There is no gainsaying that business climate nowadays has been challenging and impacting negatively on financial institutions’ and multinationals’ revenue.
To this end, large corporations are even concerned on eliminating time wasting and cost inefficient transaction processes, which FinTrak Software Company Limited has underscored as achievable with her flagship Enterprise Resource Management System (ERMS).
Speaking at a one workshop for bank chief executives and other clienteles, Mr. Bimbo Abioye, group managing director of Company told Nigeria CommunicationsWeek that the ERMS has become ubiquitous for improved transaction turnaround time for multinationals to achieve more with less costs through mobile transactions, online transactions and other electronic devices.
He said that inspite available technologies, some organization still engage very cumbersome processes due to manual operations, adding that automation is the only solution for such to achieve efficient processes.
Abioye, informed Nigeria CommunicationsWeek that through investigations, they discovered that some banks lost whopping sum amounting over N3billion due to their penchant cravings for foreign software (for IFRS alone), however, FinTrak stepped in to address some of the challenges.
The FinTrak GMD said, “We are here today to expose our platform to multinationals, especially the banks. At some other time, we will be meeting people in the public sector, oil & gas, insurance, amongst others. So, if you are at war on the revenue side, you have to do a lot on your cost management. That starts with your processes; you have to review them, eliminate wastes and inefficiencies. If possible, redesign your processes. So, we are coming in the process redesigning and re-engineering, automating the processes for key the concerned organization to achieve key strategies objectives and efficiency.
“It is paramount for such corporate entity to reduce the time wasted on carrying out transactions. These are cost drivers: if you spend more time to executive a transaction, invariably, you are incurring costs. So, improved transaction turnaround time will help you achieve more with less cost such as mobile transactions, online transactions and other electronic devices.
“On the operational-business side, you will be able to do process reduction. Some companies have very cumbersome processes due to manual operations. But automation will eliminate unnecessary areas. Therefore, our Enterprise Resource Management System (ERMS), will help you drive costs down, instill budget discipline in the workplace too”.
On banks penchant interest on foreign software, he said, “That is rapidly changing. We have been working with the banks over the years. FinTrak Software has become a household name in the market, because we have proven ourselves beyond reasonable doubts that ours perform better than foreign options. As a matter of fact, there are a number of implementations we have done which we were contacted when the foreign brands have failed. So, we have triumphed where foreign giants could not. We have superior products due to our deep industry knowledge and technological know-how to achieve strategic options that product should deliver.
“Recently, banking industry lost over N3billion to foreign software for IFRS alone. It didn’t work for them. The distinguishing factor between us and others is the subject matter: expertise. We are not just selling technology, rather we know the nitty-gritty and the business problems. Our products have been designed to solve these problems. At some points, we met the big names in the industry, but went ahead to re-implement assignment given to them, because they couldn’t perform creditably”.
He also hinted technology is crucial in fishing out ghost workers in the private sector like banks.
“Most large organization have such challenge. It may not be as much as what obtains in the public sector, but during interaction with a bank chief executive, he disclosed that by engaging contract staff, especially in large number, you have to track who is still working or should be removed from the pay list. So, there are people that left the employment, who are still been paid. Obviously, those are ghost workers.
To ensure IT & Software Security, Abioye said that FinTrak which boasts of 60 software engineers, have among the top management staff, specialists on information security.
“Personally, I facilitate CISSP credentials on IS (II) platform which is an ISO gold standard on information security training for organization. As a result of our expertise in the realm we have embedded applications with the security principles and practices. The design of our applications take security into consideration. For example, if you deploy our internet banking application, there are securities we have built into the architecture to ensure that even if hackers get into that environment, they cannot get access to the internal domain of the organization. So, the exposure is curtailed,” he said.
Speaking specifically on FinTrak’s business case to financial institutions & others, he said, “We are just telling the companies what they already know, which is: things are not the way they have been. So, you have to watch your purse. With FinTrak ERMS we are capable of managing your costs better for operational efficiency; improve the transaction turnaround time by optimizing the resources based on informed decisions.
“There should be effective cost control arising from budget control and regulatory compliance. So, we are able to improve compliance to internal and external policies. So, we reduce the changes of errors, fraud and forgeries and you will be able to manage your relationships better. All of those combined helps you to reduce cost significantly. These are testimonies we have from users already”.
FinTrak won Software Company of the year at the recent Beacon of ICT Award; having won in the 2014 & 2015 editions.
