TAB Capital, a Non-Banking Finance Company (NBFC), entered into an association with the Nucleus Software, a leading provider of lending and transaction banking solutions to the global financial services industry.
As a part of the association, TAB Capital will implement Nucleus' FinnOne Neo Cloud solution to support the end-to-end digitisation of their lending business, thus strengthening TAB Capital's position in the digital lending market and providing easier access to loans for the MSMEs.
Over 30 million companies operate in the MSME sector, contributing 45 per cent of the manufacturing output and 40 per cent of the exports. However, lending to MSME segment has been constrained by cumbersome, time consuming and inefficient processes.
The company will deploy FinnOne Neo Cloud to take advantage of the benefits that cloud technology brings, including reduced time to market, on-demand scalability, and market-leading security. The company will also implement Nucleus FinnOne Neo Lending Mobility solutions - mCAS and mCollect - for leveraging the power of mobile in loan origination and collections, thereby helping TAB Capital further drive efficiency, cost reduction and faster decision-making.
Nucleus FinnOne Neo Lending Mobility helps banks and NBFCs manage the end-to-end loan life cycle of their customers on mobile devices. The solution helps banks on-board customers faster, deliver better services and simplify collection processes.
"TAB Capital was incepted with the vision to digitalise lending and bring conventionally underserved segments into the purview of financial inclusion. To the same accord, we are glad to announce our association with Nucleus Software and looking forward to working with them as we turbo charge our growth by offering new-age lending solutions and outstanding customer experiences," said CA Abhay Bhutada, Founder and Managing Director at TAB Capital Limited.
"The MSME sector is an important part of Prime Minister Narendra Modi's ' Make in India' and ' Digital India ' initiatives. The government has recently announced new schemes for empowering rural and the MSME sector. It is important to ensure that this segment has easy access to affordable credit and we are happy to be contributing towards this digital push. With FinnOne Neo Cloud, the company will be able to scale faster and provide easier access to innovative loan products," added Vishnu R. Dusad, CEO, Nucleus Software. (ANI)
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