Mumbai, 3th January 2024 : Nucleus Software, the BSE & NSE listed, India’s leading provider of robust digital lending and transaction banking solutions to the global financial services industry, today announced winning the “Most Innovative Use of Process Automation: Most Innovative Project” Award by IBSi Global Fintech Innovation Awards 2023, for implementation of FinnOne Neo® their cutting-edge digital lending platform that is composable and cloud agnostic, utilizing state-of-the-art implementation processes.
The FinnOne Neo® Implementation project, marked by the deployment of modules such as FinnOne Neo® Customer Acquisition System (CAS) for Retail, FinnOne Neo® Loan Management System (LMS), FinnOne Neo® Collateral Management System (CMS), and FinnOne Neo® mCAS (mobility application) for Sourcing Verification, spans across diverse Lines of Businesses (LOBs) including Home Loan, Loan Against Property, and Personal Finance.
The award acknowledged the flawless implementation of the advanced functionalities of the FinnOne Neo® digital lending platform, which spearheaded a revolutionary transformation in the loan application process. This transformation resulted in the delivery of an exceptionally smooth and user-centric experience for borrowers of Mahindra Rural Housing Finance Ltd.
The implementation has not only resulted in the optimization and streamlining of operational processes but has also ushered in a marked enhancement of the overall customer experience, concurrently achieving a pinnacle of operational excellence.
Mr. Shantanu Rege, MD & CEO of Mahindra Rural Housing Finance Ltd, said – “At Mahindra Rural Housing Finance, we are committed to embracing innovation for customer experience and satisfaction. With streamlined operations, intelligent risk management, and personalized services, we are poised to redefine the lending experience for our valued customers. This accomplishment reaffirms our dedication to enhancing business agility and fostering sustainable growth, seamlessly aligning with our goal of customer centricity. This award serves as a testament to the collective endeavors of Mahindra Rural Housing Finance and Nucleus Software, solidifying our joint commitment to innovative and deliver hyper personalized financial solutions. ”
Mr. Parag Bhise, CEO of Nucleus Software, added “We are immensely pleased at our partnership with Mahindra Rural Housing Finance, where we actively champion their visionary advancements in digitization. The reception of this award serves as a powerful testament to our shared dedication to pioneering innovation and embracing a customer-centric ethos within the realm of lending solutions. This recognition serves as a catalyst, further igniting our enthusiasm to persist in our unwavering support for Mahindra Rural Housing Finance throughout their journey of business expansion by delivering robust and scalable solutions. Our aim is to continuously explore innovative pathways, ensuring they not only maintain a leading position in the competitive landscape but also consistently provide exceptional value to their end customers. ”
“From streamlined operations to enhanced legal compliance and precise financial management, the seamless integration of key modules backed by Nucleus’s technological expertise and Mahindra Rural Finance’s customer-centric approach has positioned them as one of the industry leaders. ” says, Nikhil Gokhale, Head of Research at IBS Intelligence. He congratulated Nucleus Software for their win in the category, ‘Most Innovative Use of Process Automation: Most Innovative Project’.
The transformative journey involved data migration of Active and Closed loans from FinnOne Neo® LMS and Partially Disbursed loans from FinnOne Neo® CAS, integrating seamlessly with 35 standard interfaces. Nucleus Software’s commitment to innovation is evident through the adoption of cutting-edge solutions, including the FinnEdge tool, which streamlined the implementation process, ensuring data accuracy and expediting the transition to the FinnOne Neo® ecosystem.
About Mahindra & Mahindra Financial Services Limited
Mahindra & Mahindra Financial Services Limited (Mahindra Finance), part of the Mahindra Group, is one of India’s leading non-banking finance companies. Focused on the rural and semi-urban sector, the Company has over 9.5 million customers and has an AUM of over USD 11 Billion. The Company is a leading vehicle and tractor financier, provides loans to SMEs and also offers fixed deposits. The Company has 1,386 offices and reaches out to customers spread over 3,80,000 villages and 7,000 towns across the country.
Mahindra Finance has been ranked 59th among India’s Best Companies to Work 2023 by Great Place to Work Institute.
