Fintrak Software Limited, a financial technology (Fintech) firm, has set a new benchmark in the African financial landscape with the introduction of AI powered ‘Fintrak Credit 360’.
This cutting-edge credit management software, laced with the power of Artificial Intelligence and Machine Learning, is poised to revolutionized credit processes within banks and allied institutions across the continent.
In a recent international webinar engagement spanning multiple African countries, from Kenya to Tanzania, Gambia, and Uganda, Fintrak Software Limited showcased its innovative software to a gathering of prominent industry players and bankers.
The event was not merely a demonstration; it was a revelation. The Fintrak Credit 360 software garnered unanimous acclaim for its seamless integration of Artificial Intelligence and Machine Learning in credit risk management.
The Group managing director of Fintrak Software, Bimbo Abioye, said the software’s transformative impact on the credit lifecycle.
Abioye said unlike conventional banking solutions, Fintrak Credit Risk 360 comprehensively captures every stage of credit management, from origination and appraisal to customer approval, loan approval, and even rescheduling.
According to him, the infusion of Artificial Intelligence (AI) ensures a flawless execution of these processes, eradicating the possibility of human error.
Abioye emphasised the software’s ability to automate credit transactions, including intricate processes like payday loans, end to end, saying that through strategic integration with credit bureaus and regulatory bodies like the Central Bank of Nigeria, Fintrak Credit Risk 360 emerges as a holistic solution for any bank, empowering them to manage various loan types effectively.
Also, a seasoned banker from Gambia, Omar Mboob stated that Fintrak’s software has streamlined their operations, introducing meticulous underwriting and enhancing client oversight. The automation features have instilled confidence in auditors due to adherence to international financial reporting standards (IFRS), significantly boosting efficiency and productivity.
A financial analyst, Kenneth Uzoegwu added that Fintrak’s Credit Risk software is impactful for its swift decision-making capabilities, facilitated by AI and machine learning components.
Head of Commercial Banking SBU, FinTrak Software, Christopher Sualeze highlighted the software’s open architecture, making seamless integration with other credit software possible.
He also emphasized its prowess in anomaly detection and behavioral analysis of customers, facilitated by a dynamic product rack.
Fintrak Credit Risk 360 incorporates a comprehensive array of core components essential for managing credit risk effectively. This robust system encompasses features such as loan origination and collateral management, corporate bulk loan breaking, credit reporting, disbursement execution, loan restructuring, and real-time loan monitoring.
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