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Esskay Fincorp signs with Nucleus Software for Digital Transformation

March 19, 2018 | Press Release

Nucleus Software gains its 15th customer in 15 months for its ground breaking cloud lending solution

New Delhi, India. March 19, 2018. Nucleus Software, the leading provider of lending and transaction banking solutions to the global financial services industry, today announced that Esskay Fincorp, a leading  Non-banking financial company (NBFC) in India has selected FinnOne Neo Cloud, Nucleus Software’s cloud based lending solution. The company will implement this solution to support the end-to-end digitization of their lending business.

Established in 1994, Esskay Fincorp operates in the state of Rajasthan, Gujarat, Punjab, Haryana, Madhya Pradesh and Maharashtra with strong network of 226 branches in these states. The vision of the company is to become the most preferred financer by providing credible, professional and customer centric world- class financial services to its customers intended towards financial inclusion. The company is also targeting to disburse around 2.5 lacs new loans in the next 3 years.

According to Boston Consulting Group (BCG), micro and small enterprises will be the key growth drivers for banks and NBFCs in the coming years as the segment is highly under-served and has managed to maintain its creditworthiness. As per the report, the micro enterprises delinquency rates are more stable and approximately 14% lower than that of large corporates. In fact while delinquency rates have increased across the board they have increased by nearly 10 times more for large corporates. With an aim to stay ahead of the competitive market and to fuel business growth, Esskay Fincorp is providing an innovative digital experience to its customers.  

Esskay Fincorp has chosen Nucleus FinnOne Neo Cloud to set up a completely automated and paperless loan processing capability. The company will deploy FinnOne Neo Cloud to take advantage of the benefits that cloud technology brings in including compressed timelines to reach end-market, on-demand scalability, increased agility and cost efficiency. The company will also implement Nucleus lending mobility solutions — mCAS and mCollect to empower their agents with anytime anywhere loan origination and seamless collections on the go through mobile applications. This will enable Esskay Fincorp to on-board customers more rapidly, deliver better services through redeployment of resources and digitize the entire collection processes. Nucleus Lending Mobility helps banks and NBFCs manage the end to end loan life cycle of their customers on mobile devices.

Mr. Rajendra Setia, Managing Director, Esskay Fincorp said, “Esskay is now at an inflection point wherein in the recent past we have already invested heavily in mobilization of requisite resources and in the series of events technology was a miss. By adopting Nucleus FinnOne Neo we are completing the loop which is intended to provide our customers a rapid, transparent and easy access to financial services offered by us. We understand the need to invest in best technology of the time and that is why we choose Nucleus FinnOne Neo Cloud. This solution will provide us with scalability, functionality and flexibility which will help us expand our business and achieve our business goals”.  
Sarbpreet Singh, Global Head - Cloud Business, Nucleus Software said, “Esskay Fincorp is an innovative company with aggressive growth plans and we are delighted to support them. With our primary focus on digital and innovation, FinnOne Neo Cloud will enable Esskay Fincorp to become one of the leading lending providers and help them grow faster. With this solution, they will now be able to offer unparalleled experience to their customers and tailored offerings at the speed of their demands. With Esskay Fincorp on board, now we reached a significant milestone of 15 FinnOne Neo Cloud customers in last 15 months”.

About Esskay Fincorp:

With a track record of 20+ years in this business, we are among the leading Non-Deposit Taking Systematically Important Non-Banking Finance Companies in Northern Indian. The link with the common man has strengthened us with time. Behind the functioning of the organization, is the belief that each customer is an asset in the growth of our business. To know more click here: http://www.skfin.in/index.php#about-us

About Nucleus Software

Nucleus Software (BSE & NSE: NUCLEUS) is the leading provider of lending and transaction banking products to the global financial services industry. Its software powers the operations of more than 150 companies in 50 countries, supporting retail banking, corporate banking, cash management, internet banking, automotive finance and other business areas. Nucleus Software is known for its world-class expertise and innovation in lending and transaction banking technology. It has two flagship products, built on the latest technology:
  • FinnOneTM 10 time winner - World’s Best Selling Lending Solution. 
  • FinnAxiaTM, an integrated global transaction banking solution used by banks worldwide to offer efficient and Innovative global payments and receivables, liquidity management and business internet banking services.
Forward-looking and Cautionary Statements: For risks and uncertainties relating to forward-looking statements, please visit: http://www.nucleussoftware.com/safe-harbor.

For Media related information, please contact:

Rashmi Joshi, Nucleus Software
Email: rashmi.joshi@nucleussoftware.com
Phone: +91-9560694654