Nucleus Software spurts after deal from South Indian Bank

Nucleus Software Exports gained 4.42% to Rs 548 after the IT company said that it will empower South Indian Bank by providing digital solution offering to revamp the bank's current retail lending landscape.

The company will provide FinnOne Neo to power South Indian Bank's retail lending landscape. FinnOne Neo is the next-generation lending solution built on an advanced technology platform, designed to shape the future of lending across retail and corporate sectors. The solution also helps comprehensive loan servicing and sophisticated delinquency management.

With FinnOne Neo, the bank can focus on launching products such as Home Loans, Loan Against Property (LAP), Loan Against Securities (LAS) and Personal loans with digital first approach followed by various other retail products. The solution will help the bank completely digitize its retail lending process with end to end digital on-boarding, data driven decision making and an integrated landscape, leveraging financial tech and third-party data sources, digital channels of distribution, digitized credit policy, etc. The solution will help the bank utilise APIs to integrate with third party solutions which will help speed up digitization of credit decisions of small ticket loans.

Parag Bhise, CEO of Nucleus Software said, "Nucleus Software is happy to be associated with one of the foremost private banks in the South of India. South Indian Bank is known for its innovation and we are happy to provide them with the technology platform that will make them move their retail lending requirements to a seamless digital offering that is customer friendly, resilient, safe and very efficient."

Nucleus Software Exports, the leading provider of lending and transaction banking solutions to the global financial services industry. On a consolidated basis, the company reported a 78% fall in net profit to Rs 6 crore on a 12.68% decline in net sales to Rs 108.44 crore in Q1 FY22 over Q4 FY21.

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