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A NON-BANKING FINANCE COMPANY INNOVATED TO AN OPEN-SOURCE CORE BANKING PLATFORM FOR A RELIABLE, ROBUST, AND AFFORDABLE LENDING SOLUTION

CASE STUDY

A CORE BANKING SYSTEM DEVELOPMENT CASE STUDY

A leading Non-Banking Finance Company, bringing a unique perspective to finance, wanted a digital core banking system to offer India’s under-banked individuals and businesses financial services.

The main objective was to replace the existing core banking solution with a reliable, robust, and affordable lending solution that can support front-end interfaces on or offline, mobile or PC to help finance any product, service, or lending methodology.

A CORE BANKING SYSTEM DEVELOPMENT CASE STUDY

A leading Non-Banking Finance Company, bringing a unique perspective to finance, wanted a digital core banking system to offer India’s under-banked individuals and businesses financial services.

The main objective was to replace the existing core banking solution with a reliable, robust, and affordable lending solution that can support front-end interfaces on or offline, mobile or PC to help finance any product, service, or lending methodology.

Problem Statement

Our client has financed more than $8 billion to date by operating as a bridge between capital market investors and emerging sectors by offering different credit opportunities. However, despite a steady growth rate, the client’s existing third-party core banking solution had multiple challenges.

One of the main challenges was that for every additional feature requested, big or small, our client had to wait for a very long period.

The feature was only updated in the core banking system when the third-party software vendor was ready to roll out those features as an overall version update. This became a bottleneck for the customer to implement any immediate policy or business changes across the ecosystem.

Also, the client faced difficulty in implementing cross-functional data integration of all banking applications, banking operations performed by various departments at different branch offices and other partnered microfinance lenders.

To overcome these challenges and to bring a centralized solution, our client compared multiple vendors and technology options and decided to choose Zuci Systems as their technology partner for end-to-end development and support for a new core banking system.

BUSINESS GOALS

BUSINESS GOALS

Zuci Systems started this project by understanding the existing core banking application workflow. Recognized various business challenges in the loan cycle for different lending products to define the success metric beforehand. This research helped our project team comprehend several functional and business requirements.

Considering this information and NBFCs compliance requirements, we decided to choose Apache Fineract, open-source software to provide a centralized and robust solution across the ecosystem.

After finalizing, Apache Fineract, our project team started developing the end-to-end infrastructure and customized the open-source platform as per the client’s business requirements. This includes five mandates:

  • Real-time informed decision making and risk management
  • A centralized system across functions and third-party lenders
  • Unmatched scalability for speed and ease of change
  • Tightly integrated analytics
  • Non-breachable security

Finally, to expedite the deployment, we used an agile approach to design, develop, and test the application parallelly and successfully delivered it within five months.

SOLUTION

SOLUTION

Zuci Systems started this project by understanding the existing core banking application workflow. Recognized various business challenges in the loan cycle for different lending products to define the success metric beforehand. This research helped our project team comprehend several functional and business requirements.

Considering this information and NBFCs compliance requirements, we decided to choose Apache Fineract, open-source software to provide a centralized and robust solution across the ecosystem.

After finalizing, Apache Fineract, our project team started developing the end-to-end infrastructure and customized the open-source platform as per the client’s business requirements. This includes five mandates:

  • Real-time informed decision making and risk management
  • A centralized system across functions and third-party lenders
  • Unmatched scalability for speed and ease of change
  • Tightly integrated analytics
  • Non-breachable security

Finally, to expedite the deployment, we used an agile approach to design, develop, and test the application parallelly and successfully delivered it within five months.

HOW ZUCI SYSTEMS HELPED

HOW ZUCI SYSTEMS HELPED

HOW ZUCI SYSTEMS HELPED

HOW ZUCI SYSTEMS HELPED

BUSINESS OUTCOME

0No paperwork
0%
data security & operational risk reduction
0%
decrease in effort (equivalent to 550 FTEs)
0%
increase in revenue
0Effective decision making
Real-time information access for
0Tight integration
with sub-vendors
0 Months
ROI realized

BUSINESS OUTCOME

0No paperwork
0%
data security & operational risk reduction
0%
decrease in effort (equivalent to 550 FTEs)
0%
increase in revenue
0Effective decision making
Real-time information access for
0Tight integration
with sub-vendors
0 Months
ROI realized

TECH STACK

TECH STACK

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