FinnOne Neo®
Lending
Transaction Banking
Financial Inclusion
In the ever-evolving fintech landscape, staying ahead of the curve is paramount. At Nucleus Software, we understand the importance of continuous innovation and the criticality of delivering cutting-edge solutions that empower financial institutions in the competitive financial services space. With the latest release of FinnOne Neo® GA 7.5, we are excited to introduce a suite of advanced features and enhancements designed to automate and streamline operations, enhance customer experiences, and drive business growth.
Objective of FinnOne Neo® GA 7.5 for Financial Institutions
Our goal is to ensure that financial institutions conduct transactions with the utmost security, efficiency, and automation. FinnOne Neo® GA 7.5 empowers financial institutions to seamlessly meet business needs while enhancing performance and security. By relying on our system for day-to-day operations, financial institutions can accelerate growth in the loan lifecycle.
Our primary objective is to support financial institutions to deliver hyper personalized services to their end customers and outperform competitors, By focusing on both fronts, financial institutions can drive growth and achieve success.
Key Capabilities of Finnone Neo® GA 7.5
FinnOne Neo® GA 7.5 has several capabilities that bolster security against vulnerabilities, enhance effectiveness, and optimally harness the power of automation, enabling financial institutions with an effortless digital lending capability:
1. Customer Acquisition System: Flexible Management and Automation
The FinnOne Neo® Customer Acquisition System (CAS) in GA 7.5 introduces transformative enhancements that empower financial institutions to deliver exceptional customer experiences. One notable upgrade is the enhanced Balance Transfer feature, which now includes a configuration-based manual closure option alongside the existing auto-closure feature. This flexibility allows users to make informed decisions, providing greater control over the application process.
Financial institutions also sought the ability to cancel only the first disbursal instead of the entire loan, enabling improved management of disbursal operations. The First Disbursal Cancellation feature in FinnOne Neo® CAS GA 7.5 addresses this need, allowing financial institutions to cancel the first loan disbursal without affecting the overall loan structure. This functionality streamlines workflows and minimizes the need for extensive communication with customers.
Additionally, the updated CAS now supports internal balance transfers between loan applications, offering both manual and auto-closure options. This enhancement provides users with further control and flexibility in managing applications.
Furthermore, users can update loan limit amounts through the user interface. With the introduction of a dedicated API, the system now facilitates seamless adjustments to loan amounts within partially disbursed loans. This improvement not only enhances operational efficiency but also significantly reduces the need for manual intervention.
2. Loan Management System: Elevating Efficiency and Transparency
The FinnOne Neo® Loan Management System (LMS) in GA 7.5 introduces powerful features designed to transform lending processes. A key enhancement is the “API Transaction Details” report, which provides a comprehensive audit trail of transactions within specific loan accounts. This feature allows users to track actions, status updates, and dates directly from the home screen, significantly improving transparency and accountability, thereby bolstering business integrity.
The LMS also enables business teams to streamline loan repayment schedules in bulk through a single upload format that supports both current and backdated rescheduling. This flexibility enhances operational efficiency and reduces turnaround times for rescheduling scenarios, ultimately increasing productivity.
To facilitate efficient transaction tracking and compliance, the “Transaction Details” report (or MAT report) in FinnOne Neo® LMS GA 7.5 offers detailed insights into actions taken and their statuses. This ensures users can easily access critical information, enhancing overall transparency in the lending process.
Moreover, the FinnOne Neo® GA 7.5 LMS addresses the common challenge of delays in generating closure receipts with its automated backdated closure process. This feature allows users to automate loan closures directly through Payment Collections, capturing purpose-driven receipts for backdated closures without manual intervention.
To maintain clean and reconciled general ledger (GL) accounts, the LMS integrates reconciliation into the Post End of Day (EOD) routine, ensuring daily accuracy and facilitating timely financial closures.
