Credit Risk 360 – one of the most robust credit risk management software solutions is said to revolutionise the process of credit risk management and create respite for credit risk managers in Nigeria’s financial sector in terms of helping to modernise, integrate and digitise the enterprise risk management process right from origination to repayment.
The new 360 software was recently re-vamped and launched by FinTrak Software, a global Information Communication Technology (ICT) organization that provides technology and business solutions to banks and other financial institutions across Africa.
Speaking at the launch, Bimbo Abioye, group managing director of FinTrak Software said, “with the Credit Risk 360 software, valuation history can be tracked easily and notifications gotten on the go, this is due to the mobile functionality of the software. Financial instruments automated valuations such as stocks, shares and bonds can be integrated in this software, making it an all-round tool for credit managers and bankers.”
“With the Credit Risk 360 solution, credit risk managers in and financial institutions would enjoy ease of credit processing such as, mobile loan origination, credit documentation, credit appraisal, loan reporting, credit rating, approval, credit monitoring, loan restructuring and loan impairment. The application can be defined as all in one, hence the name “Credit Risk 360”, Abioye added.
Industry watchers have lauded the application and defined it as a game changer in the credit and risk management ecosystem. Presently, the solution is being deployed in one of the foremost and biggest financial institutions in Nigeria. This is a testament to the resilient and robustness of the software that was developed in Nigeria.
Chris Sualeze, core banking and credit implementation lead at FinTrak said that “this software addresses all the deficiencies and also limits errors in credit processing and management. The architecture of the solution is highly flexible; this makes it mobile adaptive in this age of mobility; bank executives need not carry their laptops around as they can work with the solution on their mobile devices on the go. The Credit Risk 360 Solution is highly parameterized. Implementation of two factor authentication, data encryption and other security features embedded in the solution makes it one of the most secure risk management software in the market.”
FinTrak says it embedded a feature in the software that sends periodic notifications and alerts, ensuring that clients and customers aren’t left out. Customers get periodic alerts from banks on the need to fund their accounts and meet up with their loan obligations. Apart from electronic alerts to customers having roles to perform on any transaction, customers are able to initiate loan requests and get feedback on time. Credit Risk 360 software fully integrates bank processes and workflows such as account opening and mandates, credit rating, loan schedule, collateral management, online/real time credit documentation and a host of other services. Also, the software is available in various languages.
Jumoke Akiyode-Lawanson
