|  | This tool works out a loan repayment and the total interest payable given the loan term and interest rate. It has often served as the starting point for customised solutions where it has been applied to model mortgages, personal loans, car loans and other products.
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| ![Rate Comparison Calculator [RCC-MORT-MSF]](icon.htm?w=65&productId=16751 "Rate Comparison Calculator [RCC-MORT-MSF]") | Mortgages and other loans offering discounted interest rates are widely available. However, given the variability in the extent and period of the discounts, the rates that apply after the discount period, and the differences in the upfront fees, it has been very difficult for consumers to determine which product best suits their needs.
This tool provides an objective basis for comparing two products at a time. It features a novel cost-benefit graph that reveals how the assessment can change over time - the determination of which product is better depends on how long the borrower plans to retain the loan.
Giving the customer direct access to this tool online encourages further loan sales because it's then easy for the customer to understand how your products compare with each other and with other provider's loans. Used in conjunction with Finacle e-banking, this tool can be a powerful cross-selling device. It can also reassure customers that they made the optimal choice.
This tool can also be used in exactly the same way by telemarketing and branch staff when integrated with Finacle CRM.
As with all finanz tools, this tool can take into account the widely varying characteristics of loan products. Where the tool is used by logged-in users, the user interface can also be amended to suppress unnecessary tabs and fields, and can show additional elements for sales origination. Note that labels such as "My Loan" and "Other Loan" are externally configurable at run time and can be set to actual product names if desired. This tool could also be adapted to compare more detailed fees and charges, cater for multiple discount rate periods, and interest rates tiered by LTV or other criteria.
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|  | This tool computes the final balance of a saving plan in which a regular deposit is made for a specified period. It helps customers understand how much they can save by making regular monthly deposits to a saving plan.
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|  | This tool computes the amount to pay each month in order to discharge the current debt within a desired period, while more purchases are made and interest charges continue.
The dotted profiles demonstrate the effect of slightly increasing or reducing the level of repayment - try placing the mouse over each profile in turn and notice how the lower summary information switches to refer to that profile. In each case, the total interest payable and the time to become debt free, is shown in the summary section.
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|  | This tool checks the adequacy of a customer's current retirement savings plan. It takes into account their retirement needs, current savings, and savings period, and presents the results graphically and in text. The use of colour coded traffic lights indicate whether or not there is a problem to address.
The outcome is dependant on the assumptions made concerning the earnings of the savings plan and the average inflation rate over the savings period. Letting the customer get a feel for the impact of the assumptions is important. This tool features a capability to reset the earnings and inflation rates at the same time. Both values are chosen at random within realistic ranges and represent the full spectrum of possible economic conditions. Try pressing the "What If" button a few times, and take note of how many red and green lights you get.
In many cases, the initial inputs will reveal that the current plan will not be sufficient. This is emphasised by a red traffic light. Tools like this are examples of disturbers that can reveal that it is imperative that the customer take corrective action. Disturbers confront customers with uncomfortable truths, and create a willingness to engage in a more detailed sales or review process.
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| ![Compound Interest Calculator [CIC-INV-MSF]](icon.htm?w=65&productId=16758 "Compound Interest Calculator [CIC-INV-MSF]") | This tool helps investors assess the rate of return of an investment. It's ideal for customers who may not be confident with financial calculations and technical terms. This compound interest calculator can also be used to calculate: - the amount earned on an investment,
- the annualised rate of return,
- the present value of an investment,
- the final value of an investment, or
- the amount you would need to invest to reach a goal.
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