Additionally, authorized signatory reports can now be managed with enhanced flexibility, allowing users to configure templates based on specific expiry dates. Lastly, the introduction of the “Buffer Days for Auto-Closure Eligibility Date” feature enables financial institutions to set buffer periods before automatically closing loans after maturity, optimizing operational efficiency in loan management.
3. Collections: Driving Operational Excellence
The FinnOne Neo® Collections module in GA 7.5 introduces a range of innovative features designed to optimize collections processes and drive operational excellence. Enhanced BOD Process accelerates and streamlines the handling of backdated BOD files, empowering the collections team to achieve reduced turnaround times while dealing with backdated BOD processes. This enhancement, coupled with automatic file resizing and host-wise business day identification, boosts operational efficiency and provides comprehensive audit trails for improved visibility.
Furthermore, The Allocation Lock feature safeguards allocation integrity by preserving case allocation to specific units for defined periods, ensuring that allocated cases remain with assigned collectors throughout the defined period and reducing case normalization’s turnaround time.
Moreover, there is a pressing need for improved insight and efficiency in on-site collections. Financial institutions can now provide Telecallers with comprehensive visibility into all Personal Visit Report (PVR) details through a dedicated new screen on the Telecaller interface. This feature allows users to efficiently conduct on-site visits, accurately assessing the reasons for delinquency and the current state of customer assets.
With this comprehensive visibility into PVR-related details—including account, customer, collateral, and delinquency reasons—Telecallers can develop personalized and effective collections strategies.
4. Mobile Customer Acquisition and Servicing (mCAS): Digital First Approach
In the era of digital transformation, the FinnOne Neo® GA 7.5 Mobile Customer Acquisition and Servicing (mCAS) module introduces version upgrade notifications, ensuring users are informed about critical and non-critical upgrades. This feature not only enhances technical efficiency for banks and financial institutions by ensuring uniformity across users but also facilitates the adoption of the latest app features.
Additionally, the CKYC (Central Know Your Customer) integration in mApply and mServe streamlines the applicant sourcing journey by automatically populating necessary information from the CKYC Registry. This innovative feature enhances efficiency, accuracy of information, and significantly reduces turnaround time in the application sourcing process, providing a swift and accurate onboarding experience for users.
5. Regulatory Compliance and Data Integrity: Stringent and Impeccable
FinnOne Neo® GA 7.5 prioritizes regulatory compliance and data integrity, ensuring that financial institutions can operate within the boundaries of industry regulations while maintaining the highest standards of data management. The CERSAI Details Capturing from Collateral Type feature expands the list of collateral sub-types under ‘Asset’ for CERSAI filing, enabling accurate reporting of security interests in CERSAI and facilitating comprehensive data capture across all stages, from Lead Details to Post Approval.
Moreover, the Dynamic Forms Saving in GCD feature seamlessly integrates dynamic form details into the Global Customer Data (GCD), ensuring comprehensive data storage and accessibility. By centralizing customer data efficiently, FinnOne Neo® GA 7.5 mitigates risks and drives better decision-making processes.
Embrace the Future of Fintech
At Nucleus Software, we are committed to delivering innovative solutions that empower our clients to stay competitive. The FinnOne Neo® GA 7.5 release is a testament to our dedication to continuous improvement and our mission to provide cutting-edge fintech solutions that drive operational excellence, enhance customer experiences, and foster business growth.
Embark on a journey of digital transformation with FinnOne Neo® GA 7.5 and unlock a world of possibilities. Contact us today to learn more about how our solutions can revolutionize your financial services operations and propel your business to new heights.
Digital transformation is reshaping the financial services industry, presenting both challenges and opportunities for Financial Institutions. By embracing emerging technologies, navigating regulatory complexities, and fostering a culture of innovation, FIs can position themselves for success in the digital age. With a strategic approach to digital transformation, FIs can enhance customer experience, drive operational efficiency, and stay ahead of the technology curve in an increasingly digital world.
