Nucleus Software signs up NBFCs, housing finance firms for cloud lending solution

Listed IT services company Nucleus Software said on Tuesday that it has signed up 25 new customers — mostly in the financial sector — for its cloud lending solution.

Nucleus Software is a provider of lending and transaction banking solutions to the global financial services industry.

Its cloud lending solution, FinnOne Neo Cloud, is a multi-channel end-to-end offering that helps digitise the loan lifecycle, from initial contact with customers and helping make better credit decisions faster to comprehensive loan servicing and delinquency management.

“FinnOne Neo Cloud has enabled our customers to offer on-the-spot mortgage loan approvals, extend credit profitably to people with informal income, provide end-to-end loan services on mobile, expand easily into new lines of business quickly and handle large volume of loans cost effectively,” Sarbpreet Singh,  vice-president and head-cloud business at Nucleus Software, said in a stock-exchange filing.

He added that since non-banking financial companies (NBFCs) and housing finance companies are operating in a crowded market, they need to come out with more compelling products and innovate on customer experiences.

Some of the NBFCs that have adopted FinnOne include Esskay Fincorp, Finova Capital, TAB Capital, Sai Point Finance, Essel Home Loans, Manappuram Home Finance Limited, Manappuram Finance Ltd, and Shubham Housing Development Finance Company.

Singh said Sai Point Finance had processed 70% more loans after adopting FinnOne.

“Roha Housing Finance transformed the housing loan segment by providing approvals for housing loans in less than two hours against the industry average of three days, and reduced the time to cash by 50%,” Singh said.

FinnOne Neo Cloud is offered to customers via a software-as-a-service (SaaS) model.  

According to Nucleus, its software solutions in general power the operations of more than 150 companies in 50 countries, supporting retail banking, corporate banking, cash management, internet banking, automotive finance and other business areas.