Nucleus Software launches latest version of FinnOne Neo

Nucleus Software has announced the launch of the latest version of its lending solution - FinnOne Neo 5.0. As the financial services industry is dealing with the on-going COVID-19 situation, the new version comes with a wide range of features designed to help lenders implement their unique approach to React – mitigate the immediate challenges, Adapt – adjust to the medium-term implications and Lead – come out stronger on the other side.

Nucleus FinnOne Neo 5.0 offers advanced capabilities to completely digitize and automate the complex lending processes as required in an increasingly virtual world, accentuated by COVID-19. The solution streamlines and simplifies integration and interaction with the growing lending ecosystem via a comprehensive set of API capabilities including more than 360 APIs supported by a specialized APICenter – FinnOne Neo’s API management module. The latest release adds sophisticated capabilities to manage the complete lifecycle of business collaterals.

With Sales Assist lenders can expand their business reach by enabling their agents to originate loans digitally outside their branch networks, in retail stores and automobile dealerships, with capabilities such as KYC and address validation. To help address the urgent need to support customers with additional credit, lenders can use the drop-line overdraft or Flexi Loans for retail / MSME customers in FinnOne Neo 5.0 which come with flexible repayment plans. Adding to FinnOne Neo’s market-leading business line coverage, the latest release adds support for Finance Against Securities (FAS) to offer credit lines to individuals who pledge their financial securities, Financial Leasing for consumer vehicles, commercial vehicles, commercial and farm equipment, and Lifestyle Financing for on-the-go lending of electronic goods, tours and travels, life care, fashion accessories, and furnishings.

FinnOne Neo’s comprehensive portfolio of digital channels for lending, comprising Mobile Applications, Web Portals and AI-powered Chatbots, not only helps banks help meet social distancing requirements but also improves operational effectiveness during lockdowns and remote working. As risk increases, FinnOne Neo 5.0 provides enhanced capabilities for more cost-effective and efficient delinquency management including innovative ways for loan repayments such as sending digital payment links, group collections, and call recording.

Sudeep Verma (Global Head – FinnOne Neo) stated, “As a result of the Covid-19 pandemic, the Financial Services industry is re-thinking its digital strategy.  While much of the focus to date has been on the front end, for example, banking from home and contactless banking, the new world needs a more holistic strategy. Lending needs to be digitized completely, from front to back, eliminating as much manual intervention as possible.  The regulatory ecosystem is rapidly changing with initiatives in areas such as Moratoriums, Subsidies, changing how loans are classified, and how provisioning is catered for.  FinnOne Neo 5.0 enables lenders to handle these challenges quickly and easily. The solution provides sophisticated self-sourcing, self-servicing, and collection capabilities powered by a policy-driven lending platform that eliminates most of the manual work that is required by other systems. With more than 360 APIs, lenders can seamlessly integrate with the growing financial ecosystem, and the solution’s highly configurable processing engines ensure that lenders can tailor their operations to meet the needs of the dynamically evolving regulatory landscape. Lenders can set up and manage a wide range of financial products across Home, Auto, Agri, Lifestyle, Micro, and Business Lending.”

He further added, “I am delighted to share that the business value delivered by our solutions is reinforced by the facts that we recently gained our 50th cloud customer and RattanIndia Finance won the Celent Model Bank Award 2020 for Retail Lending. As we emerge on the other side of this pandemic, I look forward to a more resilient, dynamic and stronger lending community.”