Qorus Banking Innovation Awards 2023

VARS – VakifBank Risk Solution

premium
Q+
25/09/2023 Banking Innovation

About

Our bank used an external application to calculate expected credit losses for future potential risks. However, the external application could not provide effective solutions tailored to our bank's needs. Leveraging our bank's robust technological infrastructure and human resources, we developed and implemented our own calculation application called "VakıfBank Risk Solution (VARS). The VARS application, which has been developed and put into use by the IT teams of our bank with the innovative approach, technological development and result-oriented concepts included in the goals of our bank, allows the fast, reliable and most accurate calculation of provisions for financial instruments.

Want to keep reading?

Become a Qorus member to get access to all our innovations

Interested in learning more? Speak to Boris, Qorus's Content Lead

Qorus has a library of almost 8,000 innovation case studies across critical areas like customer experience, sustainability, marketing & distribution and more that can be used to inform your decision-making.
Contact us

Related innovations

24/06/2024 Banking Innovation

Fuze

Driven by a solutions-based approach, Fuze helps financial services providers in the Middle East to strategise, organise and implement digital...

24/06/2024 Banking Innovation

A unique way to activate the bank's mobile application

mBank has provided its customers with a new and unique across the European Union way to activate the bank’s mobile...

24/06/2024 Banking Innovation

Snoop - the first app in the UK to integrate credit score within a money management platform.

Snoop is the UK's first app integrating credit score monitoring with money management. It has a 93% recommendation rate, boosts...

24/06/2024 Banking Innovation

Mortgage Hub: Digital E2E Experience

Portugal's first fully digital mortgage journey makes home buying easy, smart and personalized while improving customer satisfaction and internal efficiency.

Related news & insights

24/06/2024 News

Revolut launches Pan-European loyalty program: RevPoints

This program allows Revolut customers to earn points on their everyday spending, which can be redeemed for rewards such as...

Digital Reinvention
22/06/2024 News

OCBC Securities launches Singapore’s first AI stock-picker to triple young investors

A.I. Oscar predicts stock price movements and generates personalized stock ideas. Following a successful pilot from October 2023 to April...

Mobility
20/06/2024 News

Superbank expands banking access to millions of Grab users and partners in Indonesia

This partnership allows millions of Grab users and partners to open accounts, save money, and use these accounts for payments...

SME Banking
20/06/2024 News

Societe Generale to sell subsidiary Shine to Ageras

This strategic move is part of Societe Generale's effort to streamline its operations and concentrate on its core retail banking...