The bank to automate account opening, lending, and collection processes

August 31, 2021: Newgen Software, a global provider of digital transformation platform, announced that Bank of the Bahamas Limited has implemented Newgen’s banking solutions to automate its online account opening, retail lending origination, commercial lending, and collections processes.

The Bahamian bank will leverage Newgen’s connected banking offerings to bridge operational silos, digitize paper-based processes, and ensure compliance. With Newgen, the bank can utilize a single self-service portal—integrated with the core banking system—for their end-to-end lending processes, from loan initiation and credit analysis to disbursal and collection. Furthermore, the bank is looking to achieve better transparency and accountability in its processes by utilizing the platform’s real-time dashboard for tracking and reporting.

“So far, it has been great working with Newgen’s team. They have been responsive in addressing all concerns during the implementation phase, ensuring a timely and successful go-live. With Newgen’s solutions, we are looking to shorten loan and account processing times, reduce overall costs, decrease turnaround times, and eliminate process bottlenecks,” said Ian W. Thompson, Corporate Manager, Credit Risk, Bank of the Bahamas Limited.

“To stay competitive, banks must automate their customer-facing business processes with speed and agility. We are glad that Bank of the Bahamas Limited chose us as a partner in their digital transformation journey. We look forward to helping them build a strong foundation with connected banking and supporting their future digital initiatives,” said Anand Raman, EVP, and COO, Newgen Software Inc.

About Bank of the Bahamas Limited

Bank of the Bahamas Limited (BOB) started in 1970 as the bank of montreal and currently has 51% controlling interest of Govt of Bahamas. BOB is a modern, full-service bank with 13 branches in eight islands and a long history of firsts in the local banking industry. The Bank caters to retail clients from all walks of life providing personal loans and mortgages as well as savings and chequing accounts, term deposits, money transfers, online banking, and prepaid cards.

About Newgen Software Inc

Newgen is the leading provider of a unified digital transformation platform with native process automation, content services, and 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.

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