In a bold move aimed at reshaping risk management in the banking sector, Fintrak, a leading indigenous fintech solution provider, recently hosted a groundbreaking event at the prestigious CIVIC Centre. This event served as a beacon of innovation, shining a spotlight on Fintrak’s pioneering Credit Risk 360 Solution and its cutting-edge E-Channel Solutions, customized for modern payment infrastructures.
Navigating the complex web of financial instruments, banks globally, Nigeria included, grapple with the formidable challenge of credit risk. Recognizing the urgent need for a robust risk management framework, Fintrak embarked on a mission to develop a comprehensive solution addressing the multifaceted nature of credit risk while aligning with the diverse operational needs of financial institutions.
At the heart of this endeavor lies the Credit Risk 360 Solution, a revolutionary platform designed to mitigate risks across various banking operations. Endowed with a suite of advanced features, Credit Risk 360 offers real-time portfolio monitoring, comprehensive reporting, and an adaptive technology driven by Artificial Intelligence (AI) that dynamically adjusts to evolving risk landscapes and regulatory demands. Bimbo Abioye, Group Managing Director of Fintrak, elaborated on the platform’s capabilities, emphasizing its multilingual support catering to African markets and streamlined collateral management functionalities.
Oluwakemi Kukoyi, a key member of the Fintrak team, underscored the solution’s versatility and compliance capabilities, highlighting its robust stress testing and scenario analysis features, essential for navigating regulatory guidelines effortlessly.
Oluwakemi added that “Fintrak’s Credit Risk 360 Solution encompasses a suite of essential components crucial for optimizing banking operations. These include Loan Origination/Collateral Management, which assists in efficiently handling loan requests and collateral assets. The Optional Loan Impairment feature ensures regulatory compliance while addressing loan impairment issues as required. Corporate Bulk Loan Breaking simplifies the processing of large corporate loans, enhancing operational efficiency. “
“Our Credit Reporting Software provides comprehensive insights into credit performance and risk exposure, while Disbursement Execution streamlines fund allocation for seamless transactions. Loan Restructuring offers flexibility in adjusting loan terms to adapt to changing circumstances, and Loan Monitoring enables real-time tracking of portfolios for proactive risk management. The Embedded Document Management System organizes and manages crucial documents for credit processes, while Artificial Intelligence/Machine Learning enhances risk assessment with advanced analytics. ”
She added that ” Digital Lending facilitates seamless digital lending processes for improved customer experience, and Credit Bureau Integration provides access to comprehensive credit data for informed decision-making. Together, these components form the foundation of Fintrak’s Credit Risk 360 Solution, empowering financial institutions with the tools and insights needed to effectively manage credit risk and optimize operations.”
In addition to its groundbreaking risk management capabilities, Fintrak’s Credit Risk 360 Solution is complemented by its latest innovations in E-Channel Solutions, tailored to enhance operational efficiency and customer experience across payment channels, thus driving digital transformation within the banking sector.
The event at CIVIC Centre drew a distinguished audience of banking executives from leading financial institutions, all captivated by the transformative potential of Fintrak’s solutions. As the event concluded on a high note, attendees left with a renewed sense of optimism about the transformative impact of Credit Risk 360 in reshaping the future of banking and finance in Africa. With a commitment to excellence and innovation, Fintrak continues to lead the charge towards a more inclusive and digitally empowered financial ecosystem across the continent.
FinTrak’s Credit Risk 360 software has already seen successful deployment in major financial institutions such as Access Bank Plc and First Bank, with ongoing deployment at Wema Bank Plc and all overseas subsidiaries of the Access Bank Group. Numerous other banks across Africa are currently considering or in various stages of licensing decisions for this strategically vital solution, which promises to alleviate the complexities facing professionals in credit risk management activities.
” Digital Lending facilitates seamless digital lending processes for improved customer experience, and Credit Bureau Integration provides access to comprehensive credit data for informed decision-making. Together, these components form the foundation of Fintrak’s Credit Risk 360 Solution, empowering financial institutions with the tools and insights needed to effectively manage credit risk and optimize operations.”
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