Nucleus Software, the leading provider of lending and transaction banking solutions to the global financial services industry, today announced its strategic partnership with Microsoft to deliver the latest version of the best-selling lending software in the world, FinnOne NeoTM, on Microsoft Azure.
The global banking and financial services industry is undergoing a major transformation driven by growing competition and new technology. The growth of cloud technology is emerging as a key driver for change, allowing established players and new competitors alike to respond to customer needs with innovative products and easy availability of services with low overheads. As a result cloud computing services are becoming popular across the banking landscape as they reduce complexity and costs while improving agility for delivering banking solutions.
According to a recent Ovum report*, over 60% of the retail banks across the globe are spending between 20%-39% of their new IT spending on Software-as-a-Service; Infrastructure-as-a-Service and Platform-as-a-Service for easy access to a range of scalable, cost-effective IT solutions, increased speed to market of new offerings and simplified IT infrastructure with reduced overheads.
Harish Vaidyanathan, Director – ISV Business, Developer Experience, Microsoft India said, “With Microsoft Azure we are helping Nucleus Software address requirements of the banking and financial services industry. Azure is a trusted cloud platform for critical sectors such as banking and finance, given the inherent security of the platform, while also being flexible and scalable. We are looking forward to a partnership with Nucleus Software in leveraging the best of Microsoft platform to provide differentiated value to our BFSI customers.”
Commenting on the partnership, Mr. Arup Das, Vice President and Global Head – Lending Product, Nucleus Software said, “We are excited about our partnership with Microsoft for its cloud services to drive the next wave of growth for the banking industry. For three decades we have been helping our customers with the best-in-class software technology to stay competitive and deliver superior customer experience. The partnership with Microsoft is a step ahead in this direction and marks a significant milestone in our product leadership. Making FinnOne Neo available on the cloud will provide banks and finance companies with a much needed lending platform that is secure, scalable and responsive to the changing customer demands.”
Nucleus Software’s FinnOneTM product was recently ranked as the ‘No. 1 Best Selling Lending System’ by International Banking Systems (IBS) for the 7th year in a row. FinnOne Neo, the next-generation version released in 2014, was designed to be delivered via the cloud and the recently completed proof of concept with Azure confirms that this is a key delivery channel for the solution.
Nucleus Software’s products power the banking operations of more than 150 companies across 50 countries. Microsoft Azure is increasingly used by banks and financial services institutions worldwide. This collaboration between Nucleus Software and Microsoft will provide banks with scalable, proven and cost-effective IT infrastructure to help them launch innovative offerings for customers.