New Delhi, India. May 1, 2017 – Nucleus Software, the leading provider of lending and transaction banking solutions to the global financial services industry, announced today that Manappuram Home Finance Pvt. Limited has selected FinnOne Neo Cloud, Nucleus Software’s cloud based lending solution. This is the fourth win in India for FinnOne Neo Cloud since the specialized solution was launched seven months ago.
Backed by strong economic conditions and Government initiatives such as Pradhan Mantri Awas Yojana (PMAY) – a 3 phase programme designed to build more than 20 million homes by 2022 – the number of Housing Finance Companies (HFCs) is increasing. With increased competition, HFCs are seeking to provide fast, convenient and cost effective services to their customers. As a leading technology solution provider to the Banking and Financial Services Industry for the last 3 decades, Nucleus Software is committed to helping HFCs attain their business goals by leveraging digital services in cloud.
To support their growth plans and transform to a digital operating model, Manappuram Home Finance needed a sophisticated, flexible, high performance lending solution. After rigorous evaluation of the solutions available in the market, Manappuram Home Finance selected Nucleus Software’s FinnOne Neo Cloud as it is designed to cater to the specific business needs of Housing Finance Companies. This solution offers a unique combination of comprehensive functionality, flexibility and ability to deliver customer-centric products and services.
FinnOne Neo Cloud is a highly automated, workflow based and technologically advanced lending solution, designed to offer best-in-class loan lifecycle management capabilities combined with the power of cloud. It will enable Manappuram Home Finance to streamline operations, launch tailored products in a matter of minutes and offer comprehensive services across multiple channels. To leverage the power of mobile in loan origination and collections, the company will also implement FinnOne Neo Lending Mobility Solutions – mCAS and mCollect. With these mobility solutions Manappuram Home Finance will be able to take decisions faster, streamline collection processes and reduce operational costs. FinnOne Neo Cloud at Manappuram Home Finance will be deployed on Amazon Web Services (AWS) cloud platform.
Mr. V.P.Nandakumar, Chairman Manappuram Home Finance Pvt. Limited commented “Manappuram Home Finance focus is to provide best-in-class solutions to its customers in the affordable housing finance space. We chose Nucleus FinnOne Neo Cloud to give our customers instant access to a wide range of innovative products and services using channels of their choosing. Nucleus Software has a track record of helping financial institutions improve customer experience using technology. FinnOne Neo Cloud will help us launch new products more quickly and efficiently. With this solution in place, we look forward to deliver outstanding service to our customers”.
“Digitization, evolving customer preference for digital channels and the rise of Fintech companies are transforming the financial services industry. We are delighted to be supporting Manappuram Home Finance’s vision of providing an unmatched customer experience. Backed by the experience gained from 50 countries, our solutions incorporate global best practices and will help them better manage their credit, operational and IT risks while serving their customers more effectively. We look forward to helping them in their continued business growth and expansion,” said Mr. Vishnu R. Dusad, CEO, Nucleus Software.
About Manappuram Home Finance (P) Ltd.:
Manappuram Home Finance Private Limited is a wholly owned subsidiary of Manappuram Finance Ltd., one of India’s leading NBFCs. Manappuram Home Finance Ltd. has an authorized and paid up share capital of INR 1 billion. Focused on the affordable home finance space, the company currently operates in six states in the southern and western regions of India.