Ten financial institutions to revamp processes using Indian software

At least ten Commercial Banks and Financial institutions including leasing companies in the island are to automate the front –end customer lending process and enhance its customer relationships by introducing FinnOne loan origination system and other software solutions developed by India’s leading software company Nucleus Software exports.

Speaking to The Sunday Times FT the President, head of Global Sales and Marketing, Niraj Vedwa and his Deputy Sushi Tyagi said preliminary discussions were held with senior officials of these institutions in Colombo towards this end and they have expressed willingness to replace legacy systems with a next generation solution that provides business agility.

Vedwa said that Sri Lanka’s financial institutions should modernize its lending departments to face the challenge of meeting rapidly changing market requirements.

He added that some foreign banks such as ICICI operating in the country adopts speedy measures to process loan applications winning the customer satisfaction and therefore other financial institutions have no option other than to follow suit.

Vedwa said that Nucleus’s FinnOne Loan Originating system will allow the bank to integrate the different touch points in their supply chain for acquisition prospecting, pre-disbursal processing and loan booking.

The system will take the acquisition from the first contact, to application form acceptance, its workflow through various stages, queue management, deviation management, user management and access controls, right up to the reject / approval decision for the disbursement and loan booking. Vedwa noted that his company’s software solutions will help local banks in the effective tracking of consumer loans applications, timely disbursements and swift decision making, thus contributing to better-cost management and aiding in the bank’s overall success.

He said that the National Development Bank and ICICI have been empowered with Nucleus soft ware solutions.

FinnOne is a global player in the banking solutions space and has successful implementations in Asia-Pacific, Middle East, Africa, Europe and US. Bartleet Electronics Limited is the local agent of Nucleus Software exports Limited of India.