September 2, 2015
| Press Release
Magma FinCorp to implement the latest version of world’s best-selling lending solution from Nucleus Software
New Delhi, India, September 02, 2015 — Nucleus Software, the leading provider of lending and transaction banking solutions to the global financial services industry, further strengthens its leading position in the Indian market by announcing its collaboration with Magma FinCorp Ltd., a leading NonBanking Financial Company (NBFC). Magma will implement Nucleus Software’s recently launched flagship lending product, FinnOne NeoTM for its loan origination and loan management operations.
Magma FinCorp is one of the few NBFCs in India to successfully use technology for its various business processes in the last few years. It plans to use FinnOne Neo to gain a competitive edge by creating and launching new financial products faster than its competitors. FinnOne Neo is a comprehensive end-toend loan lifecycle management product designed to meet the challenges of operating in an increasingly digital world. Using FinnOne Neo, Magma expects to reduce turnaround time for customer loan applications and to quickly conceive and launch new financial products and services, as well as reduce operational costs. This flagship lending product was recently recognized as the world’s best-selling lending solution for the 7th year in a row.
“FinnOne Neo will greatly assist us in achieving our mission, which is to enrich customer experiences by using the latest technologies to transform our business. Powered by FinnOne Neo we will introduce innovative, tailor-made products and customer-oriented services to meet the growing demands of our customers. Nucleus Software is a market leader and we are confident that our partnership will be a catalyst for our growth”, said Mr. Ram Kalyan Kumar Medury, Chief Information Officer, Magma FinCorp
Commenting on the partnership, Mr. Avnish Datt, Global Head – Strategy and Corporate Development, Nucleus Software
said, “We are delighted to partner with Magma FinCorp and help them accomplish their business objectives. The collaboration with Magma FinCorp is significant. As market leading financial institutions continue to use technology for competitive advantage it is encouraging to see that NBFCs are also adopting advanced solutions like FinnOne Neo. We remain committed to add business value to our banking and NBFC customers through building industry leading innovative products, which allow our customers to be more aggressive, competitive and operationally agile and efficient.
Magma is replacing an in-house system with FinnOne Neo. The previous system’s lack of flexibility limited the business and was unable to match the kind of growth that Magma has achieved in the last couple of years and its future technology requirements.
The NBFC sector has been growing in recent years. In 2014 NBFC’s share of banking assets was 14.3%, up from 10.7% in 2009. The sector is now recognised as complementary to the banking sector.