{"id":3315,"date":"2024-02-12T17:01:44","date_gmt":"2024-02-12T17:01:44","guid":{"rendered":"https:\/\/octamile.com\/blog\/?p=3315"},"modified":"2023-09-09T10:56:00","modified_gmt":"2023-09-09T10:56:00","slug":"technological-tools-for-risk-management","status":"publish","type":"post","link":"https:\/\/octamile.com\/blog\/technological-tools-for-risk-management\/","title":{"rendered":"3 Insights on Technological Tools for Risk Management: Strategies for Loan Companies"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Webinar: Harnessing Technology for Effective Risk Mitigation: Strategies for Loan Companies\" width=\"1200\" height=\"675\" src=\"https:\/\/www.youtube.com\/embed\/GsIPmkvFxfY?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">We created a space where business leaders, CEOs, Startup Founders, Bankers and even Fintech enthusiasts from different parts of Africa learnt about Harnessing Technology Tools for Risk Management as a Strategy for Loan Companies.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Our Guest Speaker Nifemi Oluboyede, is currently the Head of Product, Growth and Partnership at Credit Direct. His experience cuts across the banking, fintech and lending sector. From the likes of Zenith Bank, SystemSpecs (Remita), TeamApt, Carbon (One Finance), FairMoney and Kuda.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>3 Insights on Harnessing Technology for Effective Risk Management: Strategies for Loan Companies<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>1. Lending Processes&nbsp; where Technology can be Harnessed<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To understand the different aspects where technology can be harnessed, we will have to unbundle the lending process.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In the loan industry this will include Customer Identification, Underwriting Process, Collection of Data, Scoring Models, Decision Process, Disbursing of Loans, Management of loan Life-cycle,Cyber Security&amp; Fraud Prevention, Embedded Insurance and many more.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">On the topic of Customer Identification, some of the Technological Tools that can be explored are Identity Pass, Dojah\u2026<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><br>Curious to know more technological tools that can enhance each of these elements? Click <a href=\"https:\/\/youtu.be\/GsIPmkvFxfY?si=7TTyHQcOflfC6m-n\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a> to gain these insights.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>2. Enhancing Risk Recognition Through Risk Retention<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Here&#8217;s a smart strategy: teach your system to recognize customers who might be trouble through Risk Retention. This proactive approach significantly enhances the quality and efficacy of your system when dealing with similar customers.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span id=\"docs-internal-guid-e6af29e5-7fff-87f0-5c95-3552fd1cee6d\"><span style=\"font-size: 12pt; font-family: Poppins, sans-serif; color: rgb(14, 16, 26); font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; vertical-align: baseline;\">What other risk management techniques can you adopt to grow your system? Click on the video above to gain these insights.<\/span><\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>3. Insurance as a partner to keep the lights on<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Although often underemphasized, providing automatic insurance coverage for your customers through embedded insurance acts as an invaluable layer of protection within your lending processes. Regardless of the stringent checks and procedures you implement as a lending company, defaults are bound to occur.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThink of Insurance as the inverter that backs up lending companies.\u201d<br><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Access the Full Webinar Experience<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To access a treasure trove of insights and revisit the highlights from our informative webinar, simply click on the video above.<br><br><a href=\"https:\/\/www.linkedin.com\/in\/fintechbro\/\" target=\"_blank\" rel=\"noreferrer noopener\">Connect with or Contact the Guest Speaker here<\/a>&#8211; <a href=\"https:\/\/www.linkedin.com\/in\/fintechbro\/\" target=\"_blank\" rel=\"noreferrer noopener\">Nifemi Oluboyede<\/a><br><a href=\"https:\/\/www.linkedin.com\/in\/gbenrodara\/\" target=\"_blank\" rel=\"noreferrer noopener\">Connect with or Contact the Host here<\/a> &#8211; <a href=\"https:\/\/www.linkedin.com\/in\/gbenrodara\/\" target=\"_blank\" rel=\"noreferrer noopener\">Gbenro Dara<\/a><br><a href=\"https:\/\/www.linkedin.com\/in\/kehinde-oluwadamilare-talabi\/\" target=\"_blank\" rel=\"noreferrer noopener\">Connect with or Contact the Moderator here<\/a> &#8211; <a href=\"http:\/\/www.linkedin.com\/in\/kehinde-oluwadamilare-talabi\" target=\"_blank\" rel=\"noreferrer noopener\">Damilare Talabi<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"We created a space where business leaders, CEOs, Startup Founders, Bankers and even Fintech enthusiasts from different parts&hellip;\n","protected":false},"author":6,"featured_media":3393,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_stopmodifiedupdate":false,"_modified_date":"","_mo_disable_npp":"","csco_singular_sidebar":"","csco_page_header_type":"","csco_appearance_grid":"","csco_page_load_nextpost":"","csco_post_video_location":[],"csco_post_video_location_hash":"","csco_post_video_url":"","csco_post_video_bg_start_time":0,"csco_post_video_bg_end_time":0,"footnotes":""},"categories":[154,14,4,2],"tags":[38,37],"class_list":["post-3315","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business-insurance","category-case-study","category-digital-insurance-insights","category-insurance-tips","tag-digital-insurance","tag-embedded-insurance","cs-entry","cs-video-wrap"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.0 - 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