Fintech PR
Bank Muscat Partners with Nucleus Software to Revolutionize Collections with FinnOne Neo®
- A robust delinquency management system that strengthens business strategies.
- Effective management of early-bucket delinquencies through proactive monitoring and Early Warning Signals.
- Streamlined collections processes that align with the bank’s ‘Change the Bank’ initiative.
MUSCAT, Oman, Dec. 3, 2024 /PRNewswire/ — Bank Muscat, the leading financial services provider in the Sultanate of Oman, proudly announces the successful go-live of FinnOne Neo® Collections, an advanced digital lending product from Nucleus Software that enables the digital transformation of the bank’s collections operations. This strategic implementation is a significant step forward in the bank’s mission to provide simplified and integrated banking solutions across its expansive network.
With a strong presence in corporate, personal, and Islamic banking, as well as treasury and investment services, Bank Muscat is set to revolutionize its collections strategy through this innovative solution. FinnOne Neo® Collections enhances the bank’s delinquency management capabilities, resulting in a reduction in overdue loans. It also enables proactive, real-time monitoring of loans, ensuring timely detection and resolution of potential issues or Non-Performing Assets (NPAs). By proactively managing collections, the bank is able to maintain better relationships with customers, minimizing disruptions and fostering loyalty.
Nucleus Software has had a longstanding relationship with Bank Muscat, dating back to 2010. The transition from FinnOne™ Collections to FinnOne Neo® Collections is a testament to their collaborative commitment to digital transformation. Streamlined and automated collections processes will lead to quicker resolution of collections-related challenges, ultimately improving operational efficiency and contributing to better financial outcomes, including reduced credit losses and enhanced profitability.
Abdullah Hamood Al Jufaili, Assistant General Manager – Digital Banking, Bank Muscat, commented, “The implementation of FinnOne Neo® Collections represents a transformative leap for us. By harnessing advanced technology, we can enhance our delinquency management capabilities and respond more swiftly to customer needs. This platform aligns perfectly with our vision of providing a customer-centric banking experience. It not only empowers our team with real-time data but also positions us to proactively manage risks, ensuring we stay ahead in the competitive landscape of Oman’s banking sector.”
Mr. Ashwani Arora, Senior Vice President of Nucleus Software, stated, “We are excited to partner with Bank Muscat on this pivotal project. FinnOne Neo® Collections is designed to address the dynamic needs of modern banking, and its successful implementation showcases our commitment to driving digital transformation in the sensitive area of collections. This platform is more than just a tool; it’s a comprehensive solution that enhances operational efficiency and customer engagement. Together, we are setting a new standard for collections processes in the Middle East and Africa region, paving the way for others to follow.”
By entering this new era of customer-centric banking with FinnOne Neo® Collections, Bank Muscat reaffirms its dedication to innovation and excellence in service delivery. This partnership with Nucleus Software not only strengthens the bank’s operational capabilities but also enhances its ability to meet the evolving needs of its customers. With a focus on proactive management and streamlined processes, Bank Muscat is well-positioned to lead the way in the financial sector, delivering exceptional value and fostering long-term relationships with its customers.
For more information, please visit: http://www.nucleussoftware.com
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