PROBLEM STATEMENTToday’s customers want companies to treat them as individuals rather than part of a “market segment” alongside thousands of other people. They want companies to offer products and services that are tailored to meet their specific needs, and ideally, they want companies to anticipate their needs, but in a non-intrusive, non-creepy way. Industries such as retail, travel, entertainment, food and hospitality are leading the way. What about financial services? Customers are looking for the same experience in financial services. They want products and services, which cater to their specific requirements, for example offering pre-approved loans when their balances are low and there are upcoming payments, or tailoring terms, rates, pricing to meet their individual requirements. Most banks and financial institutions are unable to deliver on the ‘personalization’ promise. However, the Fintech players and non-financial technology firms are exploiting this and are offering highly customized digital solutions. Sometimes, regulatory compliance is cited as a factor limiting banks abilities to customize their services, but they need to strike a balance between customer demands and the evolving regulatory landscape. How can banks leverage customized offerings as a key differentiator? How can banks incorporate personalization across all stages of the consumer journey? How can banks enhance the customer response to their new products?

SOLUTION

Banks and financial service companies need to realign their products and services to match customer expectations while delivering personalized products, recommendations, and communication. Insights derived from predictive analytics can help fine-tune the segmentation of target segments and help identify the key parameters for new products. It can also help identify the most suitable channels to reach out to customers. Nucleus Software’s FinnOne Neo offers the capability to create new products in minutes without resorting to complex, time consuming and costly development. The solution uses pre-defined rules, policies, pre-configured masters and customizable workflows to rapidly create virtually any kind of product. New products can be created by combining features from existing products while easily adding new components. Not only does this cut down time to market dramatically, but it also improves conversion rates tremendously.

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Tailored ProductsTo ImproveCustomerExperience Loan Origination

TAILORED PRODUCTS TO IMPROVE CUSTOMER EXPERIENCE - LOAN ORIGINATION 02

Delivering customized offerings to existing customers can boost loyalty and become a key competitive advantage. Moving a step further, insights from predictive analytics can be used to create segment specific comprehensive credit scorecards which will help streamline the credit decision making process. Incorporating a multi-channel strategy to reach out to the customers can further improve the customer experience.

HIGHLIGHTS

FinnOne Neo enables:

• Building new products by combining features from existing products

• Rapid launch of new products using pre-defined rules and policies

• Use of pre-configured masters and configurable workflows

• Multichannel access for anytime anywhere reach

• Automated, paper-less sourcing

• Enhanced risk management with comprehensive credit scorecards

MINI CASE - STUDIES

A large bank in India, established in 1939, serving through a network of more than 200 branches and 400+ ATMs needed to move their lending business to an online platform and deliver a range of sophisticated, tailored products and services across all channels. Using FinnOne Neo, the Bank achieved:

A leading privately owned domestic bank and also one of the largest auto loan providers in the Philippines with a loan book size of more than $2.5 billion has been using FinnOne to enhance customer experience across different lines of businesses. The benefits delivered include:

A Swiss-based FinTech Company wanted to provide innovative, online retail financial products to tap into growing customer expectations of a completely digital experience. Using FinnOne, the Company achieved:

100%DIGITIZATION OF LOAN APPLICATIONS IN THE SYSTEM

40%ENHANCEMENT IN LOAN SALES PRODUCTIVITY

21%GROWTH IN CORPORATE LOANS (2013-14)

750% INCREASE IN SALES WITHIN 3 MONTHS OF IMPLEMENTATION

80% REDUCTION IN CREDIT APPROVAL TIME COMPARED TO TRADITIONAL PROCESS

30%REDUCTION IN APPLICATION PROCESSING TIME

100%AUTOMATION FOR LOAN APPLICATION PROCESSING

2XINCREASE IN NET INTEREST INCOME (2011-14)

34% GROWTH IN RETAIL LOANS (2013-14)

FinnOne Neo is the next-generation lending solution built on an advanced technology platform, designed to shape the future of lending across Retail, Corporate and Islamic sectors for banks and financial service companies. The multi-channel solution which helps digitize the complete loan lifecycle end to end, supports both cloud and on-premise deployments. The solution handles complete loan lifecycle covering:

FINNONE NEO

Lending Analytics

Collections

Customer Acquisition

Loan Management

Lending Mobility

Enterprise Content Management

FinnOne Neo Lending Mobility helps banks manage the end to end loan life cycle of their customers on mobile. Powered by integrated modules that can be deployed separately, the solution helps banks on-board customers faster, deliver better service to customers and simplify collection processes for agents. The solution is made up of the following modules:

• Mobile Customer Acquisition System (mCAS)

• Mobile Loan Self-Sourcing (mApply)

• Mobile Loan Servicing (mServe)

• Mobile Loan Collections (mCollect)

• Mobile Microfinance (mFin)

FINNONE NEO LENDING MOBILITY

• Web Portal for Loan Self-Sourcing (eApply)

• Web Portal for Loan Servicing (eServe)

FINNONE NEO DIGITAL PORTAL

ABOUT NUCLEUSSOFTWARE

Nucleus Software is the global leader in advanced digital technology platforms that power Lending and Transaction Banking businesses worldwide. With over three decades of expertise, it supports the mission critical operations of more than 200 financial institutions in 50 countries across Retail and Corporate Lending, Transaction Banking and Cash Management, Automotive Finance and other business areas.

AWARDS

Celent Model Bank Award

Celent Model Bank Vendor Award

IDC Insights Award

2016

Vietnam Prosperity Bank,Vietnam

2013

HDFC Bank, India2010

ICICI Bank, India2009

DCB Bank, India2015

ICICI Bank, India2014

Asian Banker Technology Implementation Award

Best Lending Technology Implementation Award

ICICI Bank, India

SPFC, India

2014

2018

RBI Trailblazer Award

CIMB, Malaysia2013

IBS Intelligence FinTech Innovation Award

Roha Housing Finance, India2019

Celent Model Bank Award For Retail Lending

RattanIndia Finance, India2020

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