Gone are the days when a Bank simply meant a financial body where people could keep their hard earned money and feel relaxed with little bit earning in the form of interest. Today, growing customer demands have transformed Banks into Financial Institutions or Financial Supermarkets to be more appropriate. In order to retain customers and remain competitive banks today cater to all the financial needs of customers such as opening of CASA, home loan, personal loan, credit card, bank assurance, or mutual funds.

Advancements in their IT infrastructure have enabled banks to go “Beyond Core”, and explore new opportunities for information management, thereby achieving improved customer service and better risk management. Expanding the scope of banking services, banks today have set up Central Processing Centers (CPCs) that cater to multiple processes with reduced TAT, resulting in improved customer experience.

CPCs help banks to carry out all processing activities at one particular place while only front ending activities are carried out at the different branches of the bank. This results in better customer service and happy customers, and also provides the branch banking staff with a better chance for cross selling and up selling products. All the document intensive processes can be carried out in a CPC which in turn would result in leaner and thinner branches. Banks may have multiple CPCs (based upon the process and location). In case a bank is planning to outsource some of its processes, having a CPC places the bank in a better position for negotiation with outsourcing service providers as the bank is aware of the exact cost of owning the process. It also provides an option of going for selective outsourcing.

Newgen has been instrumental since years in providing solutions, based on its award winning Enterprise Content Management (ECM) and Business Process Management (BPM) platforms for centralization, standardization, and optimization of processes like Account Opening, Loan Processing, Trade Finance, Card Approvals & Issuance, Customer Onboarding & KYC, and Customer Request Management in a Central Processing Centre.

If utilized to their full potential CPCs can really add a new dimension to banking services.