Celent, the world’s leading research, advisory and consulting firm focused on financial services technology, has named RattanIndia Finance, a leading Non-Banking Finance Company (NBFC) in India as the winner of The Celent Model Bank Award 2020 for Retail Lending, enabled by FinnOne Neo from Nucleus Software.
The winner for Retail Lending, RattanIndia Finance deployed FinnOne Neo in the cloud, disrupting the consumer finance market by providing a superior digital experience, speedy approvals and the rapid launch of innovative loan products. In addition, RattanIndia recorded rapid business growth, and became the first lender to offer loans for electric bikes in India.
Craig Focardi (Senior Analyst, Celent) said “Although the growth of cloud computing has accelerated in recent years,the movement of mission-critical core lending and banking solutions has not. RattanIndia Finance’s successful transition of its entire end-to-end lending platform for retail and corporate banking is a leading-edge example of the future potential for the public cloud, which is why RattanIndia Finances is worthy of Celent’s Model Bank 2020 Award for retail lending”.
Celent Model Bank Awards are designed to recognize best practices of technology usage across a range of critical areas in banking. The nominations, submitted by financial institutions, undergo a rigorous evaluation process by Celent analysts on a number of criteria including demonstrable business benefits, the degree of innovation and the implementation excellence.
RattanIndia Finance Private Limited is a non-deposit-taking systemically important NBFC registered with RBI. The company is promoted by Rajiv Rattan, co-founder of the IndiaBulls Group.
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