Religare Finvest Deploys Nucleus Software's FinnOne mCollect Application

Nucleus Software Exports Limited, a provider of software products and solutions for the banks and financial services industry, has announced that Religare Finvest Limited (RFL), the SME-focused lending arm of Religare Enterprises Limited (REL) and one of India’s largest capitalised NBFCs, has gone live with Nucleus Software’s FinnOne mCollect, a mobility product, to enhance its loan servicing and collection software capabilities.

FinnOne has been ranked as the global #1 lending solution (IBS) for five consecutive years. mCollect, a mobility product for efficient delinquency and debt management operations, has enabled RFL to offer a high performance, automated and anywhere-anytime accessible system to its field collectors, collection managers and sales personnel across India.

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Commenting on the development, Kavi Arora, Chief Executive Officer, Religare Finvest Limited said, “Religare Finvest Limited is committed to making financing easier for SMEs through innovative, pioneering and industry-leading solutions. With the use of this application, we have been able to tighten our collection process and reduce our operational costs. The application has also helped us minimise human errors and expedite reconciliation. We are poised for steady growth in tapping SME lending opportunities across clusters in India more effectively.”

A highly flexible solution, FinnOne mCollect helps lending institutions manage various processes such as receipt recording, contact recording, receipt tracking and processing, float money tracking, receipt reconciliation and foreclosure simulation. The mobile solution can be easily adapted to the need of specific market segments by allowing lenders worldwide to achieve higher profitability, increased operational efficiency and customer satisfaction.

Commenting on this occasion, Vishnu R. Dusad, CEO and Managing Director of Nucleus Software, said, “We have a strong partnership with Religare Finvest since 2009 and are excited that, with its progressive and forward-looking vision, Religare Finvest has once again placed its trust in us. RFL has chosen our robust, functionally rich and highly scalable mobile application to serve its customers. Our team helped implement and parameterise the mobile product for more effective results and I am happy to see that our mobile product is already helping Religare Finvest derive significantly higher business value, increased operational efficiencies, reduced risks and end-customer delight.”