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Mobile banking is the way to go

November 17, 2013 | EFY Times
Sunday, November 17, 2013It is all about going mobile now and banking is no exception. Keeping a tab on the market pulse, Nucleus Software Exports Limited is focusing on making banking convenient and mobile for the end consumers. The company has launched Finnone Mobility Solutions with the idea of adding enhanced value to the banking and financial services industry. Diksha P Gupta from EFYTimes.com spoke to Ravi Pratap Singh, president and head, Global Product Management, Nucleus Software Exports Limited, about how mobile banking will impact our banking trends.

Can you please share what is Nucleus Software's Finnone Mobility Suite all about?

Today, financial institutions are looking at solutions that are easily accessible to end-customers and bring enhanced operational efficiency by empowering the field teams with anytime-anywhere access to information, tasks and transactions. Nucleus Software’s FinnOne mCAS, mServe and mCollect each offer unique business benefits to our customers including operational efficiency and greater customer delight. Our Mobility suite has already started delivering significant business benefits to some of our key customers. Powered by our domain expertise and a proven track record of successful implementations across geographies, we will take mobility to the next level of banking innovation. The FinnOne Mobility product suite is compatible on mobile platforms including Android, Blackberry, Symbian, and Windows and can also work on low-end mobiles and tablets.

Great offering, but do you think India is ready for such a mobile banking solution?

Absolutely. I think with the growing usage of smartphones, mobile banking is the way forward. We being the pioneers in banking software domain, have taken a lead in this direction and want to make mobile banking a commoner's thing. I agree that there are inhibitions about mobile banking particularly with respect to the security concerns. But I am sure this will not stay for long. Banking institutions are working to make mobile banking a common phenomenon. This will not only help bring down the cost but the turnaround time as well.

Recently, Religare Finvest Limited (RFL), the SME-focused lending arm of Religare Enterprises Limited (REL) and one of India’s largest capitalised NBFCs, went live with Nucleus Software’s FinnOne mCollect module. Leveraging the advantage of mCollect, RFL was able to enjoy 85 per cent reductions in float money in the system, 70 per cent reduction in cost per receipt, and Turnaround Time (TAT) reduction of 1-2 days.

What are the challenges that you have tried to address with this mobile banking suite?

With traditional banking, a major challenge was turnaround time. This is a significant business advantage that one can get with FinnOne mobility suite. It offers much reduced turnaround time, resulting in greater customer delight, stronger risk management for credit assessments during acquisition and delinquency. It is compatible to all mobile platforms and comes with self-explanatory menu options. It is purely a Plug and Play application, that offers increased operational efficiency with the means to reduce redundant activities and paperwork. Mobile banking as a concept will pick up very soon.

Do you use open source technology to make your banking software?

Yes, we do. I think open source is the way to go and banking industry is no exception. Enterprises are warming up to using open source technologies, not only because of the cost benefits that they bring, but also because of the technological benefits that they offer. Vendor lock-in is a passé. It becomes even more important in the banking sector as the companies can have direct control over their technology. One major advantage that open source technology brings is quick resolution of an issue. If there is an issue faced by any of our customers, we don't have to wait for the proprietary technology companies to assess that issue and come back with a solution. Our engineers are able to resolve the issues soon because they have the access to the source code of technologies they have used. So, it is very advantageous for our domain.

Nucleus software has its development arm in India. Any reasons for choosing Indian geography for the development of your product?

We chose India as our development ground for obvious reason that we have our roots in India. Also, if you see, globally, the companies are looking at India as their development centre, because they get the best of engineering talent here. We are no exception in this. Our development facility is expanding each year and acquires new talent.