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FinnOne Neo Loan Management System

 Home / Products / Lending / FinnOne Neo Retail Lending / FinnOne Neo Loan Management System
70+ customers use Nucleus Software's Loan Management System

FinnOne Neo Loan Management System (LMS)

Product Module Overview

FinnOne Neo Loan Management System (LMS) is an advanced loan servicing software for banks and other financial services companies that improves customer experience, enhances productivity and reduces operations cost. FinnOne Neo LMS provides configurable rules and policies which allows lenders to provide differentiated repayment options, configure late payment penalties, loan rescheduling, loan cancellation and restructuring of loans. The solution also empower end customers to run simulation for transactions such as loan rescheduling, cancellation and foreclosure which helps customers to foresee the impact and then take informed decision. API based infrastructure helps lenders connect with the lending ecosystem with ease allowing companies to leverage the power of FinTechs in delivering sophisticated digital capabilities. STPs and auto schedulers help in automating End of Day processing , report download, transaction upload to be executed on a daily, weekly, monthly frequency as suited to the business requirements which helps reduce manual intervention and errors. The solution offers Straight through Processing (STP) for majority of the operational transactions such as installment change, tenure change, due day change, part pre-payment, rate type conversion and more, which helps in automating many vital functions in the loan servicing lifecycle.

FinnOne Neo LMS offers both modern and responsive user interface, which follows the latest trend of widgets empowering the users to customize the page by re-arranging the placement of the widgets and improving user engagement. The specialized loan servicing software solution enables lenders to drive higher efficiencies and unlock profitability through bulk processing of various functions such as rescheduling, closure, uploads etc. The comprehensive solution enables lenders to offer loan & value added products such as home saver loan, insurance, additional covers & additional financing which considerably reduces servicing & marketing costs.

Loan servicing for end customers is powered by self-servicing solution on mobile FinnOne Neo mServe and self-servicing solution on web FinnOne Neo eServe. To improve customer propensity to use digital loan servicing and capitalize on the phenomenal growth of the OTT platforms, FinnOne Neo offers myLoan personalized loan services on OTT messengers such as Whatsapp, which helps improve customer convenience and reduces the cost of operations. FinnOne Neo LMS supports both cloud and on-premise deployments. It can be deployed quickly in partnership with leading cloud providers without high upfront capital expenditure. Cloud deployment provides flexibility in scale while optimizing costs by supporting pay-per-use models.

We design, develop and configure computer hardware and software for banks and other organizations in the lending industry.

  • FinnOne Neo

Business Benefits

FinnOne Neo LMS provides below business benefits to banks to optimize their consumer lending solutions:

  • Business agility
    Robust, flexible and scalable architecture
  • Operational efficiency
    Enhanced operations and service levels with optimal cost
  • Business growth
    Support for multiple product lines, multiple-channels with business analytics
  • Enhanced manageability
    Consolidation and automation of lending processes
  • Customer satisfaction
    Automated and comprehensive loan servicing with quick turn around time

Functional Details

FinnOne Neo LMS includes the features required by a lender in the servicing process:

  • Effective support for front office operations: Provides a consolidated and comprehensive view to the Financial Institution’s user to access entire information pertaining to the Customer
  • Customer 360° view: Centralized window for request mechanism to capture any service requests

  • Digital Backbone: Comprehensive set of web-services to enable a vast set of transactions like STP from digital front end to enable complex process automation 

  • Buy Now Pay later: Handle nuances such as periodic billing of utilized amount, interest free periods and balance configurations easily

  • Flexible Payments Handling: Supports various over the counter payment modes such as cash, cheque/draft, credit card/debit card and electronic fund transfer

  • Modification to Existing Loans: Enables easy simulation and execution of modification to existing loans

  • Interest and Charges Accrual: Supports definition of different frequencies and methods of interest accrual

  • Operational Efficiency: Straight through and bulk processing capabilities and API stack for digital loan servicing

  • Effective Customer Communications: Standard set of letters, SMS, emails with password protection can be sent to the customer

  • Flexibility: Defining various types of transaction policies, allocation priorities and configurations

  • Integrated Accounting: Setup specific chart of accounts and accounting strategies

  • Multi Repayment options: Support for equated, graded and structured loans

  • Delinquency Marking: Proactive monitoring of quality of loans

  • Loan Restructuring: Create restructured loan transactions. System provides separate transaction policy configured for restructured loans

  • Balance transfer: Supports both internal/external loans with/without top-up

  • Dynamic Fields & Custom Sourcing: Capability to add user defined fields and forms

  • IFRS 9 compliance: Capability to amortize acquisition costs and expenses during loan booking

  • Flexible Repayment Frequency:  Daily, weekly, monthly, annually and more repayment frequencies supported for both, single & multi-disbursals

  • Queue based asynchronous Servicing: Avoids repeated disbursal entry for loan booking by providing zero downtime routine

  • Value Added Products: offer loan & value added products such as home saver loan, insurance, additional covers & additional financing

  • Loan linking: New loan account can be auto linked with other existing loan accounts basis application number or collateral number

  • Loan cancellation simulation: Provision to simulate cancellation of loan along with the cancellation of Value Added Products (VAPs)

  • Integration with FinTechs: API based infrastructure helps lenders quickly connect with the extended ecosystem to provide sophisticated capabilities such as digital Verification of KYC, bank statement analysis etc.

  • Collateral Linking: Provision to link an existing collateral to an active/closed loan

  • Lease: Capabilities include handling both graded and equated rentals, Tax Re-computation, residual value computation, security deposit handling, tax treatments on lease rentals, lease cancellation, lease termination and comprehensive reports on leasing accounts

  • Non installment loans: To power various credit line and overdraft products

  • Flexi / Overdraft loans: Various repayment plans such as Equated, Balloon and Bullet

  • Days past due (DPD) freeze: Avoid degradation of asset classification for a specific period with DPD Freeze

  • Moratorium support: Handle regulatory requirements such as back-dated moratorium, auto adjustment of repayment schedules, exclusion period maintenance and NPA stage retention with ease

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Technical HighLights

FinnOne Neo LMS is designed by adopting the latest technological stack; offering SOA architecture. This aids in customization and interfacing with other applications in the enterprise eco system and enables straight through processing. FinnOne Neo LMS provides:

  • Responsive User Interface: Smart, modern and responsive for best view
  • Cloud Ready: Operating system and database independent; Multi-device Support
  • User Access management: Integrated with a central SSO system to leverage single sign on and central identity management

Line of business covered