HDFC Bank, powered by Nucleus’ FinnOneTM, wins 'Celent Model Bank Award 2010' for effective technology usage in bankin

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Nucleus Software (NSE: NUCLEUS, BSE: 531209), a leading global provider of integrated software products for banks and financial institutions, today announced that one of its leading client’s in India, HDFC Bank, has won the Celent Model Bank 2010 award for its loan origination system.

New Delhi, July 26, 2010 (PressReleasePoint): Nucleus Software (NSE: NUCLEUS, BSE: 531209), a leading global provider of integrated software products for banks and financial institutions, today announced that one of its leading client’s in India, HDFC Bank, has won the Celent Model Bank 2010 award for its loan origination system.

The basis of this study, undertaken by Celent, was to answer the question, “What would it look like for a bank to do everything right with today’s technology?” In its related Model Bank report, Celent quotes, “While there is no such thing as a “Model Bank”—every bank does some things well, and others not as well when it comes to technology”.

HDFC Bank has been a proud user of Nucleus’ award winning product, FinnOne™, for several years. Prior to using FinnOne™, the Bank’s retail loan applications were processed manually, which only meant longer duration in loan processing and larger scope for human error. The Bank needed to automate its processes if it wished to stay ahead of the steadily growing competition.

FinnOne™, the flagship product of Nucleus Software, has been ranked No.1 selling lending software product across the globe, by IBS Publishing, UK, for the past two consecutive years and has been amongst the top for over five years now.

Munish Mittal, EVP & Head – Technology Solutions Group, HDFC Bank, said, “We are truly elated for being recognized by an independent and globally acclaimed research body like Celent (Oliver Wyman). Nucleus Software has been our technology partner since a long time and we have been using their flagship product ever since. FinnOne™ has helped the Bank over deliver its promises and thus ensure customer delight. We are proud of our association with Nucleus Software and look forward to a further strengthened future.”

Ever since its inception in 1994, the Bank was looking for a robust software solution that could not only handle high volumes of data and increasing business complexity, but also be flexible enough to adapt to changing customer and organizational expectations.

Niraj Vedwa, COO, Nucleus Software, said, “This is a truly proud moment for us that one of our prestigious clients won an award for effectively using our solution. Nucleus’ passion for creating world-class intellectual property is driven from the desire to ensure our clients derive maximum benefits from our solutions and thus stay a step ahead of competition. Our association with HDFC has been long and ever-growing and this is a testimony to our dedication to ensure our customer’s growing success, year – on – year. We congratulate HDFC Bank for the well-deserved recognition.”

Since the implementation, HDFC has been able to handle substantial volume growth, reduced their turnaround time for each loan manifolds and reduced their operational costs greatly.

Last year another prestigious client of Nucleus Software had won this award for its loan processing system.