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KSA based financing company upgrades Kastle™ ULS to automate Islamic lending processes

Overview:

Headquartered in Riyadh, Kingdom of Saudi Arabia (KSA), our client provides finance services in accordance with the Sharia principles. They cater to the requirements of both individual and corporate customers, specialising in a variety of products, such as personal financing, auto financing, and SME financing.

Company Snapshot:

Company: Kingdom of Saudi Arabia (KSA) based financial institution
Sector: Leasing & Financing Services
Regional presence: KSA

Challenges

The financial services provider used an earlier version of the Universal Lending Solution (ULS). This version did not have in-built compliance with the latest regulations of the Saudi Central Bank (SAMA) and features supporting finance product enhancements. The company wanted to automate the entire lending process workflow with a technology solution that would also work in perfect tandem with relevant third-party interfaces.

Solution

The client implemented the latest version of the ULS, with advanced features for finance origination, finance management, and finance collection in accordance with Islamic product lines; and with integrated document management capabilities to support Ijaraha, and Tawaruq products.

The implementation was completed through the offshore mode within the given deadlines considering the COVID 19 challenges pertaining to remote operations and travel restrictions. The implementation was streamlined with the use of an internet-based Issue Tracking Tool SSP (Support Service Portal). which is an industry standard project management tool. Governance was done through standard project reviews on multiple requirements internally along with the client and third parties.

Benefits

With the implementation of Kastle™ ULS’s latest version, the financial services company was able to automate its lending operations, seeing a marked improvement in overall efficiencies, especially in customer services and meeting regulatory requirements.

The key benefits are:

  • Significantly reduced turnaround time for processing applications with the solution’s straight-through processing (STP) features
  • Proactive adherence to cyber security guidelines that are published regularly by the Saudi Central Bank
  • Azentio Banking’s Kastle APIs, that help the financing company integrate with external party interfaces for instant KYC, enhanced processing, and management of loan applications
  • Depending on the customer profile, different products can be offered and enabled through the configuration module
  • Ability to quickly launch and efficiently manage product campaigns
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