings, loans, and share accounts. Don’t let your business be restricted by an un-scaleable platform, instead, grow your business with Mifos X.

Branch Management COMPLETE - With Mifos X, the user can manage branch offices, groups, and banking centers with ease. The system is centrally administered such that new products and system-wide changes can be rolled out in real-time. The architecture of the Mifos X platform is fully multi-tenant such that one can achieve economies of scale by running off of one instance of the application with separate databases.

Center Management COMPLETE - Mifos X fully manages the group structure of an organization. The platform offers support for Center & Group Hierarchy with ability to track attendance, accounts, membership, and calendars at each level.

Entity Mapping COMPLETE - Products are available to all offices or can be mapped to specific branches or offices via our entity mapping module. Mifos X supports Groups, Centers, Organizations in an unlimited hierarchy allowing for multiple organizations to run on one platform or multiple branches. Assign availability of loan products, savings products, and charges to specific offices and/or roles.

institutional Management (Office Hiearchy) COMPLETE - Mifos X supports office hierarchy up to an unlimited depth of levels to support a single complex operation or multi-organization support structure. Customize user permissions by both position and individual. Restrict those from performing tasks they are not qualified for, and allow administrative access to higher ranking positions.

Reporting & Business Intelligence

Accounting & Financial Control

Internal Control/Audit Features.  There are a few best practice features that need to be spec’d out and put into the development flow.  These include:  Locking employee out of transacting on their personal account and family relationship accounts; logging unsuccessful sign on attempts; allowing user to log on at multiple locations simultaneously (e.g. 3PCs in office, can log on to all three); generating report of supervisory overrides; for those FIs with multiple branches, system should flag “branch hopping” or multiple transactions at different locations; 

Cash Management.  The system must be able to track teller cash, vault cash, branch cash and organization cash.  Cash must be able to be balanced (reconciled) every working day and be assigned to individual system users.  The organization’s cash must be reconciled to the monthly bank statement.  This enhancement is currently in development and is expected to ship in xxx release.

• Reconciliation will still be a gap – Dayna has communicated these gaps and features into the feature spec.
• FUTURE ENHANCEMENTS
  

Loan Collections

Off Balance Sheet Collateral tracking has been requested as a system feature.  This is useful to those organizations that use gold or investment instruments as collateral for loans. 

FUTURE ENHANCEMENTS

Check Management & Printing.  This will require system enhancement to keep track of checks printed and track the numbers.  This has not come up as a client requirement and will remain low on the enhancement priority list.

FUTURE ENHANCEMENTS

Business Process and Rules

Client Approval & Processes

Chart of Accounts Management

Accrual Accounting

Statement Generation

Cash Management

Customizable User Permissions

Customizable Fields

Detailed Audit Trail

Profit & Loss Statement

Trial Balance

Book Closures

Security

Data Scoping

Authentication

Authorization (Permissioning)

Audit

Usability & Navigation (Accessibility)

In-app help.   This is a good volunteer opportunity to build tool-tips and content-sensitive help within MIFOS X.  The help can point to existing user documentation.

Bulk Processes

Off-line (store and forward)

Deployment