New Delhi, India. February 27, 2017: Nucleus Software, the leading provider of lending and transaction banking solutions to the global financial services industry, announced today that Manappuram Finance Limited, one of India’s leading gold loan NBFCs, has chosen FinnOne Neo, the award winning loan life cycle management solution. Manappuram will deploy the solution in the cloud. For Nucleus Software, the agreement is the third cloud services deal in India in seven months.
Since incorporation in 1992, Shri V.P. Nandakumar (promoter and current MD & CEO) has led the company on a strong growth path. Today, the company and its subsidiaries serve 2.8 million satisfied customers from a network of over 4,000 branches in 28 states. Building on its established track record as an innovator, the company’s strategic goal is to apply for a universal banking license in the near future. To support this goal, the company needed an innovative and robust digital loan acquisition and servicing platform supported by a partner with deep understanding of lending.
After a rigorous evaluation process, Manappuram Finance selected Nucleus Software’s FinnOne Neo. The solution will enable Manappuram Finance to rapidly scale up their business focusing on auto loans and loans against property. The company has chosen to deploy FinnOne Neo in a private cloud to take advantage of the benefits that cloud technology brings, including reduced time to market, on-demand scalability, and market-leading security. Manappuram Finance will use FinnOne Neo to streamline work flow, eliminate bottlenecks, and achieve seamless loan processing. The company will also implement Nucleus FinnOne Neo Lending Mobility solutions — mCAS and mCollect — for leveraging the power of mobile in loan origination and collections. This digital capability with mobile channel in lending processes will help Mannapuram further drive efficiency, cost reduction and faster decision making.
Mr. B.N. Raveendra Babu, Executive Director, Manappuram Finance Limited commented, “We wanted a robust, secure and comprehensive solution that would help us to replicate our success in gold loans as we sharpen our focus on auto loans and loans against property. We chose Nucleus Software’s FinnOne Neo because we felt it will help us streamline our processes, reduce our costs while delivering the innovative products and services our customers demand. We are confident this solution will give us the agility needed to execute our mission.”
Mr. Vishnu R. Dusad, CEO, Nucleus Software said, “NBFCs across India are taking advantage of the power of digitization. To be a truly digital business you need a comprehensive, innovative and flexible digital platform. FinnOne Neo is the market leader in this space. We are delighted to be working with Manappuram Finance on this project. This is a further testament of the momentum in our cloud journey building on the recent successes in India. It demonstrates that Nucleus is the established technology partner for the digitization of the financial service industry”.
About Manappuram Finance Ltd.:
Manappuram Finance Ltd. is one of India’s leading gold loans NBFCs engaged in providing finance against used household gold ornaments. Incorporated in 1992, the company has been promoted by Mr. V.P. Nandakumar (current MD & CEO) whose family has been involved in gold loans since 1949. It is headquartered at Valapad in the Thrissur District of Kerala. The company went public in August 1995 and its shares are listed on the BSE and NSE stock exchanges. As of December 31, 2016, Manappuram Finance Ltd. had 4024 branches across 23 states and 4 UTs with Assets under management (AUM) of Rs.145.5 billion. The company’s net worth stood at Rs. 32.10 billion.