In a bid to revolutionise risk management in the banking sector, Fintrak, a prominent indigenous fintech solution provider, has showcased its pioneering Credit Risk 360 Software and cutting-edge E-Channel Solutions for modern payment infrastructures
Banks worldwide, including those in Nigeria, face significant challenges in managing credit risk.
At the groundbreaking event at the prestigious CIVIC Centre, Fintrak recognised this pressing need and developed a comprehensive solution tailored to the complex requirements of financial institutions.
The Credit Risk 360 Solution, the centerpiece of the event, promises to transform risk management practices through real-time portfolio monitoring, comprehensive reporting, and adaptive AI-driven technology that aligns with evolving regulatory demands.
The Group Managing Director of Fintrak, Bimbo Abioye, highlighted the platform’s advanced capabilities, noting its multilingual support for African markets and streamlined collateral management features.
“Credit Risk 360 offers a robust framework for banks to manage credit risks efficiently, ensuring regulatory compliance and operational optimization,” he stated.
Key Fintrak team member, Oluwakemi Kukoyi, detailed the solution’s versatility, emphasising its robust stress testing and scenario analysis features.
“Fintrak’s Credit Risk 360 encompasses essential components such as Loan Origination/Collateral Management, Optional Loan Impairment, Corporate Bulk Loan Breaking, and Digital Lending,” she explained.
According to her, these features collectively enhance banking operations by simplifying loan processes, ensuring regulatory compliance, and providing comprehensive insights into credit performance.
Additionally, Kukoyi said the E-Channel Solutions presented at the event are designed to enhance operational efficiency and customer experience across payment channels, driving digital transformation in the banking sector.
“Fintrak’s Credit Risk 360 Solution encompasses a suite of essential components crucial for optimising 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,” she stated.
She explained that the Credit Reporting Software provides comprehensive insights into credit performance and risk exposure, while Disbursement Execution streamlines fund allocation for seamless transactions.
Kukoyi said the Loan Restructuring offers flexibility in adjusting loan terms to adapt to changing circumstances, while Loan Monitoring enables real-time tracking of portfolios for proactive risk management.
According to her, the Embedded Document Management System organises and manages crucial documents for credit processes, while Artificial Intelligence/Machine Learning enhances risk assessment with advanced analytics.
“Digital Lending facilitates seamless digital lending processes for improved customer experience, and Credit Bureau Integration provides access to comprehensive credit data for informed decision-making.
“Together, these components form the foundation of Fintrak’s Credit Risk 360 Solution, empowering financial institutions with the tools and insights needed to effectively manage credit risk and optimize operations” she stated.
The event attracted a distinguished audience of banking executives from leading financial institutions, all of whom were captivated by the transformative potential of Fintrak’s solutions.
As the event concluded, attendees expressed renewed optimism about the impact of Credit Risk 360 on the future of banking and finance in Africa.
