Why Nigerian financial institutions need bespoke risk management software solutions


In as we speak’s ever-changing banking panorama, threat managers in most banks have come to know the necessity to deploy acceptable monetary and expertise instruments for threat administration.

With totally different softwares obtainable available in the market, getting a bespoke threat administration software program that’s designed to fulfill the peculiar wants of banks and monetary establishments have develop into pertinent.

Therefore, FinTrak Software program Restricted, a monetary expertise (FinTech) agency with Pan-African outlook says it has enhanced its Credit score Threat 360 Software program, an finish to finish mortgage underwriting and administration system designed for monetary threat managers so as to clear up this drawback.

The FinTrak Credit score Threat 360 resolution has demonstrated sturdy efficiency and excessive stage of encryption. It’s strengthened with Synthetic Intelligence (AI) and Machine Studying applied sciences to drive finish to finish digital lending actions for small ticket loans and likewise help mortgage granting choices on mid ticket transactions while offering sturdy mortgage monitoring system.

Talking on the necessity for banks to have a tailored software program to swimsuit their distinctiveness, Bimbo Abioye, the Group managing director of Fintrak Software program stated, the Credit score Threat 360 software program has been constructed consistent with the worldwide finest observe for the monetary companies sector and likewise for public sector intervention funds administration. The software program additionally has a cellular app which can be utilized on the go to drive fast transaction turn-around time and improve operational effectivity.

“FinTrak Credit score Threat 360 was designed to assist banks meet the necessity to establish, measure, monitor and management credit score threat in addition to to help monetary establishments to make sure they maintain satisfactory capital towards these dangers and that they’re adequately compensated for the dangers incurred. The Credit score Threat 360 Resolution is a web-based platform that may be simply accessed from all branches of the financial institution and likewise through net browsers anyplace on the earth through its extremely secured cellular utility”, Abioye stated.

Credit score Threat 360 is built-in to 2 of the three credit score bureaus within the nation and can quickly be built-in in a 3rd credit score bureau. This makes suggestions from credit score bureaus an obligation since underwriting is instantaneous and fewer traumatic on Credit score Threat 360. The platform can be built-in with Central Financial institution’s CRMS platform for seamless acquisition of mortgage reserving codes and seamless reporting.

Stakeholders say that with this software program, banks are made to adjust to the Central Financial institution of Nigeria credit score insurance policies and extra importantly, regulatory reporting necessities. Dangerous loans and threat of frauds through automation are considerably mitigated with the software program.

Totally conceptualised and developed in Nigeria, Credit score 360 Software program comes with a dashboard that reveals the classification of associated knowledge, alert messaging that push emails to involved officers, credit score threat origination, credit score documentation, collateral administration and collateral realisation, mortgage restructuring, mortgage work out and mortgage write off and mortgage gross sales.

“We took into consideration the varied challenges that the danger managers face within the nation whereas constructing this software program. Over time, we realised that almost all monetary establishments purchase over the shelf overseas software program with little or no help system in place. We tried as a lot as doable to handle these points with this software program. We ensured that we constructed a software program that over time made Credit score threat administration observe error free”, Christopher Sualeze, head, Credit score Threat 360 implementation, Fintrak.

FinTrak Software program is a Nigeria based mostly Monetary Expertise organisation that progressive expertise and enterprise options to monetary establishments within the monetary companies sector and enterprises throughout the globe.


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