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NDB Bank of Sri Lanka selects Oracle-based FinnOneTM Retail

June 28, 2007 | Press Release
India, New Delhi, June 28, 2007: Nucleus Software Exports Limited (NSE: NUCLEUS) and Oracle today announced that NDB Bank of Sri Lanka, one of the largest private sector commercial banks in Sri Lanka has selected Nucleus’ flagship product - FinnOne™ Retail Suite (*No. 1 Best Selling Retail Lending Software globally) on the Oracle Database and Oracle Fusion Middleware. NDB Bank will implement Oracle technology-based FinnOne™ Customer Acquisition System (CAS), FinnOne™ Lending and FinnOne™ Collections across its 32 branches in the country.

NDB Bank is a comprehensive financial powerhouse, serving both retail and corporate banking needs of customers. It has played a catalytic role in shaping project-based finance in the country, financing over 6,000 projects in all stages of growth, in virtually every economic sector, and building up a large and representative customer base through a network of branches around the island. With a focus on increasing customer base and intensifying competition in the retail banking industry in Sri Lanka, it became imperative for NDB Bank to revamp its retail offerings with a world-class solution that will enable the bank to reduce time to market and offer attractive products in the retail space. They were looking at a one-stop shop solution catering to Housing loans, Consumer Financing and Leasing business that would complement their existing core banking solution.

FinnOne™ Retail Lending Suite: A perfect fit

FinnOne™ Retail proved to be the best fit for the Bank’s requirement. FinnOne™ Retail will help NDB Bank gain increased efficiency in their operations, resulting in easy interoperability across branches and developing efficient workflow systems in their lending business. While FinnOne™ CAS will allow NDB Bank to augment their acquisition in housing, consumer financing and leasing business; FinnOne TM Lending will enable NDB Bank for better operational and decision-making support for the asset side business lines. FinnOne TM Collection - the delinquency management master will allow the bank to track their NPA’s and delinquent customers. FinnOne™ Retail will help NDB Bank to provide a single face to its customers across business lines and channels, grow revenue organically, improve operating efficiency, and ensure regulatory compliance.

FinnOne™ Retail Suite runs on Oracle Database 10g and Oracle Application Server 10g, a component of Oracle Fusion Middleware. This enables NDB Bank to increase its capacity for growth and gain greater insight into its’ businesses, without significant financial or resource commitments. This is possible through the use of Service-Oriented Applications and standards-based business processes.

Customer Speaks:
“Our quest for an ideal retail banking solution has come to an end with Nucleus’ FinnOneTM retail solution. Nucleus’ acceptance & reputation as a successful, agile and committed software solution provider in global space has been a key influencer. We are confident that with a committed team of product specialist we will be able to further accelerate our business growth and provide our customer a world class banking experience,” said, Mr. Sujeewa Dissanayake, Vice President, NDB Bank (Sri Lanka). “To reaffirm our stand in the retail banking market, it was important for us to turnaround and reduce the time to acquire new customers and market our loans. Nucleus was the obvious choice, considering its leadership in the banking software domain; we wanted to go for nothing but the best products & a trusted company.” he added further.

Nucleus’s perspective:

Mr. Niraj Vedwa, Head – Global Sales & Marketing, Nucleus Software Exports Limited said, “We have a very strong presence in the SAARC region. Our continuous efforts in providing world-class tailored solutions to our clients have helped us earn the confidence of banking institutions in the market. Banks in these markets are revamping their technology infrastructure rapidly, and Nucleus is strongly positioned to help them refurbish their operations to be at par with global conglomerates.” “Our differentiation and a successful track record of FinnOneTM has enabled us to provide footprint in the banking arena. This stands testimony to our vision and mission of being a leading global player in the Banking and Financial industry. “This win is very strategic for us in establishing our footprints in Sri Lankan market ” he further added.

Nucleus’ flagship product FinnOneTM is the “No. 1 Best Selling Retail Lending Software” globally. (IBS Publishing* for the year 2006). With over 141 clients across the globe, Nucleus is a fast - growing player with a leadership position in regions spanning APAC, Europe, Middle East and Africa. Experiencing exponential growth in the retail banking scenario, Nucleus is focused to deliver strong technology offerings, enabling financial institutions to meet the demands of the dynamic business world.

Oracle Commitment

“We have been instrumental in automating the functionalities and processes of several banks and financial institutions in Sri Lanka through Oracle technology, as part of Oracle's strategy to create a comprehensive suite of business applications for the financial services industry.,” said Samina Rizwan, Regional Director, South Asia Growth Economies (West), Oracle. “This further strengthens Oracle Fusion Middleware’s position as the leading middleware platform for the financial services industry. We believe this solution will support NDB Bank’s goals to acquire new customers.”

Oracle’s comprehensive, standards-based family of middleware software, Oracle Fusion Middleware, enables customers to adopt and manage service-oriented architectures in heterogeneous computing environments. More than 35,000 customers are using Oracle Fusion Middleware, including leading organizations in the Financial Services, Telecommunications, Manufacturing, Retail, Pharmaceuticals, Health Care and Public Sector industries. Oracle Fusion Middleware is also supported by 9,000 partners, including leading independent software vendors, value added resellers and system integrators.

About National Development Bank of Sri Lanka:

Since 1979 NDB Bank has been one of the largest sources of medium and long-term project finance for business in Sri Lanka. In 2001, with the acquisition of ABN Amro Bank Colombo operations the NDB Bank entered the commercial banking arena.

NDB Bank is the fifth largest private sector commercial bank in the country, with a strong capital base and profitability, a fast growing loan and deposit book, and diverse and rapidly expanding distribution channels. It is rated AA (Sri Lanka), by Fitch Ratings Agency.

NDB Bank has the strength and the diversity of resources to offer its customers a very wide-ranging portfolio of financial solutions including consumer banking, treasury, cash management services, trade finance operations and advisory, funding for structured and corporate finance deals, correspondent banking together with SME financing and project financing through a rapidly expanding branch network, which consists of 32 branches currently.

NDB Bank has developed a reputation for innovative banking products and services that meet the real needs of its customers. These products and services are backed by efficient electronic processing and multiple delivery channels, operated by teams of highly experienced banking professionals, ATMs, state of the art Internet Banking service and Phone Banking by Touch.

About Nucleus Software

Nucleus Software (BSE & NSE: NUCLEUS) is the leading provider of lending and transaction banking products to the global financial services industry. Its software powers the operations of more than 150 companies in 50 countries, supporting retail banking, corporate banking, cash management, internet banking, automotive finance and other business areas. Nucleus Software is known for its world-class expertise and innovation in lending and transaction banking technology. It has two flagship products, built on the latest technology:
  • FinnOneTM 10 time winner - World’s Best Selling Lending Solution. 
  • FinnAxiaTM, an integrated global transaction banking solution used by banks worldwide to offer efficient and Innovative global payments and receivables, liquidity management and business internet banking services.
Forward-looking and Cautionary Statements: For risks and uncertainties relating to forward-looking statements, please visit: http://www.nucleussoftware.com/safe-harbor.

For Media related information, please contact:

Rashmi Joshi, Nucleus Software
Email: rashmi.joshi@nucleussoftware.com
Phone: +91-9560694654