Fintrak Software Limited, Nigeria’s foremost indigenous financial technology (Fintech) solution
provider with physical presence in some African countries recently brought the banking and
financial industry stakeholders together to update them on their robust Credit Risk Management
solution known as FinTrak Credit Risk 360. The industry experts applauded the software as a
robust indigenous solution for banks in Africa.
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.
