Polaris Financial Technology Ltd.
Tuesday, August 13, 2013 03:48 PM IST (10:18 AM GMT)
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Abu Dhabi Commercial Bank Goes Live with Polaris’ Intellect® Loan Management System
Chennai, Tamil Nadu, India and Abu Dhabi, United Arab Emirates, Tuesday, August 13, 2013 — (Business Wire India) — Single platform for consumer loan products goes live, simplifying the bank’s lending portfolio operations
Polaris Financial Technology Limited, a leader in products, solutions and services that enable unprecedented operational productivity for the global Financial Services industry, announced that Abu Dhabi Commercial Bank (ADCB), UAE has gone live with Polaris’ Intellect® Loan Management System (LMS). The Intellect product will cater to the bank’s consumer lending product portfolio, thereby becoming a one-stop lending portfolio lifecycle management.
Polaris’ highly configurable Intellect LMS handles the entire loan servicing and enables the bank to offer consistently superior customer experience across consumer loan products.
The implementation of Intellect LMS with its greatly parameterized product definition functions serves as a single platform for loan products across different consumer loan products. The highly modular system supports features such as collateral management, structured repayment and automated delinquency tracking. It offers the power to ‘click and launch’ innovative lending products to meet the ever evolving market needs. The product, which can be easily integrated with the bank’s existing eco-system, makes it easier to launch new products and respond to changing market conditions and customer needs instantly.
Commenting on the successful implementation, K Srinivasan, EVP, Indian Subcontinent, Middle East, and Africa (IMEA), Polaris Financial Technology Ltd said, “We are happy to be chosen by ADCB as their technology partner. Our system will reduce complexities faced by the bank, enhancing its customer servicing levels. Mortgage financing along with the other lines of consumer loan business are now initiated on Polaris’ LMS, helping the bank achieve their objective of using a single window LMS.”
He further added, “Polaris recently won the ‘Best Lending Platform Project’ award at the 7th Asian Banker Awards for its implementation at ADCB, enabling the bank to enhance product offerings and simplify operations of the lending portfolio. This win along with Intellect lending platform’s successful implementation in multiple locations across the world including a number of banks in the Middle East, proves our efficient next-generation technology.”
Intellect LMS facilitates all activities from the creation of a loan to disbursal, maintenance, repayment schedule tracking, accounting, prepayment processing, delinquency and charge off processing. The rich set of advanced functions that the system contains will simplify operations of ADCB’s consumer lending portfolio, in order to gear the bank for accelerated growth.
About Abu Dhabi Commercial Bank (ADCB)
ADCB was formed in 1985 and as at 31 March 2013 employed over 3,000 people from 55 nationalities, serving over 480,000 retail customers and approximately 38,000corporate and SME clients in 50 branches, 3 pay offices and 2 branches in India and 1 branch in Jersey. It is the third largest bank in the UAE and second largest in Abu Dhabi by assets, at AED 180 bn as at 31 March 2013.
ADCB is a full-service commercial bank which offers a wide range of products and services such as retail banking, wealth management, private banking, corporate banking, commercial banking, cash management, investment banking, corporate finance, foreign exchange, interest rate and currency derivatives and Islamic products, project finance and property management services.
ADCB is owned 58.08% by the Abu Dhabi Government through the Abu Dhabi Investment Council. Its shares are traded on the Abu Dhabi Securities Exchange. As at 31 March 2013, ADCB’s market capitalisation was AED 23 bn. For more information, please visit http://www.adcb.com
About Polaris Financial Technology Limited
Polaris Financial Technology Limited is a global leader in Financial Technology for Banking, Insurance and other Financial Services. With over 25 years of expertise in building a comprehensive portfolio of products, smart legacy modernization services and consulting, Polaris owns the largest set of Intellectual Properties for a comprehensive product suite, Intellect® Global Universal Banking (GUB) M180. Intellect® is the world’s first pure play Service Oriented Architecture (SOA) based application suite for Retail, Corporate, Investment banking and Insurance. Its acclaimed products, solutions and services enable unprecedented operational productivity for the global Financial Services Industry by Building, Maintaining, Expanding and Extending highly complex and Integrated Financial Technology Infrastructure.
This makes Polaris the chosen partner for 9 of the top 10 global banks and 7 of the top 10 global insurance companies. The company has a global presence through its 40 relationship offices across 30 countries, 6 international development centers and 8 fully owned Business Solution centers. Polaris has a talent strength of over 13,000 solution architects, domain and technology experts. For more information, please visit http://www.polarisFT.com/
Minal Sahani, Media Relations, Polaris Financial Technology Ltd., +91 9176626468, minal.sahani@polarisFT.com
G. Sunanthy Devi, Investor Relations, Polaris Financial Technology Ltd., +91 8939933564, sunanthy.g@polarisFT.com