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News >> Technology >>
FinnOne bags award for HDFC Bank
By siliconindia
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Monday, 26 July 2010, 22:37 IST
New Delhi: Nucleus Software, a leading global provider of integrated software products for banks and financial institutions announced that one of its clients in India, HDFC Bank, has won the Celent Model Bank 2010 award for its loan origination system.
HDFC Bank has been a proud user of Nucleus' award winning product, FinnOne, for several years. Prior to using FinnOne, the Bank's retail loan applications were processed manually, which only meant longer duration in loan processing and larger scope for human error. The Bank needed to automate its processes if it wished to stay ahead of the steadily growing competition.
FinnOne, a product of Nucleus Software, has topped the list of lending software product across the globe, by IBS Publishing, UK, for the past two consecutive years and has been amongst the top for over five years now.
"We are truly elated for being recognized by an independent and globally acclaimed research body like Celent (Oliver Wyman). Nucleus Software has been our technology partner since a long time and we have been using their flagship product ever since. FinnOne has helped the Bank over deliver its promises and thus ensure customer delight. We are proud of our association with Nucleus Software and look forward to a further strengthened future," said Munish Mittal, EVP & Head, Technology Solutions Group, HDFC Bank.
Since the implementation, HDFC has been able to handle substantial volume growth, reduced their turnaround time for each loan manifolds and reduced their operational costs greatly.
"This is a truly proud moment for us that one of our prestigious clients won an award for effectively using our solution. Nucleus' passion for creating world-class intellectual property is driven from the desire to ensure our clients derive maximum benefits from our solutions and thus stay a step ahead of competition. Our association with HDFC has been long and ever-growing and this is a testimony to our dedication to ensure our customer's growing success, year on year. We congratulate HDFC Bank for the well-deserved recognition," said Niraj Vedwa, COO, Nucleus Software.
Last year another prestigious client of Nucleus Software had won this award for its loan processing system.