QR-FinPro (reQuest for Retail FINancial PROduct) is a WEB-based application for collection and processing of orders for sale of financial products and services from the front office network of Financial Institutions (FI) such as banks, pension funds, insurance companies, etc., subject to centralized approval.
QR-FinPro is applicable to contractual sales of financial products and services that 1) are within the authorities and powers of experts and managers of the FI’s head office , 2) have the potential to shorten the duration of the ‘registration-implementation’ business cycle of the order and 3) signing, operational follow up and administration of the contract, respectively the contractual obligations, shall be carried out by the officers in the respective office. Typical such financial products are these relating to:
• Signing of different types of credit transactions
• Signing of contracts for insurance policies
• Signing of contracts for pension insurances
• Issuance of bank guarantees
• Orders for participation in the financial and capital markets
QR-FinPro ensures support of business processes for sales in the following phases:
• Business design and support of the product list for sales by the functional departments in the FI’s head office
• Registration of orders for sales by the FI’s front office network
• Endorsement of the registered orders from a product manager in the office
• Notification of the head office of the orders newly-registered in the office network for consideration and approval through automatic sending out of the data from these orders.
• Review and sending the orders received in the FI’s front office network out to the functional departments in the head office.
• Endorsement of orders of the functional departments.
• Notification to the sender’s office for the status of orders filed by it for review and approval through an automatic reply upon endorsement of orders by the respective functional department in the head office.
• Review and confirmation of irrevocability of the transaction order to the sender’s office upon positive endorsement of the head office.
• Transfer of the signed contract to the back-office for registration, operational administration and follow up through automatic creation of a transaction order data package within the FI’s operations and accounting system.
• Timely notification of the front office employee with information on the client’s profile through an automatic upload of updated financial and statistical data from the FI’s operations and accounting system such as exposures and client evaluation, account balances, liabilities, maturities, etc.
• Distribution and support of the uniformity of changes in business conditions throughout the FI’s office network through automatic update of data entries for these conditions.
QR-FinPro provides for a set of additional financial instruments oriented within the financial product’s context, such as:
• Preliminary evaluation of the applicability of business conditions to each client
• Preparation of repayment plans
• Interest calculator
• Currency calculator
• Calculator of the profitability of securities
QR-FinPro supports sets of data with regard to:
• FI’s organizational structure with the officers and agents in charge and their delegated authorities
• Sales orders and their status
• Clients based on their registered orders and transactions signed
• Restrictive conditions associated with the sale of certain financial products
• Currency bulletins
• Interest bulletins
• Nomenclatures and classificators by groups of products
• Options for mandatory application of business requirements to the sale of each product
QR-FinPro provides opportunities and imposes technological discipline with regard to
• Establishment of set of terms relating to each financial product
• Design, presentation and screen generation of documents for input of data associated with each financial product
• Management of the control, access and changes to documents relating to each product
• Creation and generation of standard forms for each new product
• Tracing the route of documents to different functional departments
• Archiving of files containing scanned documents relating to each sales transaction
• Options for integration with other applications
QR-FinPro provides a wide-range information and reference system for extraction of data from the registered sales orders with regard to:
• Data on FI’s clients
• Existing relations between clients
• Client profiles for FI
• Statistics on the business from different prospectives: by financial applications, clients, front-office network, historical data, etc.
QR-FinPro provides for:
• Significant reduction in terms of time and financial resources in the lifecycle phases of the “Realization – Implementation - Maintenance” product.
• Better mobility, flexibility and independence of the FI from the development teams maintaining the application software and operations and accounting systems.
• Standardization and typization of the information technologies for registration and inclusion of data from FI’s front office network.
• Simultaneous and unified offering of financial products and services by the font office network.
QR-FinPro supports applied architecture which combines decisions with high adaptability and reliability, low threshold of costs of installation and maintenance in line with the modern IT requirements.
QR-FinPro has the potential to support financial institution’s strategic goals with regard to:
• Combining together several business branches (such as: banking, insurance, pension)
• The office client is financial institution’s client
• Expanding the ways of automated servicing of clients in the FI’s office network.