April 22, 2020
New Delhi, India. April 22, 2020 — Celent, the world’s leading research, advisory and consulting firm focused on financial services technology, has named RattanIndia Finance, a leading Non-Banking Finance Company (NBFC) in India as the winner of The Celent Model Bank Award 2020 for Retail Lending, enabled by FinnOne Neo from Nucleus Software.
Celent Model Bank Awards are designed to recognize best practices of technology usage across a range of critical areas in banking. The nominations, submitted by financial institutions, undergo a rigorous evaluation process by Celent analysts on a number of criteria including demonstrable business benefits, the degree of innovation and the implementation excellence. The winner for Retail Lending, RattanIndia Finance deployed FinnOne Neo in the cloud, disrupting the consumer finance market by providing a superior digital experience, speedy approvals and the rapid launch of innovative loan products. With FinnOne Neo, RattanIndia Finance reduced the time taken to bring new products to the market by 50%, decreased the IT resource count by 75% and lowered the cost of ownership by 90%. In addition, RattanIndia recorded rapid business growth, and became the first lender to offer loans for electric bikes in India.
Mr. Craig Focardi (Senior Analyst, Celent) said “Although the growth of cloud computing has accelerated in recent years, the movement of mission-critical core lending and banking solutions has not. RattanIndia Finance’s successful transition of its entire end-to-end lending platform for retail and corporate banking is a leading-edge example of the future potential for the public cloud, which is why RattanIndia Finances is worthy of Celent’s Model Bank 2020 Award for retail lending”.
Mr. Kandarp Kant (Head of Technology, RattanIndia Finance) commented “We are really excited to win the Celent Model Bank Award, powered by Nucleus FinnOne Neo. This project helped us differentiate RattanIndia Finance as an agile, digital and customer focused lender. We are delighted that the project confirmed our belief that technology powers business growth and helps us deliver a superior customer experience. The results that we have seen are truly remarkable”.
Mr. R. P Singh (CEO, Nucleus Software) said, “Our heartiest congratulations to the RattanIndia Finance team for wining this prestigious Model Bank Award from Celent. RattanIndia Finance is an innovative company and we are proud to support them in their goal to provide a faster, easier and more customer centric experience. This achievement is a further testament to the confidence of global financial services industry in the power, reliability and robustness of our solutions”.
Nucleus Software Exports Ltd. is a publicly traded (BSE: 531209, NSE: NUCLEUS), software product company that provides lending and transaction banking products to global financial leaders.
Nucleus Software powers the operations of more than 200 Financial Institutions in over 50 countries, supporting retail lending, corporate banking, cash management, mobile and internet banking, automotive finance and other business areas. Its products facilitate more than 26 million transactions each day, managing over US $ 500 billion of loans and enabling more than 500,000 users logging in daily.
Nucleus Software’s flagship products, built on the latest technology are:
FinnOne NEO™ : The next-generation digital lending solution that is built on an advanced technology platform.
FinnAxia™ : An integrated global transaction banking solution used by banks worldwide.
PaySe™ : The world’s first online & offline digital payment solution created with an aim to democratize money.
For more information, please visit : https://www.nucleussoftware.com