October 21, 2024: Newgen Software, a global provider of an AI-enabled digital transformation platform, announced that Bank Midwest selected the company’s banking solutions to simplify its small business lending operations. Leveraging Newgen’s banking solutions, the US-based bank has successfully digitized the entire lending process, from loan application and underwriting to funding and loan boarding.
Earlier, Bank Midwest enhanced its account opening process with Newgen’s omnichannel digital onboarding offering. The deployed solution, built on Newgen’s industry-recognized low-code platform, enabled the bank’s customers to easily access a self-service online portal to open new deposit accounts, significantly reducing turnaround time.
Building on its previous success, Newgen streamlined the small business lending process with a cutting-edge, digital-first loan origination solution. The unified back-office system ensures efficient loan processing with automated workflows and account opening/underwriting, dashboard reporting, and seamless integrations with the banking infrastructure for efficient customer data management.
“After our successful collaboration with Newgen for streamlining customer onboarding experience, we are thrilled with the modernization of our small business lending journey. Newgen has been a valuable partner, bringing deep domain expertise and a strong understanding of our business needs. We are confident in our partnership and how it further enhances the services that Bank Midwest offers to its customers,” said Keith Sexe, Vice President – OnePlace Capital, Bank Midwest spokesperson.
Speaking about the initiative, Sandeep Hinduja, Head of Banking (US) at Newgen, said, “We are delighted to continue and expand solutions in our partnership with Bank Midwest. The bank’s trust in Newgen reflects the strength of our products and our commitment to providing adaptable and future-resilient technologies to simplify user journeys. We look forward to working with Bank Midwest to achieve their goals across other business lines.”
About Bank Midwest
Bank Midwest, a 140-year-old family-owned community bank with 11 branches across Iowa, Minnesota, and South Dakota, operates a 14-year-old medical equipment financing division, OnePlace Capital (OPC), which provides financial solutions nationwide to dentists, veterinarians, and other healthcare professionals. OPC also serves as the pilot program for oneplace.bank, a digital platform launched in July 2023, integrating 17 vendor solutions to deliver exceptional financial services and experiences.
About Newgen Software Inc.
Newgen is the leading provider of AI-enabled unified digital transformation platform with native process automation, content services, communication management capabilities. Globally, successful enterprises rely on Newgen’s industry-recognized low code application platform to develop and deploy complex, content-driven, and customer-engaging business applications on the cloud. From onboarding to service requests, lending to underwriting, and for many more use cases across industries. Newgen unlocks simple with speed and agility.
