New Delhi, India. May 18, 2017 - Nucleus Software, the leading provider of lending and transaction banking solutions to the global financial services industry, today announced that Essel Home Loans Ltd., the new housing finance subsidiary of Essel Finance, has signed a deal for FinnOne Neo Cloud. This solution will facilitate end to end digitization of the entire loan lifecycle for Essel Home Loans.
As an umbrella brand for the financial businesses of the Essel Group, Essel Finance offers a diverse range of products and services across the corporate finance and retail sectors. Their long-term approach is based on delivering best-in-class products and services by combining the latest innovations with the best value offerings, and they are using these principles to redefine the meaning of financial services and rapidly expand in scope and size.
Building on the momentum generated by the Government of India initiatives such as Pradhan Mantri Awas Yojana (PMAY) – designed to build more than 20 million homes by 2022, Essel Home Loans aims to facilitate affordable housing, for the lower and middle income segments in India.
Essel Home Loans selected Nucleus Software’s FinnOne Neo Cloud after an extensive review of the market. With unmatched operational efficiency, this solution will help Essel Home Loans to drive business innovation, digitise processes and manage risk better. The company will use this solution to transform its operations, automate and optimise its business for future growth in line with their customer’s needs. FinnOne Neo Cloud, a comprehensive end-to-end loan lifecycle management product ensures credit decisions are taken in real-time helping Essel Home Loans meet the challenges of operating in a digital world. The company’s use of FinnOne Neo Cloud will bring improved scalability, integrated mobility and faster decision making. By leveraging the power of cloud, Essel Home Loans can focus on growth without worrying about information technology.
Making this announcement, Mr. Amitabh Chaturvedi, Managing Director of Essel Finance stated, “At Essel Finance our vision is to become India’s leading financial services company over the next few years. We aspire to establish a new benchmark for servicing our customers with speed, quality and convenience. We believe that technology will play a key role here and by choosing Nucleus FinnOne Neo Cloud, we will establish optimized processes, improved operational efficiency, and make high quality credit decisions much faster, thereby making our financial services more personal, flexible and agile”.
Mr. Vishnu R. Dusad, CEO, Nucleus Software said, “Nucleus Software is committed to helping Housing Finance Companies (HFCs) realise Honourable Prime Minister Mr. Narendra Modi’s vision of providing affordable housing for all by 2022. We are delighted that Essel Finance has chosen FinnOne Neo Cloud to support the strategic business expansion of their home finance division. With our three decades of domain expertise combined with experience of working with 150 of the world’s most innovative banks and financial services companies, we are confident that we can help Essel to achieve their goals. It is very exciting to work as a key technology partner with the leading NBFCs in India who are embracing digitization and cloud as a part of their transformation journey”.
About Essel Finance:
Essel Finance is one of India's leading private sector financial services company offering a range of services and products across corporate finance and retail sectors. It’s the umbrella brand for the financial businesses of the $10 billion conglomerate - Essel Group. The Essel Group, founded by the Chairman Mr. Subhash Chandra, is a diversified multinational conglomerate with businesses in media, broadcasting, entertainment, industrial manufacturing, utilities, education, infrastructure and precious metals refining.
Essel Finance is a well-diversified financial services firm offering a range of financial products & services such as Private Equity, SME Business Loans through its Non-Banking Financial Company (NBFC), Housing Finance, Distribution of Mutual Funds & Insurance, Forex Money-Changing & Remittance and Investment Banking. Head quartered in Mumbai, the company has a vast network spread in almost all major cities in India.