The need for Automation, Integration and Analytics In Financial Tech.
The case of chpter.
The year 2020 has been a tough one. COVID-19 has taken the world by surprise. The pandemic has seen the economy lose its balance, entrepreneurs scramble for an exit strategy and a potential crash of the stock market. Imposed lockdown restrictions aimed at containing the spread of the pandemic have made it even more difficult for many business to survive.
The finance industry has been one of the hardest hit by this economic crisis. This has resulted in closure of many businesses, with the ones strong enough to survive reporting revenue loss of up to 50%. In light of this, pain points in the Property and Asset Finance scene have been highlighted and exposed.
Existing workflows result in prolonged deliveries due to a heavy reliance on traditional inputs such as pen and paper, spreadsheets and word documents which are laborious and time consuming. Current debt appraisal processes are plagued with slow decision making. It takes up-to six months for a reasonable output to be generated. This long process creates an undesired ripple effect as project kickoffs are delayed and so is the forecasted revenue.
Finally, the crisis has exposed the demerits of traditional uncoordinated workflows. Government imposed lockdown restrictions have made working from home the new norm. Great inefficiencies are accrued as large teams rely solely on email and phone calls to communicate and collaborate.
This period has highlighted the need for financial services institutions to have technology at their core, as well as the need of having the agility, flexibility, and remote working embedded in their DNA.
At chpter. , we are on a mission to build financial forecasting infrastructure that will revolutionise the future of Property and Asset finance across Africa. Automation, Integration, Analytics and Collaboration are at the core of the solution being provided by the Chpter Integrated System (CIS).
We are committed to developing a software that will power efficient, accurate and less paper heavy solutions, enabling financial institutions reduce on missed opportunities and provide a significantly better experience to their customers.
