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Magma FinCorp to implement Nucleus Software’s FinnOne Neo for loan management
Source : www.nucleussoftware.com/public/news/NucleusSoftware_Magma%20Fincorp_Press%20Release.pdf
Nucleus Software, the provider of lending and transaction banking solutions to the global financial services industry, has announced its collaboration with Magma FinCorp Ltd., a Non-Banking Financial Company (NBFC). Magma will implement Nucleus Software’s recently launched flagship lending product, FinnOne Neo for its loan origination and loan management operations.
Magma FinCorp plans to use FinnOne Neo to gain a competitive edge by creating and launching new financial products faster than its competitors. FinnOne Neo is a comprehensive end-to-end loan lifecycle management product designed to meet the challenges of operating in an increasingly digital world. Using FinnOne Neo, Magma expects to reduce turnaround time for customer loan applications and to quickly conceive and launch new financial products and services, as well as reduce operational costs.
“FinnOne Neo will greatly assist us in achieving our mission, which is to enrich customer experiences by using the latest technologies to transform our business. Powered by FinnOne Neo we will introduce innovative, tailor-made products and customer-oriented services to meet the growing demands of our customers. Nucleus Software is a market leader and we are confident that our partnership will be a catalyst for our growth”, said Ram Kalyan Kumar Medury, Chief Information Officer, Magma FinCorp.
Magma is replacing an in-house system with FinnOne Neo. The previous system’s lack of flexibility limited the business and was unable to match the kind of growth that Magma has achieved in the last couple of years and its future technology requirements.
The NBFC sector has been growing in recent years. In 2014 NBFC’s share of banking assets was 14.3%, up from 10.7% in 2009. The sector is now recognised as complementary to the banking sector.
