By Nkechi Isaac,
FinTrak Software Limited, a financial technology (FinTech) firm with Pan-African outlook, has enhanced its Credit Risk 360 Software, an end to end loan underwriting and management system designed for financial risk managers in the country and beyond.
Speaking on the need for banks to have a tailor-made software to suit their distinctiveness, the group managing director of Fintrak Software, Bimbo Abioye, said the Credit Risk 360 software has been built in line with the global best practice for the financial services sector and also for public sector intervention funds management. The software also has Mobile application which can be used on the go to drive quick transaction turn-around time and enhance operational efficiency.
“FinTrak Credit Risk 360 was designed to help banks meet the need to identify, measure, monitor and control credit risk as well as to assist FIs to ensure they hold adequate capital against these risks and that they are adequately compensated for the risks incurred. The Credit Risk 360 Solutions is a web-based platform that can be easily accessed from all branches of the bank and also via web browsers anywhere in the world via it’s highly secured mobile application,” he sais.
According to him, Credit Risk 360 is integrated to two of the three credit bureaus in the country and the third are in the process of integration. This makes feedback from credit bureaus on obligors being underwriting instantaneous and seem less on Credit Risk 360.
He further said the platform is also integrated with Central Bank’s CRMS platform for seemly acquisition of loan booking codes and seem less reporting, adding with the software, banks are made to comply with the Central Bank of Nigeria credit policies and more importantly regulatory reporting requirements, pointing out bad loans and risk of frauds via automation are significantly mitigated with the software.
In his remark’s the organizations, head, Credit Risk 360 Implementation, Christopher Sualeze, saidFintrak took into consideration the various challenges that the risk managers face in the country while building this software.
“Over time, we realized that most financial institutions buy over the shelf foreign software with little or no support system in place. We tried as much as possible to address these issues with this software. We ensured that we built a software that over time made Credit risk management practice error free,” he added.