Fintrak Software Limited, a fintech company headquartered in Lagos, has set a remarkable precedent in the African financial landscape with the introduction of “Fintrak Credit 360,” a cutting-edge credit management software empowered by Artificial Intelligence and Machine Learning. This innovation is poised to reshape credit processes within banks and related institutions across the continent.
During a recent international webinar attended by participants from multiple African countries, including Kenya, Tanzania, Gambia, and Uganda, Fintrak Software Limited presented its revolutionary software to an audience of industry experts and bankers.
This event was more than a mere demonstration; it was a revelation. Fintrak Credit 360 received unanimous acclaim for its seamless integration of Artificial Intelligence and Machine Learning into credit risk management.
Bimbo Abioye, the Group Managing Director of Fintrak Software, emphasized the software’s transformative impact on the credit lifecycle. Unlike traditional banking solutions, Fintrak Credit Risk 360 offers comprehensive coverage of every stage of credit management, from origination and appraisal to customer approval, loan approval, and even rescheduling. The infusion of Artificial Intelligence ensures flawless execution, eliminating the possibility of human error.
Abioye underscored the software’s capacity to automate credit transactions, including complex processes like payday loans, from start to finish. Through strategic integration with credit bureaus and regulatory bodies, such as the Central Bank of Nigeria, Fintrak Credit Risk 360 emerges as an all-encompassing solution for any bank, empowering them to efficiently manage various types of loans.
Omar Mboob, a seasoned banker from Gambia, commended Fintrak’s software for streamlining operations, introducing meticulous underwriting, and enhancing client oversight. The automation features instilled confidence in auditors due to adherence to international financial reporting standards (IFRS), significantly boosting efficiency and productivity.
Kenneth Uzoegwu, a financial analyst, noted that Fintrak’s Credit Risk software stands out for its swift decision-making capabilities, facilitated by AI and machine learning components.
Christopher Sualeze, Head of Commercial Banking SBU at FinTrak Software, highlighted the software’s open architecture, allowing seamless integration with other credit software. He also emphasized its strength in anomaly detection and behavioral analysis of customers, facilitated by a dynamic product rack.
Fintrak Credit Risk 360 comprises a comprehensive array of core components essential for effective credit risk management. This robust system includes features like loan origination and collateral management, corporate bulk loan breaking, credit reporting, disbursement execution, loan restructuring, and real-time loan monitoring.
Moreover, the software integrates an embedded document management system, leveraging advanced artificial intelligence and machine learning technologies for efficient data analysis and decision-making processes. It streamlines credit documentation procedures, including Credit Approval Memos (CAM) and Credit Approval Forms (CAF). Additionally, the platform supports thorough credit appraisal through in-depth financial analysis and risk rating methodologies.
The system extends its functionality to accommodate various approval levels, from bank officers to credit committees and board committees. It offers mobile loan approval capabilities, ensuring flexibility and accessibility for stakeholders involved in the approval process. Through its digital lending capabilities, the platform enhances the lending experience, making it more efficient, transparent, and secure for both financial institutions and borrowers.