Bank Muscat Partners with Nucleus Software to Revolutionize Collections with FinnOne Neo
· A robust delinquency management system that strengthens business strategies.
· Effective management of early-bucket delinquencies through proactive monitoring and Early Warning Signals.
· Streamlined collections processes that align with the bank’s ‘Change the Bank’ initiative.
Bank Muscat, the leading financial services provider in the Sultanate of Oman, proudly announces the successful go-live of FinnOne Neo® Collections, an advanced digital lending product from Nucleus Software that enables the digital transformation of the bank’s collections operations. This strategic implementation is a significant step forward in the bank’s mission to provide simplified and integrated banking solutions across its expansive network.
With a strong presence in corporate, personal, and Islamic banking, as well as treasury and investment services, Bank Muscat is set to revolutionize its collections strategy through this innovative solution. FinnOne Neo® Collections enhances the bank’s delinquency management capabilities, resulting in a reduction in overdue loans. It also enables proactive, real-time monitoring of loans, ensuring timely detection and resolution of potential issues or Non-Performing Assets (NPAs). By proactively managing collections, the bank is able to maintain better relationships with customers, minimizing disruptions and fostering loyalty.
Nucleus Software has had a longstanding relationship with Bank Muscat, dating back to 2010. The transition from FinnOne™ Collections to FinnOne Neo® Collections is a testament to their collaborative commitment to digital transformation. Streamlined and automated collections processes will lead to quicker resolution of collections-related challenges, ultimately improving operational efficiency and contributing to better financial outcomes, including reduced credit losses and enhanced profitability.
Abdullah Hamood Al Jufaili, Assistant General Manager – Digital Banking, Bank Muscat, commented, “The implementation of FinnOne Neo® Collections represents a transformative leap for us. By harnessing advanced technology, we can enhance our delinquency management capabilities and respond more swiftly to customer needs. This platform aligns perfectly with our vision of providing a customer-centric banking experience. It not only empowers our team with real-time data but also positions us to proactively manage risks, ensuring we stay ahead in the competitive landscape of Oman’s banking sector.”
Mr. Ashwani Arora, Senior Vice President of Nucleus Software, stated, “We are excited to partner with Bank Muscat on this pivotal project. FinnOne Neo® Collections is designed to address the dynamic needs of modern banking, and its successful implementation showcases our commitment to driving digital transformation in the sensitive area of collections. This platform is more than just a tool; it’s a comprehensive solution that enhances operational efficiency and customer engagement. Together, we are setting a new standard for collections processes in the Middle East and Africa region, paving the way for others to follow.”
By entering this new era of customer-centric banking with FinnOne Neo® Collections, Bank Muscat reaffirms its dedication to innovation and excellence in service delivery. This partnership with Nucleus Software not only strengthens the bank’s operational capabilities but also enhances its ability to meet the evolving needs of its customers. With a focus on proactive management and streamlined processes, Bank Muscat is well-positioned to lead the way in the financial sector, delivering exceptional value and fostering long-term relationships with its customers.
About Bank Muscat
Bank Muscat is the leading financial service provider in the Sultanate of Oman with approximately $2.9 billion of AUM. It maintains a strong presence in corporate banking, personal banking, investment banking, Islamic banking, treasury, private banking and asset management. The Bank has the largest network of 185 branches and over 895 service machines in Oman, as well as branches in Saudi Arabia, Kuwait and representative offices in Dubai (UAE), and Singapore.
The Bank has been closely associated with the progressive march of the nation in all realms, participating in development projects and initiatives aiming at boosting the national economy. It continues to deliver on commitment to the nation through strategic Corporate Social Responsibility (CSR) and Sustainability programs covering various segments.
About Nucleus Software
Nucleus Software Exports Ltd. Is a publicly traded (BSE: 531209, NSE: NUCLEUS), software product company that provides lending and transaction banking products to global financial leaders.
Nucleus Software powers the operations of 200+ Financial Institutions across 50 countries, supporting Retail, Corporate & SME Finance, Islamic Finance, Automotive Finance, Captive Automotive Finance, Cash Management, Mobile & Internet Banking, Transaction Banking and more. We facilitate over 26 million transactions each day through our globally integrated transaction banking platform. Our lending platform manages US $ 500 billion of loans in India alone, and over US $700 billion of loans globally other than India, while enabling 500,000+ users to log in daily.
Our Flagship Products FinnOne Neo® and FinnAxia® are backed by 3 decades of BFSI domain expertise and an inbuilt AI powered platform to realize the digital transformation goals of FIs worldwide.
1. FinnOne Neo®: The next-generation digital lending platform designed to revolutionize the lending process. FinnOne Neo® is built on an advanced technology platform empowering financial institutions to streamline their lending operations, enhance customer experiences, and drive business growth.
2. FinnAxia®: An integrated global transaction banking suite, trusted by banks worldwide to optimize their transaction banking processes. With FinnAxia®, financial institutions can efficiently manage their cash management, trade finance, liquidity management, and other transaction banking activities on a single platform thereby improving operational efficiency, visibility, and enhancing client relationships.
3. PaySeTM: The world’s first online and offline digital payment solution, created with the vision to democratize money. This innovative payment solution offers users a seamless and convenient way to conduct digital transactions, both online and offline, facilitating financial inclusion and empowering individuals and businesses.
4. Nucleus Software Services: Our comprehensive suite of services is tailored to assist banks and financial institutions in their digital transformation journey and maintain an optimal technology infrastructure. Through Nucleus Software Services, we offer a holistic approach to digital transformation, enabling organizations to deliver seamless customer experiences, achieve operational and cost efficiencies, and gain actionable insights to drive strategic decision-making.
