Latest news with #DebtManagement
Finextra
5 days ago
- Business
- Finextra
First Abu Dhabi Bank deploys iGCBdebt management tech
Intellect Global Consumer Banking (iGCB), a business unit of Intellect Design Arena Limited, announced that First Abu Dhabi Bank (FAB), the UAE's global bank, has successfully implemented Intellect Consumer Banking's Debt Management solution offered as a part of Lending. 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. The initiative marks a pivotal step in FAB's credit strategy to enhance operational efficiency and customer experience by transitioning to a comprehensive and automated digital process. The integration of debt management automates various processes and links over ten subsystems within FAB, allowing for real-time data visibility of the credit portfolio. This enhancement is aligned with the bank's forward-looking vision to fully automate its debt collection features over the next five years, reinforcing its customer-first approach and ambition to grow stronger by investing in technology and people. Post the implementation of Lending, the bank will be able to: – Create collection strategies in Lending application through equal distribution, percentage allocation and bucket based queue stamping – Efficiently manage collections across loan and card variants through the Lending application – Streamline the collection process and reduce the cost of recovery – Efficiently partner with loan recovery agencies to improve collection by getting complete visibility of the information and actions taking place with agencies working on debt First Abu Dhabi Bank is embarking on a transformative journey with Intellect, by implementing Intellect's Lending, thereby marking a significant step in the bank's digital roadmap. This collaboration reflects FAB's commitment to providing the most efficient, customer-centric banking experience across its expanding global network, building upon a technology partnership with Intellect that began in 2005. Rajesh Saxena, CEO, Intellect Global Consumer Banking, said, 'At Intellect consumer banking, we are honoured to collaborate with First Abu Dhabi Bank (FAB) on this crucial initiative, reinforcing a shared commitment to innovation and digital transformation. FAB's decision to implement Digital Lending, following their investment in our core banking and digital engagement platform, highlights the strength of this partnership and FAB's confidence in our advanced solutions. We remain dedicated to empowering our partners, including FAB, on their digital transformation journey, equipping them with innovative solutions that cater to the evolving demands of their customers.'
CTV News
28-05-2025
- Business
- CTV News
How to keep your finances on track according to Canadian expert
We're kicking off Financial Fitness Week by looking at how you can evaluate your own financial fitness! This week marks Financial Fitness Week and CTV Morning Live looks into how to evaluate your financial situation to grow your net worth. The net worth is defined as the health check for your finances, according to personal finance expert and author Jessica Moorhouse. This includes your assets and liabilities. Moorhouse says that you want to see your net worth grow every month. This can be done through saving, investing and paying your debts, she adds. Emergency funds The most important thing when it comes to finances is making sure you have an emergency fund, Moorhouse said. 'When you think everything is going well, that's when something happens unexpectedly,' she said. 'Your car breaks down, your pet gets sick, you lose your job or your hours are cut. Something is always going to happen.' The rule of thumb, according to Moorhouse, is to have enough money to cover expenses for three to six months. She notes that most people do not have an emergency fund, citing having other priorities and not being able to save. Therefore, her first suggestion when meeting with new clients is to prioritize having that emergency fund. How to manage debt When it comes to debt, Moorhouse says it's usually an emotional topic that comes with shame, embarrassment and anxiety. There is always a way out, she notes. She suggests looking at the interest rates and trying to find the best repayment strategy. 'There are two important ones (strategies), the debt avalanche and the debt snowball. You either want to start paying off aggressively the one with the highest interest rate first, or do you want to tackle the smallest balance,' Moorhouse said. While the debt avalanche focuses on minimizing interest costs by paying off the debt with the highest interest rate first, the debt snowball focuses on paying off the smallest debts before moving on to the bigger ones, she explains. Cash flow vs spending Looking at the cash flow, which is the cash that comes in and the money that goes out, is very important to manage your finances, Moorhouse says. Though people look at how much they make per month, they don't necessarily look at their spending, she says, while suggesting tracking all expenses. 'It is important because we know that we (might have) spent a little too much on eating out. 'Or what was this expense? I thought I cancelled that subscription. Well, I didn't.' So, now I know cause that's my spending,' she added. The personal financial expert suggests aligning your spending with your goals and values. For example, if you want to go on a trip, she suggests cutting off on spending on take out coffees or eating at restaurants. More information is available in Moorhouse's book titled Everything but Money.
CBC
23-05-2025
- Business
- CBC
Meet the 3 people who will oversee the N.B. Power review
The Holt government has chosen the experts who will look at what to do with the indebted utility.
