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April 20, 2008
| Financial Standard
Nucleus Software, the world’s leading retail banking software maker is set to penetrate the Nigerian banking sector with FinnOne, its flagship retail banking suite. The software company has cornered five of the top leading banks in the country and is presently implementing its retail banking solution on the technology platforms of three of the biggest five banks.
As at last week, it is in talks with nine banks and expects to conclude discussions in a matter of the weeks. Making a bold entry into the Nigerian financial services industry (FSI), top executives of the Indian company said they are working together with their Nigerian partner, Financial Applications Systems Limited (Fasyl) to deepen the retail banking market.
Nucleus Software is the leading software powerhouse providing innovative and pioneering software solutions to banks and financial organisations globally. It offers a host of competitive solutions to support the whole spectrum of business offerings across retail banking, corporate banking, cards and cash management.
Mr. Niraj Vedwa, president, head global sales and marketing, Nucleus Software revealed during a banking forum organised in Lagos by the company is committed to the development of the Nigerian retail banking segment. He said the company is partnership with Fasyl has is also working to expand the microfinance banking environment with its rich suite of Cash Management solution. Investigations showed that First Bank Plc and UBA Plc have been using FinnOne retail banking solution in the past two years while software implementation is ongoing in three other big banks for the retail application. “We are targeting 24 banks in Nigeria. Under two years we have five big banks with solution covering retail banking. We are also moving into the micro finance banks with Cash management solution,” said Vedwa.
The banking forum which brought together captains of banking industry had key information technology experts from Oracle, First Bank and Nucleus Software. Vedwa said it was meant to chart the future of retail banking for Nigerian banks. “We are bringing together customers to hear about the emerging trends in the banking technology sector.”
“We have a very strong relationship with Fasyl. They understand how to do business here. We want to keep the customers happy first by bring them the best of technology, implement it and help them utilise the best functionalities. Our products give the best value proposition to them,” Vedwa added. Mr. Lamido Sanusi, executive director, risk and management control, First Bank of Nigeria had during the forum x-rayed benefits of FinnOne which the bank used to grow its asset base by 170 per cent between March 2007 and March 2008. “With FinnOne I can approve credit wherever I am any where in the world once there is network,” he said.
Mr. Joseph Asumang, sales representative, Oracle African operations said they are partnering with Nucleus to provide world leading solutions that will meet the needs of bank customers. In the face of global financial crisis like the sub prime crisis, many financial institutions are realising the strengths and value of the products and solutions offered by Indian IT companies operating in the BFSI domain. Banks and financial institutions across the globe are now looking at increased operational efficiency in their lending business through automated solutions with robust credit appraisal mechanism thereby reducing the cost of lending. At this juncture, transformation from existing legacy systems to technologically advanced and cost effective lending solutions from Indian IT vendors is the key. These solutions are the best fit for hedging the risks that a bank or financial institution may run extending loans to borrowers with doubtful credit history. The FinnOne Suite from Nucleus Software is a fitting answer, as its modules provide end-to-end operational excellence to banks & financial institutes in the lending domain.
FinnOne Customer Acquisition System, Loans Management System, Collections & Forecaster are enabling banks & financial institutions worldwide to cushion the risks of lending (like the one of Subprime lending in the US). A thorough credit appraisal and evaluation by Customer Acquisition System prior to extending loans, a robust back end processor of Loans Management System and a comprehensive Delinquency Management System - Collections is a testimony to FinnOne’s strong capability to manage the risks of the lending business.
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Nucleus Software Targets 24 Banks with Retail Solutions
As at last week, it is in talks with nine banks and expects to conclude discussions in a matter of the weeks. Making a bold entry into the Nigerian financial services industry (FSI), top executives of the Indian company said they are working together with their Nigerian partner, Financial Applications Systems Limited (Fasyl) to deepen the retail banking market.
Nucleus Software is the leading software powerhouse providing innovative and pioneering software solutions to banks and financial organisations globally. It offers a host of competitive solutions to support the whole spectrum of business offerings across retail banking, corporate banking, cards and cash management.
Mr. Niraj Vedwa, president, head global sales and marketing, Nucleus Software revealed during a banking forum organised in Lagos by the company is committed to the development of the Nigerian retail banking segment. He said the company is partnership with Fasyl has is also working to expand the microfinance banking environment with its rich suite of Cash Management solution. Investigations showed that First Bank Plc and UBA Plc have been using FinnOne retail banking solution in the past two years while software implementation is ongoing in three other big banks for the retail application. “We are targeting 24 banks in Nigeria. Under two years we have five big banks with solution covering retail banking. We are also moving into the micro finance banks with Cash management solution,” said Vedwa.
The banking forum which brought together captains of banking industry had key information technology experts from Oracle, First Bank and Nucleus Software. Vedwa said it was meant to chart the future of retail banking for Nigerian banks. “We are bringing together customers to hear about the emerging trends in the banking technology sector.”
“We have a very strong relationship with Fasyl. They understand how to do business here. We want to keep the customers happy first by bring them the best of technology, implement it and help them utilise the best functionalities. Our products give the best value proposition to them,” Vedwa added. Mr. Lamido Sanusi, executive director, risk and management control, First Bank of Nigeria had during the forum x-rayed benefits of FinnOne which the bank used to grow its asset base by 170 per cent between March 2007 and March 2008. “With FinnOne I can approve credit wherever I am any where in the world once there is network,” he said.
Mr. Joseph Asumang, sales representative, Oracle African operations said they are partnering with Nucleus to provide world leading solutions that will meet the needs of bank customers. In the face of global financial crisis like the sub prime crisis, many financial institutions are realising the strengths and value of the products and solutions offered by Indian IT companies operating in the BFSI domain. Banks and financial institutions across the globe are now looking at increased operational efficiency in their lending business through automated solutions with robust credit appraisal mechanism thereby reducing the cost of lending. At this juncture, transformation from existing legacy systems to technologically advanced and cost effective lending solutions from Indian IT vendors is the key. These solutions are the best fit for hedging the risks that a bank or financial institution may run extending loans to borrowers with doubtful credit history. The FinnOne Suite from Nucleus Software is a fitting answer, as its modules provide end-to-end operational excellence to banks & financial institutes in the lending domain.
FinnOne Customer Acquisition System, Loans Management System, Collections & Forecaster are enabling banks & financial institutions worldwide to cushion the risks of lending (like the one of Subprime lending in the US). A thorough credit appraisal and evaluation by Customer Acquisition System prior to extending loans, a robust back end processor of Loans Management System and a comprehensive Delinquency Management System - Collections is a testimony to FinnOne’s strong capability to manage the risks of the lending business.
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