New Delhi, India. October 25, 2016 –Nucleus Software, the leading provider of lending and transaction banking solutions to the global financial services industry, announced that Five-Star Business Finance Limited a non-banking finance company (NBFC) has selected Nucleus Software for implementing FinnOne Neo, the award winning loan life cycle management solution in cloud.
Five-Star, a Chennai based NBFC, operating in multiple lines of businesses, aims to leverage technology to expand its business and establish market leadership. As a part of their growth plan to reach INR 1000 crore loan book over the next 2-3 years, Five-Star has decided to embrace best-in-class technology systems. They have chosen to implement Nucleus Software’s FinnOne Neo, which would help scale their business much faster.
With FinnOne Neo, Five-Star will be able to reduce their time-to-market and offer digitized, convenient and customer centric loan services. The solution will allow Five Star to offer tailored loan products over multiple channels to its customers. Five-Star has chosen to implement FinnOne Neo in private cloud to make their operations agile, scalable, cost efficient and secure. Five Star aims to use the capabilities of FinnOne Neo to smoothen its work flow, eliminate bottlenecks and achieve a seamless loan processing which is expected to benefit the end customer immensely.
Mr. Srikanth G, Chief Financial & Information Officer of Five-Star remarked, “Nucleus Software has a proven track record of creating innovative solutions that drive business value. Their lending solutions are used by numerous players in the banking and financial services space, which is a testimony to their industry expertise. Nucleus’s global expertise of working with a wide range of financial institutions will help us create a solid environment to drive our growth plan. We are confident that this relationship is the right step in our transformation journey and will help us achieve our business goals”.
“For the last three decades, Nucleus Software has helped transform the financial services in India and we are committed to provide innovative solutions in future as well. Five-Star is a testimonial of the momentum in our cloud journey that began with Shubham Housing Finance at the beginning of this financial year. I am delighted that Five-Star has chosen us for their cloud based lending transformation. Our experts are working closely with Five-Star to deliver best-in-class, completely automated and paperless business operations, aligned to meet their business objectives,” said Mr. Vishnu R. Dusad, CEO, Nucleus Software.
About Five Star Business Finance Limited:
Five-Star Business Finance Limited, a non-banking finance company, provides small business and small housing loans to underbanked customers. It offers small business loans to develop existing businesses predominantly in the services sector; small housing loans towards building / purchase of a new house, and repairing or renovating existing house properties; and property loans to meet any kind of consumption needs viz. marriage/education/personal needs. Five-Star Business Finance Limited was incorporated in 1984 and is headquartered in Chennai, India. It has branches in Tamil Nadu, Andhra Pradesh, Telengana and Karnataka.