FIS e-Floorstock System
- Customer
- FIS Group
- Project manager on the customer side
-
- Year of project completion
- 2024
- Project timeline
- June, 2024 - October, 2024
- Project scope
- 100 automated workstations
- Goals
-
To achieve the following specific objectives:a. To develop a digital floor stock financing registrar that seamlessly integrates with the existing e-Hakmilik application system.
b. To ensure accurate and unique recording of floor stock financing transactions to prevent double-financing.
c. To enhance the functionality of the FIS system by integrating e-Floor Stock Entry with the JPJ Web Services.
d. To enhance the transparency and accessibility of financing records for authorized personnel and financial institutions.
e. To streamline the process of recording and verifying floor stock financing, thus improving operational efficiency.
f. To uphold the organization's reputation and integrity by ensuring accurate and reliable financial records. - Project Results
-
a. Firstly, this will streamline the entire financing process, making it easier for our members to submit their requests and inquiries for FIS to process them efficiently.
b. Secondly, this will enable FIS to maintain a centralized database of all necessary records, reducing the risk of errors and ensuring data security.
c. Thirdly, it will enhance our overall competitiveness by adopting cutting-edge technology in our operations.
d. Fourthly, the automated recording and tracking of floor stock financing through a digital registrar will streamline the process, reducing manual errors and enhancing operational efficiency.
e. Fifth, by centralizing the data within a secure digital environment, we can ensure the protection of sensitive information and prevent unauthorized access.
f. Lastly, the digital platform will offer real-time updates and accurate reporting, enabling subscribers to make informed decisions based on up-to-date information regarding their records and inquiries.
The uniqueness of the project
The objective is to effectively record floor stock financing from various financial institutions to prevent double-financing using a digitalized method within the existing e-Hakmilik application.
The e-Hakmilik application system has been in use for registering process and reporting vehicle ownership information efficiently and securely. By leveraging this existing platform to incorporate the floor stock financing registrar, this can streamline its processes and enhance transparency in recording vehicle information specific to floor stock financing.
Digitalizing the floor stock financing registrar will also enable automated tracking of financing details, reducing the likelihood of errors or discrepancies.
The uniqueness and impact of digitalizing the floor stock financing registrar using the existing e-Hakmilik application system is significant to the industry.
By centralizing all vehicle floor stock financing information within a digital platform, this can improve data accuracy, accessibility, and security. This enhanced efficiency will facilitate better decision-making processes and enable stakeholders to access real-time information on floor stock financing activities and protect the industry from double-financing and malicious applications.
- Used software
-
Verified technology in software, infrastructure and security apparatus.We cannot disclose the details in accordance to the sensitivity and security act, which is identified under information security policy and cybersecurity policy.
- Difficulty of implementation
-
Implementing the mention initiative involves several challenges and difficulties that must be carefully considered. These challenges can stem from both technological, operational, and industry-related factors.The FIS e-floorstocking initiative promises significant benefits for vehicle dealerships registration of facilities to the available financial institutions, this improve financing efficiency and reducing the risk of double financing. However, the complexity of system integration, security challenges, cost implications, stakeholder coordination, and potential resistance from legacy process support are among the critical type of difficulties that is addressed thus produce a successful implementation.Careful planning, stakeholder engagement, and phased deployment is the key to overcoming these challenges.
- Project Description
-
Vehicle floor stock financing is very important for our members in managing their portfolio of vehicles in volumes mainly to car dealers and resellers.Currently, the process involves manual paperwork and carries a risk of double-financing if not managed properly and efficiently.The FIS system, known for its reliability in registering process and reporting vehicle ownership information including transactions, presents a robust platform to extend its capabilities to the facilities of vehicle floor stock financing, promoting efficiency and accountability.Double-financing is a significant issue in the financial industry which can lead to financial losses and reduced trust among stakeholders.By leveraging the capabilities of the existing FIS application system, we can create a more robust and centralized digital registry for floor stock financing in a single window solution.
- Project geography
-
This initiative is for the usage of all FIS members throughout the nation (Malaysia).
- Additional presentations:
- e-fs sample screen 23102024.pdf
