December 20, 2023: Newgen Software, a global provider of low code digital transformation platform, announced that the Development Bank (DB) selected Newgen to streamline its Banking Processes and Deliver Transformed Experiences.
The financing arm for the government to support SMEs based in Oman is dedicated to enhancing its banking processes, aiming for a seamless, secure, and omnichannel experience for its customers. To achieve this, they opted for Newgen’s intelligent process automation (BPM) and contextual content services (ECM) offerings, built on the NewgenONE low code platform. This project would be executed with the help of Newgen’s platinum implementation partner, Ikyam Technologies.
Leveraging Newgen’s solutions, the bank will oversee the entire content lifecycle, from origination to disposition. The solution provides efficient tools for capturing content from diverse sources and facilitates instant document uploads—managed within a secure, centralized repository. The bank can optimize processes and foster collaboration between front- and back-office teams through user-friendly workflow automation. Moreover, the solution will allow DB to mitigate business risks by ensuring compliance with regulatory requirements and securing business-critical information. Furthermore, the integration with core banking and third-party systems provides a unified experience for customers across channels.
“With Newgen’s robust solution, we look forward to achieving a paperless work environment that will enhance efficiency, reduce overall costs, and eliminate process bottlenecks. This will help us meet the targeted growing demand and scale operations to handle high-volume transactions efficiently, leading to a better customer experience. With this implementation, we are poised to set new benchmarks in delivering innovative financial services, empowering SMEs financially, and aligning with the country’s economic development goals,” said Mahmood Al-Yafai, Digital Transformation Program Director, Development Bank.
“It brings us great pleasure to partner with DB, supporting and advancing their digital transformation program’s goals. DB’s trust enhances our standing as a robust, adaptable, and scalable platform meeting the diverse spectrum of banking customer needs. We look forward to helping the bank build a strong foundation with digital banking and supporting their future initiatives,” said Vivek Bhatnagar, VP – EMEA Sales, Newgen Software.
About Development Bank
Development Bank, the first leading institution in financing value-added developmental projects which enhance the national economy by financing the projects that enhance self-employment opportunities, in addition to providing facilities and products suitable for all micro, small, medium and large segments, and partnership projects. The bank finances various sectors in the Sultanate such as agriculture, fishing, industry, tourism, education, health and information technology, and has added other financing areas which are align with Oman vision 2040 the such as logistics, mining, and green finance projects.
About Ikyam Technologies
Ikyam is an Newgen Platinum partner with decades of experience in the banking sector, works with its clients to help them achieve sustainable growth. Our team has extensive experience and are fully trained in providing digital transformation solutions on the Newgen platform. We have a team of professionals along with banking domain experts who can assist organizations with real-time transaction, analysis, and prediction – thanks to our tried-and-true methodology, which hastens the implementation.
About Newgen Software Technologies Limited
Newgen is the leading provider of a unified digital transformation platform with native process automation, content services, communication management, and AI/ML. 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.
Media contact:
Swati Srivastava
swati.srivastava@newgensoft.com