Nucleus Software, the leading provider of lending and transaction banking solutions to the global financial services industry, has announced that Shubham Housing Development Finance Company Ltd (SHDFC) has successfully completed the implementation of FinnOne Neo, the award winning loan life cycle management solution. Shubham is one of the first dedicated housing finance companies in India to set up their lending platform on cloud infrastructure.
Established in 2011, Shubham’s mission is to provide housing finance solutions to families with informal incomes through an innovative credit program which looks beyond traditional paper-based forms of income verification. By providing credit to people who were previously denied it, not only is Shubham driving financial inclusion but it is also helping families to secure a better future. As a pioneer in the segment, Shubham was among the first organisations in India to replace document-based underwriting with a customised credit program for each customer.
To deliver on its vision to become the mortgage lender of choice for families with informal income, Shubham needed a solution that provided business agility and rapid time to market. After an extensive review of the solutions available in the market, Nucleus Software’s FinnOne Neo deployed in the cloud proved to be the perfect fit. The solution’s advanced functional coverage and rapid time to market ensured that Shubham can launch the products and services their customers need, quickly and cost effectively. By deploying the solution in the cloud, not only did Shubham reduce upfront investments but it also dramatically reduced time to market. Since inception, Shubham has grown quickly and today operates in 83 cities across 12 states. By 2018 the company aims to provide 50,000 families with home financing.
Mr. Ajay Oak, Chief Operating Officer, Shubham Housing Development Finance Company Ltd. said, “We believe that every person in India should be able to own their own home, and that informal incomes should not be a barrier to providing the credit they need. We chose Nucleus Software because of their three decades of expertise in lending, and because FinnOne Neo deployed in the cloud will provide us with the platform we need to achieve our mission. It will provide a seamless customer acquisition platform, streamline our home loan operations, reduce our costs and improve our ability to scale faster”.
“Shubham is an innovative company with an ambitious mission, and we are delighted to be able to support them. Not only will FinnOne Neo deliver the business agility they need but it will also reduce their costs and help them pass on the savings to their customers. We are delighted that Shubham chose to be our first customer of FinnOne Neo on the cloud and we are certain there will be many others”, said Mr. Vishnu R. Dusad, CEO, Nucleus Software.
Nucleus Software’s flagship lending product, FinnOne is 10 time winner world’s best-selling lending solution. It is designed to support seamlessly integrated applications, provide operational support, risk management and decision-making capabilities to banks and financial services companies. FinnOne focuses on both, retail and corporate loans, thereby emerging as a comprehensive solution to back any line of the lending business.
Shares of NUCLEUS SOFTWARE EXPORTS LTD. was last trading in BSE at Rs.197 as compared to the previous close of Rs. 198.15. The total number of shares traded during the day was 5571 in over 256 trades.
The stock hit an intraday high of Rs. 198.1 and intraday low of 193.1. The net turnover during the day was Rs. 1089823.
Source: Equity Bulls