- End-to-end digital collections solution to drive efficiency and higher loan collections
- Helps reduce non-performing loans by leveraging the capabilities of advanced analytics
Nucleus Software, the leading provider of lending and transaction banking solutions to the global financial services industry, today announced the launch of the latest version of its award winning lending solution FinnOne Neo Collections.
International Monetary Fund estimates that global debt reached USD 152 trillion in 2015 and that it was growing faster than GDP. Two thirds of this is private sector debt from companies and households, hence loan collections is a key focus area for the financial services industry. However, the loan collections operations have been largely dependent on manual efforts. Nucleus Software’s latest solution, FinnOne Neo Collections provides a comprehensive and sophisticated set of tools to improve efficiency, reduce costs and above all increase collection rates.
Powered by advanced technology, FinnOne Neo Collections provides companies with a complete overview of the entire loan collections lifecycle, helping to identify problem areas early and triggering effective corrective action to optimize collections efforts. Supporting team-based approaches for better co-ordination, the solution ensures that companies can adopt a holistic collections strategy. It also provides a wide range of features including; quick payment capture, configurable ‘customer centric’ view, multiple hierarchy management, rule based case prioritization, classification queues, work-lists based allocation with multiple champion challenger strategies, follow up capturing at multiple levels and configurable follow-up screens to help enhance user efficiency. The solution’s intuitive design includes comprehensive dashboards which provide holistic monitoring capabilities.
When integrated with advanced lending analytics, FinnOne Neo Collections can help identify early which loans are most likely to turn delinquent based on customer behavioural scoring. By adopting a proactive approach not only can companies reduce their non-performing loans (NPLs) but they can also improve overall collection rates. To help companies extend their digital capabilities in loan collections, the solution can be made available on mobile devices for the bank’s collection agents. By taking the solution into the field, agents can update collections in real-time, further improving transparency while also reducing the risks associated with float money. More than 100 banks and NBFCs are already benefitting from Nucleus’ loan collections system across 39 countries.
Commenting on the release, Mr. R P Singh, President and Global Head Products, Nucleus Software said “Our deep understanding of lending and our relentless focus on using technology to help our customers succeed have been at the heart of our success for the past three decades. This latest release continues that tradition, combining deep domain knowledge with advanced technology to deliver a solution that our customers can use to dramatically reduce NPLs.”