Mahindra Insurance Brokers Limited (MIBL) a wholly owned subsidiary, is the Company’s Insurance Broking subsidiary is a licensed Composite Broker providing Direct and Reinsurance broking services.
Mahindra Rural Housing Finance Limited (MRHFL) a subsidiary of Mahindra Finance provides loans for purchase, renovation, construction of houses to individuals in the rural and semi-urban areas of the country.
Mahindra Finance CSR Foundation is a wholly owned subsidiary company, under the provisions of section 8 of the Companies Act, 2013 for undertaking the CSR activities of the Company and its subsidiaries.
Mahindra Manulife Investment Management Private Limited acts as the Investment Manager of Mahindra Manulife Mutual Fund.
Mahindra Manulife Trustee Private Limited (MMTPL), acts as a Trustee to Mahindra Manulife Mutual Fund.
Mahindra Ideal Finance Limited (MIFL) is a subsidiary of the Company in Sri Lanka, in which the Company owns 58.2% stake. MIFL focuses on providing a diversified suite of financial services to the Sri Lankan market.
The Company has a Joint Venture in the US, Mahindra Finance USA LLC, in partnership with De Lage Landen, a subsidiary of Rabo Bank, for financing Mahindra vehicles in the US.
Learn more about Mahindra Finance on www.mahindrafinance.com / Twitter and Facebook: @MahindraFin
About Mahindra
Founded in 1945, the Mahindra Group is one of the largest and most admired multinational federation of companies with 260,000 employees in over 100 countries. It enjoys a leadership position in farm equipment, utility vehicles, information technology and financial services in India and is the world’s largest tractor company by volume. It has a strong presence in renewable energy, agriculture, logistics, hospitality and real estate.
The Mahindra Group has a clear focus on leading ESG globally, enabling rural prosperity and enhancing urban living, with a goal to drive positive change in the lives of communities and stakeholders to enable them to Rise.
Learn more about Mahindra on www.mahindra.com / Twitter and Facebook: @MahindraRise/ For updates subscribe to https://www.mahindra.com/newsroom
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 delivers disruptive Fintech Solutions to 200+ Banks and Financial Institutions across 50 countries supporting Retail, Corporate & SME Finance, Islamic Finance, Automotive Finance, Captive Automotive Finance, Cash Management, Mobile & Internet Banking, Transaction Banking and more. We facilitate over 26 million transactions each day through our globally integrated transaction banking platform. Our lending platform manages US $ 500 billion of loans in India alone, and over US $700 billion of loans globally other than India, while enabling 500,000+ users to log in daily.
Our Flagship Products FinnOne Neo® and FinnAxia® are backed by 3 decades of BFSI domain expertise and an inbuilt AI powered platform to realize the digital transformation goals of FIs worldwide.
- FinnOne Neo®: The next-generation digital lending platform, designed to revolutionize the lending process. FinnOne Neo® is built on an advanced technology platform, empowering financial institutions to streamline their lending operations, enhance customer experiences, and drive business growth.
- FinnAxia®: An integrated global transaction banking suite, trusted by banks worldwide to optimize their transaction banking processes. With FinnAxia®, financial institutions can efficiently manage their cash management, trade finance, liquidity management, and other transaction banking activities on a single platform, thereby improving operational efficiency, visibility, and enhancing client relationships.
- PaySe®: The world’s first online and offline digital payment solution, created with the vision to democratize money. This innovative payment solution offers users a seamless and convenient way to conduct digital transactions, both online and offline, facilitating financial inclusion and empowering individuals and businesses.
- Nucleus Software Services: Our comprehensive suite of services is tailored to assist banks and financial institutions in their digital transformation journey and maintain an optimal technology infrastructure. Through Nucleus Software Services, we offer a holistic approach to digital transformation, enabling organizations to deliver seamless customer experiences, achieve operational and cost efficiencies, and gain actionable insights to drive strategic decision-making.
These offerings collectively underline Nucleus Software’s commitment to driving innovation and empowering financial institutions to thrive in an increasingly digital world.
For Media related information, please contact:
Deepika Gulabani
Corporate Communications
Email: deepika.gulabani@nucleussoftware.com
Phone: +91-9310334963
Lending
Transaction Banking
Financial Inclusion
