Mirae Asset Financial Services Gets “Most Effective Paperless Digitisation Implementation” Award

Mirae Asset Financial Services (India) (MAFS) aimed to leverage cutting-edge technology to offer loan against securities to its customers under a branchless operation model with the slogan “Don’t Redeem it, Lien it Instead”. Towards this goal, Mirae Asset Financial Services (India) after careful consideration chose Nucleus Software to develop and implement a unique customer on boarding mobile app “Mirae Asset Financial Services”, a well-integrated, seamless, scalable, and reliable digital lending mobility solution that would allow customers to avail loan against their mutual funds and shares online quickly without having to visit branches or submit tons of paperwork. The mobility solution supports Instant Disbursal aligned to individual requirements, and complete online processing of security withdrawal, bringing about intelligent automation and transparency across the entire loan lifecycle.

Highlights of the implementation

• Paperless end to end seamless digital experience, no physical paper, no visiting branches, no long waiting time.
• Pioneering mobile based secured and transparent loan against securities journey with accelerated go to market.
• A self-servicing platform where customers can complete all tasks associated with their loan account.
• Enabled end customers to receive loans within 15 minutes against mutual funds and same day against shares.

Mirae Asset Financial Services (India) partnered with Nucleus Software, a leading software company that provides lending and transaction banking products to the global financial services industry, to design and deploy a pioneering customer self on-boarding mobile App “Mirae Asset Financial Services” that provides a truly end-to-end seamless digital experience.

“While a normal physical processing for secured loans takes about 3-4 working days, the Customer Onboarding Mobile App Mirae Asset Financial Services coupled with our Loan Management Solution has enabled our customers to avail loans within 15 minutes in a straight through journey with superior, easy and transparent digital experience.”

Director & CEO of Mirae Asset Financial Services, Mr. Krishna Kanhaiya, stated “Our partnership with Nucleus Software will strengthen our operations and help us drive process improvements and business growth. With the mobility App we can deliver greater customer experience as it enables easy and straight through access to information throughout the loan lifecycle, with zero manual intervention. Our customers can now avail loans within minutes with minimal interest rates and easy repayment options.”

Mr. Parag Bhise, Chief Executive Officer of Nucleus Software stated “Due to the robust, configurable and seamless integration capabilities of the digital lending platform and mobility application, Mirae Asset Financial Services (India) will be able to provide simplified financial solutions offering Fast, Easy & Hassle-Free instant loans with convenient and transparent end to end paperless digital process, thus contributing towards sustainability as well. We started building the mobility solution by technically and functionally evaluating different services offered by Fintech’s and integrating shortlisted services that were crucial for an advanced CX.”