Source: Nucleus Software
Nucleus Software, the leading provider of lending and transaction banking solutions to the global financial services industry, today announced the launch of the latest in its line of advanced mobile lending solutions. FinnOne Neo mFin is designed to help micro lenders provide easy, fast and digitized access to micro credit, anytime, anywhere.
According to KPMG, the microfinance industry has played a vital role in promoting financial inclusion in India. It has recorded growth of 27% CAGR over the last few years and is expected to grow at this rate over the next 5 years. Technology provides a number of significant opportunities for the microfinance sector, including in making it easier to access credit services while also dramatically lowering the cost of providing the credit. With the launch of FinnOne Neo mFin, Nucleus Software aims to make the benefits of advanced technology available to the microfinance sector.
Nucleus FinnOne Neo mFin, a specialized microfinance solution, is designed to ensure that microfinance companies can perform paperless data sourcing, real time application submission, instant verification, and provide credit grading on a single mobile application. The solution helps microfinance companies make loan decisions faster, while streamlining customer on-boarding and reducing operating costs. FinnOne Neo mFin has a wide range of unique features including the pre-population of application data, seamless integration with credit bureaus, support for group lending, geo tagging, image capture/upload and role based dash-boards. The solution makes full use of India digital stack to deliver an end to end digital lending experience.
Mr. R P Singh, Executive Director and CEO, Nucleus Software stated “Microfinance is at an acute point today and we see some great momentum in this area. We are confident that FinnOne Neo mFin will be a key step towards fulfilling our vision of making financial services more accessible. This is the next step on our long term strategy of using technology to make a 100 rupee loan possible, a strategy we first discussed in 2005. With this solution, Financial Institutions into Microfinance can use our digital capabilities to reach more customers in more places. In short, this solution will help microfinance companies bring advanced banking services to all people, regardless of location or income level. Building on our success, our lending mobility solutions is now processing over 50 million transactions worth more than $13 billion across our customer base”.