Driving Digital Transformation in Financial Services in the Philippines
Rural banks in the Philippines face a number of challenges common with other financial services providers including competing for customers, providing innovative digital services to meet customer expectations, reducing operational costs and Non-Performing Loans (NPLs). However, they are also faced with the need to differentiate themselves from much larger financial institutions and use limited budgets to transform their outdated technology infrastructures. The ongoing wave of digital transformation in the global financial services industry has provided banks with an opportunity to address rising customer demands, increasing pressure on margins, dynamic business scenarios and enhanced regulatory requirements. Rural banks can take advantage of this opportunity by embarking on a transformation journey powered by cutting edge technology.
Nucleus Software’s FinnOne Neo Cloud for Rural Banks is an advanced technology solution designed to manage the complex requirements of managing loans and deposits effectively. The solution also provides comprehensive features to manage Teller operations, Clearing and General Ledger and offers complete flexibility in defining and creating new deposit products which reduce the time to market for launching innovative products. The deposits solution enables banks to handle multi-accounts, generate accruals and application at a specified frequency.
The solution provides faster servicing capability at the bank branches for transactions such as cheque / cash deposits / withdrawals, passbooks, statement of accounts and teller maintenance. With the integrated solution, loan transactions are mapped to general ledgers as per the accounting policy and transactions are fed into the respective General Ledger.
FinnOne Neo Cloud for Rural Banks can be easily integrated with mobile and analytics capabilities which cater to the specific business needs of rural banks in the Philippines. The solution provides on-demand scalability, cost optimization with pay-per-use access, 24×7 business availability, faster deployment in few days and quicker service expansion to remote areas. Cloud based setup helps rural banks focus on business innovation and customer centricity without having to worry about technology. The solution is platform agnostic and works with most of the leading cloud platforms available in Philippines.
• Integrated lead management
• Paperless loan sourcing
• Instant credit check
• Eligibility policy creation
• Multi-channel support
• Configurable workflows
• Dynamic rule engine
• Robust communication engines
• Geo-tagging for field verification
• Deviation management
• STP & API Stack
• Automated bulk processing
• Repayments management
• Income recognition & accruals
• Contract amendments & early closure
• Faster products and schemes creation
• Interest and tax calculations
• Processing instrument deposits and withdrawals
• OD/TOD Limit, Balance, Interest Rate & Withdrawal Maintenance
• Cash Transfer – Vault, Chief Cashier and Teller
• Opening and closure of deposits accounts
• Deposit renewal / revision, Pledged, Hold and Liquidation
• Complete lifecycle of Local / Outstation clearing
• Standing Instruction, Fund Transfer and Auto Debit
• Balance sheet and P&L statement generation
• Monitoring accounts receivable / payable