NBAD strengthens lending operations with Misys Loan IQ
Dubai, United Arab Emirates - 17 August 2011
Leading UAE bank goes live with Misys Loan IQ to enhance efficiency and improve customer service
Misys plc (FTSE: MSY.L), the global application software and services company, today announced that the National Bank of Abu Dhabi (NBAD), the Number One Bank in the UAE, has gone live with Misys Loan IQ. The commercial lending solution from Misys was implemented in less than a year and now enables NBAD to streamline workflows, increase loan processing efficiencies and reduce turnaround time for its lending business.
NBAD, the UAE’s largest bank by market capitalisation, chose Misys Loan IQ to change from a paper-based system to an automated solution. The bank has integrated Loan IQ seamlessly with the bank’s existing mission-critical applications in collaboration with the Misys implementation team. Loan IQ’s market-leading functionality enables NBAD to streamline multiple business areas including credit management, risk control, compliance and portfolio management.
“We needed the most advanced solution on the market that would help us to manage workflow effectively across every stage of the loan lifecycle," said Nigel Carrington, the Head of Operations at the National Bank of Abu Dhabi. “We also wanted to improve efficiency and the customer service provided to corporates and financial institutions that participate in NBAD’s syndicated loans. Misys Loan IQ has been able to deliver these capabilities and will help us to grow business volumes while equipping us to react faster to changing market and customer requirements.”
Misys Loan IQ continues to gain traction across the banking and financial services industry in Middle East and Africa as it enables significant cost savings of up to 40% through systems consolidation and increased straight-through processing in syndicated lending.
Michel Daenen, Sales Director, Misys Treasury and Capital Markets solutions practice, Middle East and Africa, says: “We are committed to providing cutting-edge solutions that deliver real business value to our customers. Loan IQ, is helping NBAD to control, optimise and effectively manage and grow its commercial lending business from a single platform, resulting in a unique straight through processing solution. We look forward, after the successful implementation done in less than one year, to continue to work with the bank’s staff to ensure they remain at the forefront of the region’s banking industry. As our business grows and our world class solutions are chosen by similar forward-thinking institutions, Misys is well positioned to maintain its leading position in the Middle East financial services sector.”
Misys Loan IQ currently processes over a third of international syndicated loans and more than a half of the world’s loan trades. With multi-currency, multi-branch capabilities, industry leading workflows and robust functionality, Misys Loan IQ is designed to maximise an organisation’s commercial lending business today and in the future.