Singapore, 5th November 2020— Bank Muscat and Newgen Software Technologies received Best Lending Implementation in the Middle East at The Asian Banker Middle East and Africa Regional Awards 2020.
The bank leveraged on technology to provide a solution that addresses the current inefficiencies
Bank Muscat took note of the current system that relied on manual loan communication with external system for loan processing, underwriting eligibility checks and disbursement process. As such, there were many operational inefficiencies and significant human errors. The bank also lacked a system to have real-time tracking on each case and was unable to monitor risk effectively. Therefore, the bank introduced an automated work-flow based Retail Loan Origination System integrated with other supporting 3rd party software to better manage end to end retail loan cycles. This helped to reduce operational costs, monitor risks and provides a centralised database to improve business processes.
The solution was able to improve in various metrics and the performance of the bank
The automated solution streamlined processes and improved response time. The solution allowed the bank to accurately assess risk and credit profile of each portfolio due to added visibility. The solution has also improved customer satisfaction with differentiation and is shown through metrics under Consumer Loan like 65% increase in same day customer TAT and 20% decrease in send backs. The solution has also improved profitability of the bank by increasing revenue and reducing operational expenses by automating processes.
The solution is scalable and provides robust credit and risk assessment to drive the bank’s future growth
The solution provides an integrated platform for easy retrieval and update of customer’s data together, a real-time monitoring feature to control risk and prevent defaults. With a consistent risk assessment framework put in place, the bank is able to build a strong foundation for its growth. Additionally, the solution is very scalable and is able to handle up to 600+ unique transactions to achieve maximal output.
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You may visit the Excellence in Retail Financial Services page at http://awards.asianbankerforums.com/retailfinancial/
For further information, you may get in touch with:
Mr. Mobasher Zein Kazmi
Head of Research
Tel: (+61) 452 514 145