The Bahamian bank automates account opening, lending, and compliance processes

MCLEAN, VA. – July 20, 2021 – Newgen Software, a global provider of digital transformation platform, is pleased to announce that Bahamas’ Commonwealth Bank has successfully implemented Newgen’s connected banking solutions for streamlining its online account opening, retail lending origination, and compliance (FATCA and CRS) processes.

Leveraging Newgen’s offerings, built on a low code digital transformation platform, the Bahamian bank has been able to bridge operational silos, digitize paper-based manual and disjointed processes, and ensure security and compliance. Furthermore, the bank has achieved better transparency and accountability in the processes by utilizing the platform’s real-time dashboard for tracking and reporting.

“Newgen’s team has been proactive in addressing all concerns during the implementation phase, ensuring a timely and successful delivery. With Newgen’s solutions, we have shortened loan and account processing times, lowered overall costs, and eliminated process bottlenecks,” said Oswald Dean, VP – Information Technology, Commonwealth Bank.

“Our solutions are enabling financial institutions, across the globe, modernize their customer-facing business processes with speed and agility. We are helping Commonwealth Bank build a strong foundation with connected banking and look forward to supporting their future digital initiatives,” said Anand Raman, EVP and COO, Newgen Software Inc.

About Commonwealth Bank

Commonwealth Bank is first Bahamian-owned billion dollar bank established in Bahamas, the year 2020 marked its 60th anniversary. It is one of the largest and most successful Bahamian banks with $1.72 billion in assets. The bank continues to lead the industry in service and convenience with twelve branches in New Providence, Abaco, Spanish Wells and Grand Bahama to provide the best possible access to an extensive line of products and services.

About Newgen Software Inc.

Newgen is a leading provider of low code digital automation platform. Globally, successful financial institutions, insurance, government, and shared services organizations rely on Newgen’s industry-recognized products and applications—to manage their processes (BPM), content (ECM), and communications (CCM)—for connected operations. From customer onboarding to service requests, from loans and deposits to underwriting, and many more, Newgen’s industry applications transform business-critical operations with agility. Newgen’s cloud-based platform enables digital transformation initiatives for superior customer experience, optimized costs, and improved efficiencies.

For more details, visit www.newgensoft.com