India-based Nucleus Software has introduced a new mobile based lending platform called FinnOne Neo mFin to enable microfinance firms offer fast and digitised access to micro credit.

This dedicated microfinance solution is designed to enable the microfinance companies carry out paperless data sourcing, real time application processing, swift verification as well as provide credit grading through a single platform.

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Besides allowing the companies to take swift decisions, FinnOne Neo mFin will reduce operating costs and customer on-boarding process.

It is equipped with various features including the pre-population of application data, integration with credit bureaus, geo tagging, image upload, role based dash-boards as well as support for group lending.

According to KPMG, the microfinance industry recorded a 27% Compound Annual Growth Rate (CAGR) in the last few years and expect it to grow at the same rate over the next five years.

With this new solution, Nucleus Software intends to cater to this growing market.

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Nucleus Software executive director and CEO R P Singh said: “Microfinance is at an acute point today and we see some great momentum in this area. We are confident that FinnOne Neo mFin will be a key step towards fulfilling our vision of making financial services more accessible.

“This is the next step on our long term strategy of using technology to make a 100 rupee loan possible, a strategy we first discussed in 2005.

“With this solution, Financial Institutions into Microfinance can use our digital capabilities to reach more customers in more places. In short, this solution will help microfinance companies bring advanced banking services to all people, regardless of location or income level.”