Cynthia Alo

FinTrak Software Limited, a  Nigerian  indigenous financial technology (Fintech) solution provider has said that it updated some of the features on their Credit Risk Management solution known as FinTrak Credit Risk 360 to improve  productivity in the banking and financial industry.

In a statement, the  Group Managing Director of the firm , Bimbo Abioye stated that the software  can  intelligently combine efficiency with critical information needed for management decision-making process  while noting that it has improved user banks overall operational efficiency by over 40 percent through automated strategic and digitised policy controls.

He said, “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 digitise it, this is from customer interaction to the complete life cycle of a typical credit transaction.

The solution is integrated with a 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 optimised transaction turnaround times with paperless transaction capabilities. The software has been proven to make loan underwriting easier and seamless”.

Abioye further explained that the software came in two major languages, English and French adding, “The new Credit 360 software has been described as industry leader and benchmark, with its ability to be customised to fit into the organisation environment.

The FinTrak Credit Risk 360 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 optimising compliance monitoring, reporting and transparency.’’

With a multilingual approach he said, the software tracks everything relating to business subjects and people adding that the platform was written to do dynamic underwriting, loan management and analyst rating that can be embedded in dynamic approval routing.

 Abioye also noted that “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.

 On his part, Credit Manager at Standard Chartered Bank,  Olamide Olayeni,  described the  software as a robust and one-shop platform, adding that he would engage his organisation on the need to adopt the software.

Also speaking, Head, Risk Management for Access Bank, Paul Asiemo, said that the software takes care of Bassel, saying: “The software insulates you from many documentation issues such including forex issues associated with foreign software purchases among others.