g
engine and ‘policy framework’ which will allow rules such as late payment fees to be applied across all products. It will also be easier for customers to create new products. And the ability to expose functionality as services will allow better channel integration.
Once the first customer had gone live, there would be a big push to move the FinnOne users, said Dusad. One major change would be the standard nature of FinnOne Pro. With FinnOne, Dusad admitted, every implementation was unique to a greater or lesser extent. As with the older system, FinnOne Pro will be focused on retail and SME lending but he hoped the faster development capabilities would allow quarterly releases and the ability to extend the functionality, including into commercial lending. Overall, he said, there would be
more of an emphasis on customer account management and customer satisfaction, with this sometimes losing focus in the past amidst the aggressive sales efforts. In terms of new-name sales, 2011 did not see Nucleus maintain the heights of the previous year and there were no further Islamic gains, although overall sales were nonetheless still relatively healthy. The 14 gains in this year included three in Vietnam (Mirae Asset Finance, VP Bank and one off-the- record), First Valley Bank in the Philippines, and Eny Finance in Switzerland (which provided Nucleus with its first live site in this country the following year). However, there was just one deal in the Middle East (a steep slump from the previous year), with this coming from an off-the-record bank in Lebanon.
Recent takers and more system development
New name deals in 2012 were half that of 2011. There were a couple in the Philippines and one each in India, Mauritius, Qatar (the only Islamic new name deal), Saudi Arabia and UAE. In 2013, the vendor recorded eight new contracts, with the majority coming from banks in Africa and the Middle East. One project was in the vendor’s home market, and one was in Australia. The only deal that had an Islamic slant was for a motor finance operation in UAE. In September 2013, Nucleus brought to market an integrated transaction banking solution, Axia. According to the vendor, Axia was a brand new development that utilised the experience of Nucleus in the cash management space but had no old components (it is fully J2EE, front-to-back). The platform had been nearly three years in the making. It covers end-to-end functionality for transaction banking operations, including global payments, global receivables, liquidity management and e-financial supply chain management. Nucleus claimed that a number of banks in India were already in the implementation mode by H2 2013, plus there was a large project underway with a European banking conglomerate to
roll out Axia across its locations in Asia/South East Asia. The first location – Malaysia – was set to go live in October 2013, followed by Thailand in December.
In mid-2014, another Java version of FinnOne was brought to market, this time under the name FinnOne Neo. The vendor claimed that the new version was a complete re-write with a service oriented architecture (SOA). It also saw the vendor break its tie with Oracle to become database, application/ web server, operating system and browser agnostic. Brajesh Khandelwal, vice-president at Nucleus, said that the vendor was now marketing FinnOne Neo exclusively, with the old version no longer being offered to prospective clients. As part of the development, Nucleus created a new framework, called Neutrino, using Red Hat Hibernate technology and which underpins the full modular range. There was also integration of the vendor’s Mobility Suite, as well as a new data analytics tool. At the time of the launch, Nucleus claimed two pilot customers were rolling out FinnOne Neo. Both were existing users, one of which was believed to be State Bank of India, which opted to deploy the customer acquisition component of FinnOne Neo for credit cards, and there was another India- based taker which was upgrading its entire FinnOne package.
Islamic Report
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