About Project
The groundbreaking platform that collects credit data, information and financial commitments
from banks and financial institutions in order to provide accurate credit reports to individuals, financial institutions and companies in the UAE as allowed by the laws and regulations of the region.
The Report includes personal details, all credit facilities, bounced cheque information and payment history up to 5 years with court-ordered financial obligations and balances and payments of monthly telecommunications, water and electricity bills that are going to appear in credit reports. The information is provided by banks, finance companies, telecom/utility companies and courts.
Thanks to this information as companies are able to obtain the information they need to evaluate credit or service applications, assess any related risk and ultimately decide whether to approve or reject them.
Challenges
- Unlike traditional, decentralized financial services systems, the client wanted to design systems to ensure consistency of processes and controls in all situations.
- A detailed integrated approach to banking and finance management.
- Ensuring that products and solutions are developed with a digital-first approach that provides real-time solutions that are secure, scalable, and able to rapidly adapt to the changing needs of the customer.
Solutions
- With the advent of new-age technologies and the integration of smart algorithms AppVista delivered easier access to information through a channel for a better Customer experience which is provided by multiple credit bureaus and banks internationally.
- AppVista’s framework analyzes recently published credit reports about a user and generates a ‘risk score’ in near real-time. If the defined hurdle rate is breached, it automatically triggers emails to identified personnel within the bank, who can then activate mitigation measures.
- Created hyper-personalized experiences (payment behavior, other credit facilities, viewing & easy credit report sharing, etc.) across both digital and in-person channels requiring banks to build the foundational infrastructure, leveraging cloud technology, for their back-end systems.
Services & Technology
Strategy and Design
Mobile Applications
Results
- Designed a high-performance, fully digitalized service ecosystem, as expected by customers and the systems currently in place.
- Improved efficiency and resilience in control testing and risk assessment with automated testing.
- AppVista’s ecosystem of proven collaborative partnerships and platforms –with insights powered by data –helped customers improve the efficiency and effectiveness of the whole banking value proposition.
- Offering multilingual support for a comprehensive global view.