Digitalization enables real time monitoring for regulatory compliance and credit quality

Intellect Design Arena Ltd, a digital technology product provider across Banking and Insurance, strengthened its global presence with the successful roll-out of its Lending suite at El Taamir Mortgage Finance Company, Egypt. El Taamir is the leading mortgage finance company with 40% share of the Egyptian market and is fully owned by the Government of Egypt. The implementation was completed in just seven months including data migration.

With Egyptian Government obtaining US$12bn credit facility from IMF, there is anticipation of potential growth in Egypt’s economy, particularly in the real estate sector. El Taamir has chalked out a detailed strategy to leverage this growth and grow its customer base. A critical step in this plan was to replace its in-house system that had limited functionality, with a scalable solution that would not only help them meet the changing statutory requirements but also enable them to quickly launch new products in the market.

El Taamir selected Intellect as it met all current requirements and can be effortlessly scaled up for future expansion. Intellect also assured quick implementation, ease of engagement with the Intellect team and quick access to senior management to ensure that the project was delivered on time and within budget. The Intellect Lending Suite includes Loan Origination, Loan Services and Debt Management. It offers a configurable work flow and business rules for complete automation and straight through processing.

The Intellect Lending suite has equipped El Taamir with automation of Regulatory reports for the Central bank as per Egyptian mortgage laws and generation of receipts for cash payments. With a 360 degree view of customer liabilities, it can monitor the portfolio for regulatory compliance and credit quality. El Taamir is now equipped to set up multiple strategies in the collection system to proactively manage delinquencies.

Commenting on the successful implementation, Hassan Hussein, Chairman, El Taamir, said:“Intellect has played a strategic role in digitalizing our lending operations. Their global expertise and world class product portfolio helps us provide a seamless and real time experience to our customers, the elimination of manual input and manual interpretation of each transaction and any human deviation from established policies and procedures. Today Intellect has streamlined the complete process from the day the client walks in to the time the loan is granted. This is a big achievement for us. The immediate visible benefit is that we have been able to reduce processing time by half and are in a position to roll out new products very quickly to our customers.”

He further added, “Another feature worth noting is that the system includes rules and regulations that protect the credibility and posting of each transaction. This helps in enhancing security and compliance while significantly improving client satisfaction and trust.”

Mostafa ElGallad, Director of Information Technology, El Taamir said, “El Taamir and Intellect worked together as a single unit and made sure the project was rolled out within budget and on time.”

Rajesh Saxena, Chief Executive Officer, Global Consumer Banking, Intellect Design Arena, said, “We are delighted to help El Taamir achieve its business goals. The Intellect Lending Suite enables complete automation, straight through processing and real time monitoring of credit quality. This will help El Taamir to focus on rolling out new products faster than the competition and growing its customer base.”