Nucleus Software: Enabling Transformation at Bank of Sydney

In an increasingly competitive market, where hyper-personalised and seamless experiences are critical, banks are turning to technology partners like Nucleus Software to transform how they operate.

Four years ago, Australia’s Bank of Sydney began this process, seeking to accelerate its digital lending transformation strategy, modernise legacy processes and enable greater end-to-end acquisition and management of online customers.

For Ashwani Arora, Global Customer Success Head at Nucleus Software, the global fintech with strong roots in India and a decade - long presence in Australia is the perfect partner for this kind of transformation.

“We are one of the first fintechs, with a legacy of deep banking and technology product excellence,” he says. “We serve two key areas – lending and corporate or transaction banking along with a suite of digital services that help banks modernise, integrate, and scale. Our solutions manage over US$15tn of yearly transactions and our FinnOne Neo® lending platform, recognised as the world’s best-selling lending solution for over 10 years, manages US$1.2tn of loans globally.”

Transforming through collaboration

Innovation and technical expertise are key to Nucleus’s success. The company provides a fully configurable, no-code low-code end-to-end lending solution through FinnOne Neo® . Designed to deliver agility while reducing costs, the platform helps the likes of Bank of Sydney launch products faster, accelerate growth and improve customer experience.

“When we began working with Bank of Sydney, we were struck by how many processes were still manual: credit policies were written on paper, manual fee and charges setups were leading to leakages, and document handling with minimal or no system integrations was presenting challenges,” Ashwani explains. “Our goal was to eliminate all of these pain points.”

Nucleus takes a collaborative approach to customer engagement, honed by years of experience globally and in the complex Australian sector, where it began working in 2013 enabling digital transformation at a tier-two bank and gaining valuable expertise in regulatory frameworks.

“It’s been a true partnership that began with continuous engagement to understand challenges and opportunities, and revolved around shared objectives,” Ashwani states.

“As a result of this collaboration, FinnOne Neo®  has helped the bank to integrate with broker systems, automate credit policies and reporting, apply rule-based fee and document management, embed serviceability calculators and enable seamless integration with third-party systems.”

Driving customer experience

A key component to this success is FinnOne Neo® ’s configurability, enabled by a flexible open-architecture design. This allows financial institutions to adapt quickly to evolving market dynamics and provide tailored loan products. “It’s a real strategic differentiator,” says Ashwani. “It allows us to meet changing regulatory needs quickly and roll out new products and services to satisfy customer demands.”

The results have been transformative for Bank of Sydney. “Our experience and technology made the implementation 40% faster. We’ve dramatically reduced manual touch time across the business, significantly reduced fee leakages and helped the bankruptcy team gain at least 40-50% efficiency.

“On top of that, they’ve been able to free up lender capacity to focus far more effectively on building customer relationships and driving improved customer experience.”

Partnerships like that with Bank of Sydney are crucial in Nucleus’ development. The company constantly updates its platforms – the next 8.5 version of FinnOne Neo® is due by end of year 2025. It is also exploring new innovations around AI and other technologies to further enhance outcomes.

“Our journey together continues, and now we’re collaborating on the upcoming FinnOne Neo®  GA version upgrade later this year,” Ashwani affirms. “The new version will deliver a major leap in UI/UX, transforming how end users interact with the system. We’re also partnering with several ANZ fintechs to deliver out-of-the-box integrations that will reduce manual processes - driving even greater efficiency and customer satisfaction”

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