In a bold move aimed at reshaping risk management in the banking sector, Fintrak, an indigenous fintech solution provider, has engaged Banks with innovative solutions for modern payment infrastructures.
Navigating the complex web of financial instruments, banks globally, Nigeria included, grapple with the formidable challenge of credit risk. Recognising 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 the endeavour 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.
Group managing director of Fintrak, Bimbo Abioye, elaborated on the platform’s capabilities, emphasising its multilingual support catering to African markets and streamlined collateral management functionalities.
A key member of the Fintrak team, Oluwakemi Kukoyi, underscored the solution’s versatility and compliance capabilities, highlighting its robust stress testing and scenario analysis features, essential for navigating regulatory guidelines effortlessly.
Kukoyi added that, “Fintrak’s Credit Risk 360 Solution encompasses a suite of essential components crucial for ptimizing 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.”
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.
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.
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