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July 25, 2016
| Press Release
Phone: +91-9818363518 | +91-8375969143
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Shubham Housing Finance leads Digitization in Home Loans with Nucleus Software’s FinnOne Neo
- - Partnership to enable Shubham grow in the housing finance market
- - Cloud-based deployment to provide business agility and reduced time to market
- - Empower Shubham to offer faster credit to families with informal income
New Delhi, India. July 25, 2016 - Nucleus Software, the leading provider of lending and transaction banking solutions to the global financial services industry, today announced that Shubham Housing Development Finance Company Ltd (SHDFC) has successfully completed the implementation of FinnOne Neo, the award winning loan life cycle management solution. Shubham is one of the first dedicated housing finance companies in India to set up their lending platform on cloud infrastructure.
Established in 2011, Shubham’s mission is to provide housing finance solutions to families with informal incomes through an innovative credit program which looks beyond traditional paper-based forms of income verification. By providing credit to people who were previously denied it, not only is Shubham driving financial inclusion but it is also helping families to secure a better future. As a pioneer in the segment, Shubham was among the first organisations in India to replace document-based underwriting with a customised credit program for each customer.
To deliver on its vision to become the mortgage lender of choice for families with informal income, Shubham needed a solution that provided business agility and rapid time to market. After an extensive review of the solutions available in the market, Nucleus Software’s FinnOne Neo deployed in the cloud proved to be the perfect fit. The solution’s advanced functional coverage and rapid time to market ensured that Shubham can launch the products and services their customers need, quickly and cost effectively. By deploying the solution in the cloud, not only did Shubham reduce upfront investments but it also dramatically reduced time to market. Since inception, Shubham has grown quickly and today operates in 83 cities across 12 states. By 2018 the company aims to provide 50,000 families with home financing.
Mr. Ajay Oak, Chief Operating Officer, Shubham Housing Development Finance Company Ltd. said, “We believe that every person in India should be able to own their own home, and that informal incomes should not be a barrier to providing the credit they need. We chose Nucleus Software because of their three decades of expertise in lending, and because FinnOne Neo deployed in the cloud will provide us with the platform we need to achieve our mission. It will provide a seamless customer acquisition platform, streamline our home loan operations, reduce our costs and improve our ability to scale faster”.
“Shubham is an innovative company with an ambitious mission, and we are delighted to be able to support them. Not only will FinnOne Neo deliver the business agility they need but it will also reduce their costs and help them pass on the savings to their customers. We are delighted that Shubham chose to be our first customer of FinnOne Neo on the cloud and we are certain there will be many others”, said Mr. Vishnu R. Dusad, CEO, Nucleus Software.
Mr. Ajay Oak, Chief Operating Officer, Shubham Housing Development Finance Company Ltd. said, “We believe that every person in India should be able to own their own home, and that informal incomes should not be a barrier to providing the credit they need. We chose Nucleus Software because of their three decades of expertise in lending, and because FinnOne Neo deployed in the cloud will provide us with the platform we need to achieve our mission. It will provide a seamless customer acquisition platform, streamline our home loan operations, reduce our costs and improve our ability to scale faster”.
“Shubham is an innovative company with an ambitious mission, and we are delighted to be able to support them. Not only will FinnOne Neo deliver the business agility they need but it will also reduce their costs and help them pass on the savings to their customers. We are delighted that Shubham chose to be our first customer of FinnOne Neo on the cloud and we are certain there will be many others”, said Mr. Vishnu R. Dusad, CEO, Nucleus Software.
Nucleus Software’s flagship lending product, FinnOne is 10 time winner world’s best-selling lending solution. It is designed to support seamlessly integrated applications, provide operational support, risk management and decision-making capabilities to banks and financial services companies. FinnOne focuses on both, retail and corporate loans, thereby emerging as a comprehensive solution to back any line of the lending business.
About Shubham Housing Development Finance Company Pvt. Ltd:
Shubham Housing Development Finance Company Limited (SHDFC) is a housing finance company engaged in providing retail home loans to low income borrowers for a period of up to 20 years. These loans can be used by borrowers for purchasing a ready property, home improvements; home extension and for construction of dwelling units on plots owned by borrowers. Shubham is currently operating out of 87 branches which are spread in the 12 states and has an excess of 15000 customers with its head office is in Gurgaon, India.
Shubham Housing is a member of Business Call to Action (BCtA), a global initiative set up by the United Nations Development Programme (UNDP) and is recognised in the global forum for its effort to support financial inclusion.
About Nucleus Software
Nucleus Software Exports Ltd. is a publicly traded (BSE: 531209, NSE: NUCLEUS), software product company that provides lending and transaction banking products to global financial leaders.
Nucleus Software powers the operations of more than 200 Financial Institutions in over 50 countries, supporting retail lending, corporate banking, cash management, mobile and internet banking, automotive finance and other business areas. Its products facilitate more than 26 million transactions each day, managing over US $ 500 billion of loans and enabling more than 500,000 users logging in daily.
Nucleus Software’s flagship products, built on the latest technology are:
Nucleus Software powers the operations of more than 200 Financial Institutions in over 50 countries, supporting retail lending, corporate banking, cash management, mobile and internet banking, automotive finance and other business areas. Its products facilitate more than 26 million transactions each day, managing over US $ 500 billion of loans and enabling more than 500,000 users logging in daily.
Nucleus Software’s flagship products, built on the latest technology are:
- FinnOne NEOTM : The next-generation digital lending solution that is built on an advanced technology platform.
- FinnAxiaTM : An integrated global transaction banking solution used by banks worldwide.
- PaySeTM : The world’s first online & offline digital payment solution created with an aim to democratize money.
For more information, please visit : https://www.nucleussoftware.com
For Media related information, please contact:
Sunil Kumar Singh / Kiran Hans Khowal
Finese PR
Email: nucleus@finesepr.comPhone: +91-9818363518 | +91-8375969143
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