March 12, 2006
| Press Release
Dubai, United Arab Emirates, 12th March 2006:
RAKBANK and Nucleus Software announce it tie-up
Nucleus Software, a leading provider of banking and financial services software, has announced an agreement with RAKBANK, UAE’s leading retail bank, to install FinnOneTM, a state-of-the-art software, to power the bank’s retail assets division across all its branches.
Addressing a press conference held today in Dubai, Mr. Vishnu R. Dusad, Managing Director, Nucleus Software said that with the help of FinnOneTM , the bank will be able to create a differentiated customer experience through innovative features, seamless integration and greater customer convenience. The product will automate retail operations and enhance productivity.
FinnOneTM – the flagship brand of India’s Nucleus Software has helped over 100 banks around the world to streamline its operations and boost efficiency with its cutting-edge technology, innovative and user-friendly features.
The new technology has been designed to handle specific tasks: The FinnOneTM – Loan Originating Systems (LOS) automates and manages the complete application process flow of retail financing, like auto loans, personal loans, home loans, credit cards, leasing, hire purchase. Going ahead FinnOne The Lending System enables the Bank to introduce new product offerings and customized schemes, reducing time-to-market and automating processes.
FinnOneTM Collections application provided by Nucleus Software is a browser-based front end product that allows anytime, anywhere access, to manage delinquency. The product also ensures seamless integration between Outsourced Collection Agencies, offices and legal divisions.
“Our goal is to have in place next generation IT infrastructure that can support the full suite of retail asset products that we have today, thereby further increasing our competitive edge”, said Murray Sims Head of Personal Banking, RAKBANK.
“With this initiative, we will have world-class IT software, which will significantly improve our front and back-end processing with reduced complexity and enhanced manageability”, Mr. Sims added.
Niraj Vedwa, Head –Global Sales & Marketing, Nucleus Software said:, “The Middle East's banking sector has become increasingly competitive, with providers constantly seeking ways to reduce operational costs and increase productivity. We are one of the top retail solution providers worldwide with an established track record and successful client base. When it comes to meeting customer expectations, we are confident that our host of products will enable us to exceed those expectations in the Middle East.”.
He added: “We are happy to offer our products to, and work closely with, a prestigious institution like RAKBANK, as this will further enhance our profile in the region as a leading provider of state-of-the-art financial services software. By linking up with RAKBANK, Nucleus Software also plans to tap the enormous potential that exists in the Middle East for IT-related expertise, facilities and services”.