Nelito Systems, a Mumbai based digital consulting and solutions company catering to banks and governments, is expanding its horizons to provide IT solutions to Non-Banking Financial Company (NBFC) and Micro Finance Institutions (MFI) segments. The move comes after the company decided to expand its business in the overseas markets and as a part of its renewed India strategy.
As a leading provider of India's Banking software solutions, Nelito Systems has created a niche for itself by offering its own products as well as services. It has expanded its focus to reach NBFCs and Microfinance companies. With the government taking initiatives to promote Financial Inclusion and digitisation of the economic activities in India, the company sees a huge opportunity in smaller towns and rural areas.
At a time when PSU and other private banks are struggling with NPAs, it is NBFCs and MFIs who are providing the financial support to the rural communities with small ticket loans. As per industry estimates, MFI's expanded more than 60% in the last FY. The reported 166 MFIs have reached out to an all-time high of 39 million clients with an outstanding loan portfolio of INR 63,853 crore. Many of these institutions are now looking to digitise their operations for various purposes such as lending, transactions, better service delivery and so on.
Nelito expects strong growth in its business from this segment and command a significant share in the marketplace. It has already created a customer base and is engaged in implementation of the solutions at more MFIs and NBFCs.
"Nelito is focussed on providing affordable excellence through its digital consulting and solutions to make a difference to lives of the people at the bottom of pyramid. It plans to do so within India and other developing countries by providing 'Technology for Banking the Unbanked'. Our solutions are helping our customers serve millions of borrowers affordably and efficiently," said Punit Jain, CEO, Nelito Systems Limited.
He added, "Nelito Systems has a promising future due to its focus and expertise on Banking & Financial Services segments. It has started making inroads in overseas countries with its FinCraft suite of solutions. We expect about 30 per cent of our revenues coming from international markets in next 3 years."
The Meticulousness of efforts to ensure customer delight by each of the team member during the course of the project is appreciable. - Data Archival Project
Overall we are happy with the services provided by Nelito. The implementation team is sensitive to our support requirements and does a good job.
We are extremely thankful to the whole team who have devotedly committed and created this excellent database. Much of our time was wasted in data retrieval from i link where we were facing lots of issues.
You have given us an awesome product which is superior to our Finacle itself in its display capabilities. The great idea of taking pdf/word/excel option is simply superb. Merging the party code and Finacle CIF and account numbers are another feather in the cap.
We have successfully made Nelito's Fincraft Software for NBFC live in early March for LOS,LMS and Sanjiv Khalkho, Arijit Chakraborty with his team have been very instrumental in making this software live . I would like to appreciate on the turnaround time during the go live phase of the team in getting some of our key requirements done and helping our users to use the software for recording and disbursing all the sales from the software.
In technology side I would like to praise Pramod Navale and Ganesh Khetmalis for in depth knowledge of the product and their technical skills is outstanding. Looking forward for the continued relationship for our next release and whole of 2018.
"We are extremely pleased with the kind of support extended by you and your team for our year end work. Although whole bunch of people worked for making the support seamless from your end, my special thanks to following resources. Anurag, Arpit, Arvind, Pranit, Suraj, Udgran, Nilesh, Leena and Udgrand. Also, thanks to all others who have supported us directly or indirectly at your end."
"For a Bank of our size, this system suffices and is very cost effective. Almost all of the bank’s activities run on the one system. Nelito constitutes a partner more than a supplier and the relationship includes provision of the bank’s underlying technology as well as its Fincraft range of applications."
"The best mix of functionality and technological support and our vision of “Cash Less and Paper Less” work environment for Sonata has come true with our technological partner Nelito. I highly recommend FinCraft Core Microfinance platform and especially integrations with a number of third party services."
"We are happy to use FinCraft Data Archival & Retrieval solution from Nelito Systems; it has given huge ROI in terms of saving revenue by retiring legacy applications. We get all desired reports in a timely manner from the solution."
"Proactive & professionally supportive, technically skilled team."
"My bank is working with Nelito from the last about 9 Years and the services provided by the company may prolong our association."
"Knowledge and service provided to the bank is beyond expectation. And we would definitely engage and recommend solution to others."
"As Vendor strict adherence to process & procedures. Risk Mitigates in Place. Flexible to customer requirements."
"Everything was successfully implemented and tested. The implementation was professionally done in a very efficient and cooperative manner. Migration was very smooth."
Support services provided for Swift is really up to the mark and meets all clients requirement. Kindly keep this ongoing.