Nucleus Software, an Indian global IT products and solutions company, announced the launch of FinnOne Neo mFin, its latest advanced mobile lending solution designed to help microlenders provide easy, fast and digitized access to microcredit for the Indian market.
The specialized microfinance solution empowers microfinance companies to perform paperless data sourcing, real-time application submission, instant verification, and provide credit grading on a single mobile application. Companies will then be able to make loan decisions faster while streamlining customer on-boarding and reducing operating costs.
FinnOne Neo mFin features pre-population of application data, seamless integration with credit bureaus, support for group lending, geo-tagging, image capture/upload and role-based dashboards. The solution makes full use of India digital stack to deliver an end to end digital lending experience.
The microfinance industry has recorded growth of 27% CAGR over the last few years in India and is expected to grow at this rate over the next 5 years, according to KPMG. It has played a vital role in promoting financial inclusion in the country as it makes it easier to access credit services while also dramatically lowering the cost of providing the credit. Nucleus Software aims to make the benefits of advanced technology available to the microfinance sector.
R P Singh, Executive Director and Chief Executive Officer of Nucleus Software, commented:
“Microfinance is at an acute point today and we see some great momentum in this area. We are confident that FinnOne Neo mFin will be a key step towards fulfilling our vision of making financial services more accessible. This is the next step in our long-term strategy of using technology to make a 100 rupee loan possible, a strategy we first discussed in 2005.”
“With this solution, Financial Institutions into Microfinance can use our digital capabilities to reach more customers in more places. In short, this solution will help microfinance companies bring advanced banking services to all people, regardless of location or income level. Building on our success, our lending mobility solutions is now processing over 50 million transactions worth more than $13 billion across our customer base”.
