- ICICI Bank and Nucleus Software introduced MARC, an innovative debt servicing solution that allows customers to make payment anytime, anywhere
- This mobile-based solution is available on phones and tablets
- The platform has brought about considerable cost and human resource savings for the bank
ICICI Bank and its technology partner Nucleus Software have been named the winners of the Best Lending Platform Project Award during the eighth Asian Banker Technology Implementation Awards Programme, held at the Kuala Lumpur Convention Centre, Kuala Lumpur on May 21st 2014. The awards ceremony was held in conjunction with The Asian Banker Summit 2014, the foremost annual meeting for decision makers in the financial services industry in the Asia Pacific region.
ICICI Bank and its technology partner Nucleus Software introduced MARC, a mobile-based Automation of Receipts on Collection Activities Processing System (CAPS), a solution that allows customers to make payment anytime, anywhere while eliminating the need for hand-written receipts. This mobile-based software has been implemented on Android and Symbian OS. It updates transaction details, generates payment receipts on a paired blue-tooth printer, and pushes SMS and e-mail confirmations of transactions to the customer. The system enables straight-through processing and tracks payment on a real-time basis and has resulted in considerable cost savings by freeing up over 200 bank employees involved in physical receipt issuance and reconciliation and manual updating of receipt details into core systems. It has been implemented at 50 locations with 150 channel partners.
On this occasion, Ravi Pratap Singh, President & Head, Global Product Management, Nucleus Software said, “The award is an acknowledgement of our constant endeavour to exploit new technology capabilities to deliver business value to our customers. FinnOneTM mCollect is our mobile solution in the area of Delinquency Management. The product is aimed at empowering field collection agents with information and tools to serve end-customers and enhance their experience. Real time update to the Bank/FI provides stronger monitoring of this typically outsourced field work. This recognition by The Asian Banker reinforces our commitment towards providing our customers with best in class product solutions for mission critical banking processes”.
The awards programme, administered by The Asian Banker and refereed by prominent global bankers, IT consultants and academics, is the most prestigious of its kind. A stringent three month long evaluation process determines the winners from across Asia Pacific, Middle East and Africa. The winners are honoured at a glittering event that recognises their efforts in using the best technology to run their institutions and bring superior products and services to their customers.
FinnOne™ mCollect is an extension of Nucleus Software’s flagship product FinnOne™ Collections, on mobiles & tablets. The application ensures optimal utilization of resources and increase in the overall debt recovery by tracking the "Floating Monies". This reduces the dependency of paper based collections. Real time electronic confirmations sent to end customers significantly increases customer satisfaction apart from operational efficiencies through cost savings on material and turnaround time.
Key Business Benefits:
- Risk reduction by more control on float money
- Increased customer satisfaction as all queries are resolved instantly at doorstep
- A TAT of 5-7 days in delivering SOA / FC reduced to ZERO
- Fast Pay Back Period (Fast ROI)
- Reduces reliance on paper receipts enabling savings
- Increases operational efficiency and productivity
- Available on Android, iOS, Blackberry, Symbian, Windows Mobile
The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The Singapore-based company has offices in Singapore, Malaysia, Hong Kong, Beijing and Dubai as well as representatives in London, New York and San Francisco. It has a business model that revolves around three core business lines: publications, research services and forums.