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Tuesday, October 25, 2011

Finnex: Debt Collection Agency Software Launched.


Yes, We have done it again!. When we launched the Beta version, in February, many said FinNex looked like a mainframe app, thanks to its primitive looks and interface then. But nobody had doubt on its performance. Now common critics, have a look. It looks great, It runs great and It will carry back offices to great heights.

Thank you Team FinNex, especially Nouphal and Rasheed, you were brilliant and as quick as always in designing the new Interface. The rest of the development team has learned a lot watching your style of solving problems.
By the release of full version, FinNex, has become the first full fledged office automation software for debt collection agencies in India. Being first cloud based application, FinNex will guide and its team is expected to guide us in the future cloud based projects that are coming up. Having launched an application of size of its kind FinNex and its team is going to lead us as the light tower on all our future explorations, I am sure.
 You can read the press release under

Cochin 16th Oct 2011 : Nexabion Solutions, a leading supplier of web-based automation software, today announced release of  FinNex, India’s first office automation solution for banking associates with a comprehensive integrated feature set and reporting tools. FinNex is unique software which helps collection agencies to automate allocations, define business flow, mange employee payroll, and analyze business performance.

FinNex has a Cloud based architecture for better usability that can be accessed from any corner of the globe, FinNex has been designed keeping in mind the intricacies that would otherwise have to be overcome in a manual process of maintaining records of outstanding dues, agent’s incentives, report generation etc. Apart from these advantages, FinNex provides associates with accurate performance analysis and supports decision making in a better way. With FinNex, a banking agencies day-to-day management of debtor accounts is no longer complicated. This simplistic, yet thorough software is expected to improve the efficiency and effectiveness of all collection agencies.

A debt collection agency software like FinNex has been launched in a time when the rising interest rates, high inflation, high crude and energy prices and the Euro zone financial downturn are expected to keep the slippages elevated, and the margins for almost all commercial banks placed under pressure. With SBI already started recovering their NPAs and the other banks expected to follow the same route, debt recovery agencies can expect larger defaulters list every month.

Finnex is the first of its kind in India, said Abdul Rasheed project manager - FinNex. "It will be the first step in taking Indian collection agencies globally competitive. At present, FinNex is expected to help HDFC and Bajaj auto finance collectors in cutting there back office burden and reducing human efforts there. Nexabion is looking to expand FinNex by adding services to more banks that use FinnOne as their loan management system", he added.

A key capability of FinNex is its cloud based architecture. Users can automatically upload bank schedules via Internet, providing a user-friendly, built-in interface for complete analyzing and reporting. Users also can browse reports, review performance, generate reports on demand, configure each user account, save reports locally, calculate salaries and even export reports to MS excel. And, as an added convenience, no local installation of software is required on the user side making the application really platform independent.

"We have set an ambitious goal of automating collection of all Indian banks those use FinnOne as their loan management system, by 2014. And we expect FinNex to help collection agencies to build a culture of innovation and entrepreneurship as well as making better decisions, collection networks, and revenue-generating customer support." Irshad MD, Nexabion said.