journey journey

Leading NBFC in Middle East, MAFF, goes fully Digital.
Real Time Risk Evaluation. Credit Card Issuance in Minutes!

 

Introduction

MAFF was offering value added credit cards and prepaid solutions to customers across Middle East & Africa. With the credit cards business growing, MAFF was looking to launch a consumer loans business that would leverage its existing IT infrastructure and integrate easily with the internal and external systems. There were two major challenges though. First, they did not have the right set of applications to run the consumer loans business and secondly, a large part of the business and credit decisioning process was being handled manually

In addition, MAFF would have to launch its loan business with a peer-to-peer interface with Al Etihad Credit Bureau (AECB). This was required as per UAE law that was mandated to implement and operate new credit reporting system across UAE.

Based on these specific requirements stated by MAFF, Intellect conducted a detailed study and fitment analysis. This also included a detailed walk through of the Loan and Cards origination module of Intellect Lending system to demonstrate its suitability with MAFF requirements. A two-day workshop detailed the complete process flow of MAFF and how the Intellect system would be mapped to each of those processes.

The Solution:

MAFF wanted an enterprise technology platform that could provide an end-to-end lending system supporting both cards & loans businesses and seamlessly integrate with their existing infrastructure. The system was also expected to be flexible and scalable to meet future business requirements and expansion plans of MAFF

The Intellect Lending suite comprises of Loan Origination, Loan Management and Debt Management systems. This state-of-the-art scalable solution is built with configurable work flows and business rules to provide MAFF with a one-stop source for originating credit applications across multiple lines of businesses with automated credit decisioning. Parameterized functionalities of the solution make the loan management processes simpler to handle, across different segments. The system's debt management process enables tighter supervision through a 360 degree view of customers and pre-configured segmentation & queuing strategies.

Benefits to MAFF:

MAFF is the first service provider in the UAE market to establish peer-to-peer interface with AECB and Intellect system's integration with the interface has enabled Automated Credit Decisioning process and real-time risk evaluation. By offering credit card within 15 minutes, MAFF also becomes the first NBFC in the Middle East market to join the top league which was previously held by a select few banks.

Some of the highlights of the implementation are:

  • One Solution - One Integrated Origination Platform for both Cards & Loan Business
  • New Business - Quick Launch of new Loans Business
  • Automated Credit Decision - Completely Automated Credit Decisioning process with Seamless Integration of Al Etihad Credit Bureau.
  • dInformed Credit Decision - Credit processing time reduced by two-third due to the automation of more than 150 rules and policies enabling Credit Analysts to make informed decisions First Time Right
  • Launch of Instant Card (Najm Card) – Issuance of limited credit cards in less than 15 mins including activation.

Significance of this Implementation

While MAFF offered value added credit cards and prepaid solutions to customers across Middle East & Africa, it quickly launched its loan business with a peer-to-peer interface with AECB - a federal government company established under UAE law and mandated to implement and operate a new credit reporting system across UAE.

The project commenced in October 2016 and was delivered to UAT in December 2016. After a rigorous 6 weeks of testing, it was launched at the MAFF site in January 2017.

Some of the significant highlights of this project are covered below:

  • MAFF is the first service provider in the UAE market to establish a peer-to-peer interface with AECB enabling them with faster decision making and real-time risk evaluation
  • Migration Kit for Origination platform, ready for future implementation
  • Streamlined data entry process with NBFC ready solution for all future needs
  • Complete automation of credit decisions

What next?

With the infrastructure and state of the art lending system in place, Maff went ahead with its expansion plans and launched instant issue Najm Credit Cards inside Carrefour Hypermarkets across the UAE. It is a new service, a first-of-its kind in a retail store within the UAE. Prospective card members can walk into a Carrefour Hypermarket and within 15 minutes be issued with a Najm Credit Card that can be instantly used to earn cash back and benefit from in-store offers. The process requires minimal paperwork and utilizes the UAE’s smart government initiatives, taking applicant’s information from their Emirates ID card and securely transmitting it to the AECB for scoring.

Instant Issuance is facilitated through Najm sales agents and at the Najm customer service desk in 13 Carrefour Hypermarkets, with plans to expand this service to more locations throughout the year.

MAFF is already reaping the benefits of its new lending infrastructure and has revised its growth targets by 100%. The Najm card is just the beginning of its ambitious expansion plans in UAE as well as African markets. The results are evident with MAFF becoming the first NBFC in the Middle East market to join the top league which was previously held by a select few banks.