pennApps Finance Factory… propel your Finance portfolio to greater heights…
Globalization has ushered in a new era for banking institutions to raise the bar from ‘Customer Satisfaction’ to ‘Customer Delight’, tailor their services and products to customer need and demands, increase customer base and stay customer centric, keep growing and become profitable.
This is even more for Islamic Banking, for they need to stay confined, and be consistent with the principles of Islamic Law – Sharia -, yet innovate and deliver Sharia compliant services and products continuously. So how can the Islamic Banks leverage technology, improve operational efficiency, increase time-to-market speed and improve customers’ based, whilst minimizing costs and retain the competitive edge in the industry.
pennApps Finance Factory is a full suite of comprehensive enterprise finance management solution for Islamic banks, modular in nature and provides financial institutions with the capability of complete finance management system to effectively streamline the finance processing from lead to post-close, offers the perfect combination of intelligent processing automation, designed and built on agile next-generation, sophisticated technology architecture.
pennApps Finance Factory : A new approach to Finance Management
PFF is built on Pennant’s next-generation Application Framework (PAF) with a unique concept of functional factories and business process driven execution engines to deliver the required modularity, flexibility and componentization.
Functional factories are independent application modules powered by the rule builders and query builders offering high-level of flexibility to clients to define multitude of products, eligibility checks, scoring models, dedupe rules, fee and charges, accounting sets as per business and regulatory/compliance requirements. In addition a separate set of functional factories are made available to define multitude of checklist items and agreements and contracts to assist the front-line users in processing the requests.
Feature rich functionality enables clients to effectively service and manage the finance covering product definition, finance origination process, credit processing, approval, disbursements and after sale transactions utilizing the highly configurable Fee & Charges and bank definable accounting factories.
PFF’s highly flexible business process editor enables clients to define the business processes mapping appropriate functional factory component at the required stage of the workflow. Execution engines ensure the execution of the defined functional factory component at each stage of the workflow to achieve the required result.
The core features of the Finance Factory includes:
Define flexible products for bank needs
Configure Pricing and Rates
Define Controls for management
Innovative Configurable Business Rules
Flexible Eligibility Checks
Easy Customer Data Capture
Workflow based Approvals
What If Calculations
Customer Documents Generation
Dashboard for monitoring TAT
Formula based Accounting Entries
Event based postings to Accounts
Multi Channel Servicing
SOA Based Integration
Wide Range Notification
Total Risk Control
Rules Based Scoring
Credit Bureau Integration Feasibility
Configurable Dedupe Fields
Black Listing and Negative Checking
Intelligent Finance Management
Retail and Corporate Type Finances
Fixed, Floating and Term Finances
Complete Life Cycle Management
Easy Profit Rate Management
System Driven Settlements
Transparent Profit Calculation
Customer Driven Billing Cycles
Flexible Rule based Fee Management
Alerts and Escalations
Documented Data model
Business Process Driven Execution Engines
Novel concept of business process driven execution engines with multitude of functional factories at its disposal allows you to define, deploy and manage the business processes without any dependence on vendor. Business users can set up processes across channels, users, departments and products with minimal IT support and with the requisite controls and history tracking to safely implement changes.
Accelerate Time to Market – Product Packaging
Offer Innovative Products with true time-to-market advantage: With the versatile and flexible factory configuration concept and features that PFF offers, your creativity meets the reality for any new product planning or packaging. Finance factory enables you to offer innovative and customized products to meet market demands.
Improved Operational Efficiencies
Streamline Business Process: Business process centricity enables you to define, review and improve your process by reconfiguring the workflows as and when desired, effectively utilizing the numerous functional factories and execution engines available in the solution, thereby streamlining your operations and ensures better visibility and transparency of the process.
Comprehensive Reporting & Dashboards
Various management or operational reports and interactive dashboards assists you in monitoring the turnaround statistics of all the stages of finance servicing and provides insights on the root causes of any delays enabling you to respond in timely manner.
End-to-end Business process automation right from data capture to credit processing, approval to disbursal with built-in validations including functionalities like dedupe and blacklist will enable your team to achieve higher level of productivity.
Improved risk management and risk assessment
Know your Customer and portfolio: Finance factory enables you to define additional customer details as functional factories and link these to the business process at the required stage of the finance processing to capture any additional information business demands.
Policy Checks: PFF enables you to define multiple policies with minimum/ mandatory/ exceptions/ review gateways in various PFF factories and plug-in to workflow process as per your requirements.
In addition, Checklists functional factory available as part of the PFF enables you to define numerous checklists to meet the internal compliance or risk management requirements. Capability of linking these checklists at various stages of the finance servicing assists your frontline or processing team to comply with the process requirements.
Configurable Finance Management
Fee, Charges and Accounting: Accounting for various finance servicing events are fully configurable as per your internal and regulatory requirement with no limit to the accounting options.
Flexible factory concept enables you to define separate functional factories for Fee & Charges in relation to Overdue payment, Early payment, Early settlement, t etc., in terms of days/ amount slabs. This can be configured based on the customer and finance categories like customer type, nationality, past history etc., to define the fee & charges.
Accounting sets can be defined in the accounting factory for all of the servicing events whether it be disbursal or after sale transactions which gets triggered by the execution engine as defined in the respective process.
In simple terms you can incorporate rules by one or combination of any characteristics with simple arithmetic formulae.