Nucleus Software launches new offering to help lenders capitalize on the 'Buy Now, Pay Later' opportunity

It enables the targeting of new customer segments and rapid business expansion

Dec 21, 2020 11:12 IST India Infoline News Service

Nucleus Software, the leading provider of lending and transaction banking solutions to the global financial services industry, today announced the launch of FinnOne Neo 5.5, the latest version of its award winning digital lending platform. The new version has been designed specifically to help lenders rapidly expand business operations and generate new digital revenue streams by targeting new customer segments. It will also enhance their digital portfolio rapidly and deliver endto-end contactless banking.

The global ‘Buy Now Pay Later’ (BNPL) platforms market is expected to reach USD 33 billion by 2027 at a CAGR of 21% over the period 2019-2027. This mode has gained in user preference with buyers looking for deferred payment options due to the impact of the pandemic. FinnOne Neo 5.5 helps lenders easily handle the complexities associated with managing the BNPL instant digital loans.

With support for a range of channels, including mobile apps and web portals, FinnOne Neo 5.5 facilitates digital processing of the entire loan lifecycle. The solution provides comprehensive support for specialist automotive lenders across operating and finance leases, while also delivering additional revenue generation options through Value Added Products. To improve convenience and provide 24x7 contactless operations, customers can now complete loan service requests through smart watches, fitness trackers and WhatsApp-based Chatbots.

To improve security and compliance, FinnOne Neo 5.5 allows lenders to conduct contactless on-boarding with Video KYC integrations. The solution helps lenders increase effectiveness and efficiency in collections by providing tele-callers with context sensitive calling scripts that are automatically tailored for each customer. With continued regulatory focus on moratoriums and loan restructuring, FinnOne Neo 5.5 allows lenders to handle multiple complex scenarios easily for such compliance needs.

Brajesh Khandelwal (Global Head - FinnOne Neo) said, “With this new release, we have put a lot of emphasis on helping lenders grow their businesses safely in a world where people are reluctant to meet face to face. Our commitment to enabling a completely automated and open banking experience in lending is reflected in the ‘best in class’ 415+APIs offered by FinnOne Neo. We have dramatically simplified the loan origination processes by ensuring that all the essential capabilities can be easily completed over the digital channels that the customers are increasingly turning to.

FinnOne Neo was recently recognized among the world’s top 3 retail loan origination systems by Aite Group and we continue to enhance the solution to deliver more value to our customers. We have integrated with video KYC providers and over 40 FinTechs across the globe for instant loan processing and approvals. In-depth capabilities such as Pay Later, context sensitive calling scripts, UPI Collect based secure digital payments and delivery of eReceipts on WhatsApp will further drive the digital engagements in an increasingly virtual world."

Nucleus Software was trading at Rs606.50 per piece up by Rs9.05 or 1.51% from its previous closing of Rs597.45 on the BSE, at around 12.00pm.

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