Ambit Finvest leverages Nucleus Software’s FinnOne Neo® to transform itslending operations, enhancing efficiency, scalability, and customer experience.

As financial institutions worldwide prioritize operational efficiency and customer satisfaction, digital transformation has become a strategic necessity. By replacing legacy systems with advanced digital platforms, organizations can deliver faster, more secure, and scalable financial services to stay ahead in a competitive market.

Ambit Finvest, a leading Indian financial services provider, specializes in customized financial solutions, including SME loans, vehicle loans, and loans against property. Catering to a broad customer base, from individuals to institutions, Ambit combines a legacy of expertise with a commitment to innovation.

To support its digital transformation journey, Ambit Finvest partnered with Nucleus Software, a leading provider of lending and transaction banking solutions. Nucleus Software’s flagship product, FinnOne Neo®, is a cloud-based digital lending platform designed to optimize lending operations, enhance customer engagement, and improve scalability.

Project and Solution Overview

Ambit Finvest adopted FinnOne Neo® to transform lending operations with 13 cloud-based modules for loan origination, management, and collections. FinnOne Neo® automated end-to-end workflows while integrating with third-party systems such as KYC providers, credit bureaus, and payment gateways.

Key features of the implementation included:

• Automated loan origination and collections processes.
• Advanced collateral management.
• Mobile applications to improve customer engagement.
• Scalable cloud deployment for diverse lending products, including consumer and commercial vehicle loans, personal loans, and loans against property.

Implementation Process

The project followed a structured approach, ensuring seamless transition from legacy systems to the FinnOne Neo® platform.

1. Planning and Governance: A steering committee of key stakeholders from Ambit Finvest and Nucleus Software set project goals, tracked progress, and managed risks. An agile methodology was adopted, ensuring flexibility to address evolving requirements.
2. System Integration: FinnOne Neo® was integrated with third-party services like KYC providers, credit bureaus, and payment gateways. Data migration from legacy systems was conducted with extensive validation and testing to ensure continuity and integrity.
3. Customization and Deployment: The platform was designed to Ambit’s specific lending needs, and cloud deployment reduced infrastructure costs while enabling scalability. Iterative testing validated the system in real-world scenarios.
4. Training and Knowledge Transfer: Comprehensive training sessions equipped Ambit’s team to effectively operate the new system. Dedicated support during the transition ensured smooth adoption across the organization.

Challenges

The migration of data from Ambit Finvest’s legacy systems to FinnOne Neo® was particularly a complex process that required precise planning and execution. The risk of data loss or corruption during the transition was significant, as was the potential disruption to business operations. To overcome this challenge, a detailed data migration plan was devised and implemented, supported by rigorous validation and testing processes. This ensured data integrity and operational continuity, ensuring the business transitions seamlessly to the new platform.

Integrating FinnOne Neo® with multiple third-party systems, including credit bureaus, KYC providers, and payment gateways, introduced additional layers of technical complexity. These integrations were critical for enabling real-time decision-making and ensuring compliance with regulatory standards. The project team addressed this challenge by dedicating significant effort to robust configuration and iterative testing. Clear documentation and close collaboration with third-party vendors ensured the connectivity was secure, seamless and reliable.

FinnOne Neo® seamlessly adapted to Ambit Finvest’s specific business requirements, leveraging its highly configurable architecture to support diverse lending products. Rather than extensive customization, the platform’s flexibility and deep domain expertise enabled efficient alignment with Ambit’s operational needs. Agile methodologies ensured iterative development and testing, incorporating continuous feedback to refine the solution. These proactive measures minimized delays, facilitated a smooth deployment, and delivered a future-ready lending ecosystem tailored to Ambit’s growth ambitions.

Benefits Achieved

The implementation of FinnOne Neo® by Nucleus Software delivered transformative results for Ambit Finvest. The platform significantly improved operational efficiency and customer engagement, while enabling agility and scalability in lending operations.

• Enhanced Efficiency: Automated workflows minimized manual intervention, reducing errors and improving productivity.
• Improved Customer Experience: Mobile apps and digital channels enabled seamless loan applications and account management.
• Scalability: Cloud deployment allowed Ambit to quickly roll out new products, scale effortlessly and adapt to changing market needs.
• Optimized Loan Processes: Integrated systems accelerated loan approvals and improved accuracy.
• Data Security and Compliance: Cloud infrastructure ensured robust data protection and adherence to regulations.
• Cost Savings: Migrating from legacy systems reduced operational expenses and improved resource allocation.

Conclusion

The successful implementation of FinnOne Neo® marked a transformative milestone in Ambit Finvest’s digital journey. By leveraging advanced technology and a cloud-based platform, Ambit streamlined its lending operations, enhanced customer satisfaction, and achieved scalability to meet evolving market demands.

This digital transformation was made possible through a collaborative partnership with Nucleus Software, supported by effective governance and agile execution. The project underscores the critical role of advanced digital solutions in enabling financial institutions to innovate, stay competitive, and deliver value in today’s fast-paced and interconnected financial landscape.

Key Facts

Supplier: Nucleus Software
Headquarters: India
Client: Ambit Finvest
Solution: FinnOne Neo®
Timeline: 6 months with go-line in H1 2024.