Speaking during the presentation, the Group Managing
Director, Bimbo Abioye stated that “FinTrak software delivers customized state
of the art business transformation solutions that can intelligently combine
efficiency with critical information needed for management decision-making
process. FinTrak Credit 360 software has been able to improve user banks
overall operational efficiency by over forty percent through automated
strategic and digitized policy controls”
In order to limit human error to the barest minimum, Credit
360 solution comes with artificial intelligence (AI) features. This feature can
be used to work on corporate, retail and digital lending programs and the goal
is to provide visibility and control of loan processes and to digitalize it,
this is from customer interaction to the complete life cycle of a typical
credit transaction. The solution is integrated with robust document management
system providing capability for operators to work remotely even on their mobile
devices. The Credit 360 software for credit managers is mobile friendly for
optimized transaction turnaround times with paperless transaction capabilities.
The software has been proven to make loan underwriting easier and seamless.
Coming in two major languages, English and French, the new
Credit 360 software has been described as industry leader and benchmark, a
testament of what FinTrak Software Co. Ltd can create. With its ability to be
customized to fit into the organization environment. The FinTrak Credit Risk360
has the capacity to adapt to client’s specific requirements via an intuitive
graphical administration platform based on the business and compliance rules
management system. Another unique
attribute of the software is the Dynamic Alert and Notification Module in
system popup, email and SMS formats. This feature helps in optimizing
compliance monitoring, reporting and transparency.
With a high level of integration with other banking systems,
the system requires no manual postings and update activities on the core
banking system and data exchanges happen between the two systems via API,
Fintrak Credit 360 risk management software supports all operational/analytical
credit risk management processes such as reporting, annual, monthly, weekly
financial statement analysis and rating; on a central platform. The Credit 360
risk management software is a complete solution on its own. The FinTrak Credit
Risk 360 supports registration and interaction with accredited vendors,
allowing auto payment to solicitors, capture of remedial and recovery efforts,
auto selection and assignment of recoveries to external agencies, and loan
sales.
With a multi lingual approach basically in English and
French, the software tracks everything relating to business subjects and
people. The platform is written to do dynamic underwriting, loan management and
analyst rating that can embedded in dynamic approval routing. FinTrak Credit
Risk 360 ensures maximum auditability for model administration as well as during
the operational execution of processes such as risk rating and financial
spreading. Other features of the solution include Robust Collateral Management
Module for Collateral sharing, Utilization history and exposure, Multiple
contract allocation, Collateral swap, Location tracking, Collateral rating,
Collateral Valuation, Collateral realization, Collateral document file
tracking, Covenants tracking and many more.
Top bankers such as Olamide Olayeni, a Credit Manager from
Standard Chartered Bank said that “The solution from the presentation is a
robust and one-shop platform, and the feedback from what banks and users are
saying confirms that it is what every bank needs to look at. I will get back to
my organization and engage them on the need to look at the Credit Risk 360
software. It is a one stop solution as opposed to other software where you can
have things subscribed differently.” Jafaru, the head of Credit and Risk
Management, Bank of Industry (BOI) said that “this is a great privilege to be
here and see what this software is doing. We have been doing some of these
things manually and we have now extended the invitation to the company so that
they can come to our office and explain this better to us. We are impressed
with the software. The credit monitoring software has many features that are
great, the issue of alert that helps managers to monitor instruments. “
Paul Asiemo, Head, Risk Management for Access Bank also said
that, “the software takes care of Bassel, this software looks at regulating
reporting and others, there are specific things that this software does that
sets it apart from others. We have been FinTrak Software solutions in our bank
for over fifteen years ago and we are impressed with what they have done. Using
Credit Risk 360 software in Access Bank has shown how flexible the software
is. The software insulates you from many
documentation issues such including forex issues associated with foreign
software purchases etc. The Credit Risk
360 software is very adaptable and can be changed to fit into your banking
environment.
FinTrak Credit Risk 360 has an embedded Enterprise Document
Management System which can be used to receive, track and manage and audit
documents; it also supports correspondence with third parties’ applications. With
its web functionalities, Credit Origination and Approval activities can be done
from anywhere in the world with connection to the internet. This feature helps
executives make critical decisions, execute transactions and access reports and
dashboard from any geographical location.
FinTrak Credit Risk 360 software has been deployed in some
large financial institutions such as Access Bank Plc, First Bank and is
currently in deployment at Wema Bank Plc and all overseas subsidiaries of
Access Bank Group. So many others banks in Africa are currently at different
stages of licensing decision of this highly strategic solution that burst all
headaches facing professionals in credit risk management activities.