ACHIEVE COMPLIANCE IN 90 DAYS & SAVE $100-500 MN EVERY YEAR
AI/ML-driven solutions take center stage in the post-pandemic economy today as they can effectively measure and monitor your credit portfolios, detect credit stress and recover loans before they become NPAs.
BCT Digitalis a global Fin tech company specializing in regulatory technologies announces the launch of its specialized CloudReady rt360 Credit Risk Suite. The company has been recently recognized as “Category Leaders” under the Chartis RiskTech Quadrant for Model Risk Management solutions, 2021, presented by Chartis Research – a leading provider of research and analysis on the global market for risk technology. The full-stack credit risk suite is a powerhouse that comprises origination & on-boarding, credit monitoring, fraud monitoring, credit analytics, and other value- added services – all on the cloud.
The company’s award-winning rt360 EWS (Early Warning System) is now an integral component of the cloud-ready credit risk suite. This can now empower banks, NBFCs, and HFCs to rapidly implement the product and gain control over their asset book very swiftly. It has sheer power to handle millions of data points through sophisticated AI/ML-based predictive models in order to detect patterns and quantify risks.
While Indian banks reported a decline in bad loans in the last quarter of 2020, the impact of the extended pandemic situation may have major ramifications on the asset quality over the next two to three years. To tackle the vulnerability, financial institutions need to invest in disruptive technologies that proactively and accurately detect risk and improve regulatory compliance.
“Financial institutions must step-up monitoring and take timely corrective measures to mitigate the impact of credit risks arising from the pandemic led disruption. Though public sector banks have preferred an on-premise solution, it has been our persistent endeavour to construct robust and technologically advanced systems that empower not just the large banks but also smaller financial institutions to augment their risk management capabilities. Cloud ready solution helps these banks be compliant with RBI and DFS regulations on credit risk in as little as 90 days. This will help them mitigate the risk of bad loans and enable them to achieve their financial inclusion goals that benefit MSMEs as well as retail customers. The cloud-enabled credit risk suite will build a future-ready and resilient organization by preventing possible frauds through real-time data,” said Jaya Vaidhyanathan, CEO, BCT Digital.
Risk practitioners involved in lending/ investment decisions aimed at building the book have deep concerns, which the rt360 Credit Risk Suite addresses diligently. It enables lenders and portfolio managers to have tighter control over their asset book at any point in the credit lifecycle, through various business services, such as the rt360 EWS, that are available in a highly modular form.
The product is designed using state-of-theart micro-services-based open API architecture and it comes with connectors and real- time automated data capturing mechanisms. These integrate with the internal and external sources to extract millions of data points on customers through APIs, streaming feeds and legacy methods. Sophisticated AI & ML models detect fraud patterns, minimize false positives and quantify risks through effective scoring algorithms that compute critical default statistics. The pre-built and extensible library of early warning indicators include regulator- prescribed indicators such as RBI’s RFA and the Department of Financial Services scenarios for India. Alerts including those of fund diversion, negative news, and financials are delivered to a configurable mobile responsive inbox. Bankers can leverage rt360 EWS’s powerful case management tool to manage alerts as per the escalation hierarchy and undertake timely corrective action. The cloud-ready rt360 Credit Risk Suite empowers financial institutions to focus on profitable credit growth while mitigating risk.