'Great opportunity for rapid expansion of BFSI sector in emerging economies' - The New Indian Express

'Great opportunity for rapid expansion of BFSI sector in emerging economies'

Published: 30th December 2013 11:18 AM

Last Updated: 28th February 2014 12:14 PM

In an interview with Meena Konar of Myiris.com, V Muralikrishna, executive VP, global head- sales & marketing, Nucleus Software says, ''We believe that our leadership position especially in the lending space will enable us gain increasing global market share.''

1. Could you share what is Nucleus Software's Finnone Mobility Suite all about?

To address the increasing need of financial institutions to service their customer on mobile devices, Nucleus Software expanded its offerings with the introduction of FinnOne Mobility product suite. Comprising FinnOne mCAS, mServe and mCollect. Each one of them offers unique business benefits to customers both operational efficiency and customer delight.FinnOne mCAS is the mobile extension of the customer acquisition and underwriting module. The product speeds up customer acquisition through quick data entry, application approval, field investigation, initial money collection, customer status enquiry etc. thereby increasing operational efficiency and improving service delivery. The product encourages financial inclusion by extending formal banking system among customers in under-banked and unbanked areas. FinnOne mServe makes loan management possible on the go and allows the mobile application user to view, download and e-mail documents such as account statement, foreclosure simulation report, repayment schedule and income tax certificate. FinnOne mCollect module empowers lending institutions to extend their mobile service options to field collectors for better delinquency management and automating the process of field debt recoveries.

2. What are the challenges you come across with mobile banking suite?

One of the challenges is the concern around security. This is a very relevant concern and deserves attention but there are enough technology solutions available today to adequately address them and most banks and financial institutions are already deploying them successfully. As an example, mapping a handset to a user profile can take care of device loss (once reported) or data encryption can take care of security of data in the air etc. Another challenge is the perceived loss of control or dissociation with the customer if the customer never comes into the branch or never calls us and does everything on his mobile device, how do we cross sell anything? Why would he stay with us?. The truth is that customers today just don't have time and are looking for ways and means to save time. This means independence and power to do things on their terms and at their convenience. This implies that they will not stay with banks that force them to interact even when they don't want to. By giving customers power to do more and more on their own, banks not only reduce their own costs, but, paradoxically and more importantly earn the respect of customers because customers then view the bank as a friend who is there when needed but knows when to step away when not wanted thus increasing stickiness. 3. How do you see the overall industry outlook?

Spends on IT by Indian Banks are reaching higher and higher levels every year. According to an industry report, Indian banks are likely to spend Rs 462 billion on IT products and services in 2014, an increase of nearly 9.8% over 2013 spend of Rs 421 billion. Mobility solutions are seeing the fastest growth of all. According to a report by RBI, Mobile banking is gaining momentum as banking transactions by customers grew from Rs 6.25 billion in January, 2013 to Rs. 15.66 billion in September 2013. This huge growth in mobility solutions is not restricted to banking industry alone and is being driven by rapid technology adoption across different industries and across different segments of the industry consumers, enterprises, SMBs and the government all of whom are taking up mobility solutions for better customer reach, customer satisfaction, reduced cost of operations etc. In addition to the mobility, some of the other areas like customer analytics, cloud and big data will all continue to fuel growth for the Indian IT-ITES industry some time to come.4. What growth opportunities are you seeing?

Banks and financial institutions are aggressively looking to ramp up their technological capabilities while extending banking operations on handheld devices. To address this increasing dependence of financial institutions to service their customer on mobile devices, Nucleus Software is continuously working to expand its offerings to ensure its customers stay ahead of the curve. With the introduction of the complete FinnOne Mobility product suite, we have ensured that our valued customers meet the dynamic business needs ensuring superior end-customer experience. Through our strong product portfolio we have built and capitalized on our core strengths.

It has been our constant endeavour to provide our customers with the best products through our constant investment in R&D. Our products have always been aligned with the needs of the market and in some cases even driven the IT product space in some key areas such as lending, retail banking, loan management and recovery management. Apart from our flagship product, FinnOne, BankOnet, Cash@Will are our other offerings in the area of Internet Banking and Cash Management respectively.

We see great opportunity across the globe in terms of the rapid expansion being witnessed in the BFSI sector in emerging economies. We believe that our leadership position especially in the lending space will enable us gain increasing global market share.5. What are your expansion and capex plans for the coming years?

With presence in 50 countries and servicing more than 150 clients across the globe we plan to expand our footprints in Africa and South East Asia, in the near future. It's our constant endeavour to provide our customers with the best possible product portfolio across geographies. Our vision is to make financial services access easy and enriching worldwide.

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