Abu Dhabi bank uses Indian IT firm solution

Leading Indian IT firm Polaris Financial Technology Ltd deployed its software solution - Intellect loan management system - at Abu Dhabi Commercial Bank in the United Arab Emirates (UAE) to process consumer loans and simplify lending, the company said Tuesday.

"Our product platform enables the bank to offer consumer loans and launch new products in line with the changing market conditions and customer needs," Polaris vice-president K. Srinivasan said in a statement here.

Besides handling the entire loan servicing, the modular system reduces complexities to enhance customer servicing levels and support features such as collateral management, structured repayment and automated delinquency tracking.

"The system has been designed to make the bank click and launch innovative products as required by customers," Srinivasan said.

The Chennai-based company won the 'best lending platform project' award at the recent seventh Asian Banker Awards for implementing the product at the Abu Dhabi bank.

Mortgage financing and consumer loan business were also initiated on the platform, helping the bank achieve its objective of using a single window loan management system.

As the second largest bank in Abu Dhabi and third in the UAE by assets ($49 billon), the 28-year-old commercial bank has 480,000 retail customers, 38,000 corporate and SME (small and medium enterprises) clients across 50 branches, including two in India.

With domain expertise in offering products, solutions and services to the BFSI (banking, financial services and insurance) sector, the 25-year-old Polaris owns the largest set of IPs (intellectual properties) for its range of software products, including Intellect Global Universal Banking application site for retail, corporate, investment banking and insurance.