The country’s oldest and the largest commercial bank, Bank of Bhutan (BoB), implemented Intellect Digital Origination last week.
Intellect Design Arena Ltd, a specialist in applying true Digital Technologies and a global leader in Financial Technology across banking and insurance, reportedly implemented an end-to-end credit decisioning system for both retail and SME line of businesses on a single platform.
BoB reasoned the need to improve its processes with integrated risk management capabilities and faster processing looking at the changing market scenario.
“Bhutan is one of the world’s fastest growing economies and has demonstrated consistent rise in its macroeconomic indicators. The government’s push to encourage development of private sector is expected to drive growth in the Retail and MSME sectors,” states a media report in finextra.
The solution is also expected, according to the bank, to provide them with internal credit checks, credit scoring, rating and compliance checks that fall in line with the Royal Monetary Authority guidelines.
Describing it as a paradigm shift in the bank’s credit decision making process, BoB selected Intellect’s Digital Origination for complete business automation of its loan origination system.
According to the media report, Intellect Digital Origination is a state-of-the-art workflow-based credit origination and processing system that helps banks to streamline and standardize its origination processes across multiple lines of business on a single platform. It reportedly eliminates data silos, reduces turnaround time for application processing, controls operational cost through streamlined customer on-boarding and improves customer experience through enhanced Straight Through Processing. The solution also offers strong integration capabilities with different credit and statutory hosts and legacy systems over a variety of protocols for a seamless flow of transactions.
Meanwhile, the BoB’s director, Karma Dema, was quoted saying that the Intellect’s digital led innovative approach allowed them to support their growth strategy and loan quality initiatives as they position themselves to take advantage of the market.
“The configurable aspects of Intellect Digital Origination solution has enabled us to minimize inefficiencies and errors due to manual processes and upgrades our overall data integrity controls which provides us to deliver a quality customer experience. With Intellect’s system, our customers can now apply for a loan anywhere, anytime using any digital medium; for instance with mBoB loans are now a click away,” she added.
Staff Reporter from Thimphu