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Nucleus Software bags order from Dhanlaxmi Bank

August 10, 2010 | Press Release
New Delhi, August 10, 2010:  Nucleus Software Exports Limited (NSE: NUCLEUS, BSE: 531209), a leading global provider of integrated software products for banks and financial institutions, today announced a major order win from Dhanlaxmi Bank, one of the fastest growing mid‐size private sector banks in India. Nucleus will implement its award winning FinnOne™ suite of products across the Bank’s 271 branches to power its retail lending business.  

The new order win will help Nucleus to further strengthen and consolidate its position in the domestic market, while the implementation of FinnOne™ will facilitate Dhanlaxmi Bank to set‐up a state‐of‐the‐ art platform for its retail lending business.  

FinnOne™ will enable Dhanlaxmi Bank to efficiently manage all the stages of loan application process, right from defining products and entering applicant details to verifying, approving and disbursing loan, and from maintaining repayment details to loan closure. The core lending platform will help the Bank to service its retail customers more efficiently and enhance productivity.  

Mr. Muralidharan R, President, Information Technology & Operations, Dhanlaxmi Bank said: “Retail lending will be the focus this year for the Bank and considering the high volume of loan transactions in retail assets business, the Bank required a robust end to end solution that facilitates quick turnaround time.    Having provided industry proven lending solutions for the banking sector for over 24 years, Nucleus Software’s FinnOne™ was selected for its comprehensive solution.  We are confident that our partnership with Nucleus will help us add value to our retail customers.”

Mr. Niraj Vedwa, COO, Nucleus Software Exports Limited said: “India has always been our key focus for Nucleus’ growth strategy. The order win further re‐affirms our commitment to the Indian market and will help in strengthening our market position here. Choosing a next‐generation solution such as FinnOne™ will give Dhanlaxmi Bank the technological edge in offering world‐class products and services to their customers. We are confident that this partnership will enhance the Bank’s productivity and build up value‐added solutions for their customers.

FinnOne™ suite of products  ‐  Customer Acquisition System (CAS), Loan Management System (LMS), Collections, Power Pay, Collateral Management System, Dealer Funding and Finance Against Securities ‐  will be implemented to manage the Bank’s loan servicing system for its retail assets such as home loans, loans against property, credit cards and other assets. The solution will provide the Bank with a competitive edge and a strong operational control.  

About Dhanlaxmi Bank:   
‘The Dhanalakshmi Bank Limited’ was incorporated in 1927, at Thrissur as a limited company and became a scheduled commercial bank in the year 1977. The Bank has a pan‐India presence through a network of 271 branches, 380 ATMs covering 136 centers across 14 states. As at March 31, 2010, the Bank had 4,080 employees serving over 1.4 million customers.  

As of March 31, 2010, the Bank had total deposits of Rs. 7,098 crore and advances of Rs. 5,006 crore.  

For additional information please log on to www.dhanbank.com

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