The ‘elets Knowledge Exchange Award 2015’ for Best Use of IT in Retail Banking recognizes organizations which are using modern technology in retail banking, enabling them to sustain in the era of enormous transformation.

Dhanlaxmi Bank, India was a winner for this year’s elets Knowledge Exchange Award.

Receiving award Newgen and Dhanlaxmi Bank-from the governor of Goa

Newgen Software’s BPM and ECM implementation at Dhanlaxmi Bank has helped the bank win ‘elets Knowledge Exchange Award 2015’ for the Best Use of IT in Retail Banking. The awards are judged on several parameters such as innovation, scalability, ability to overcome challenges, and impact potential.

Dhanlaxmi Bank chose Newgen’s solutions to automate its Account Opening and Service Request Management Processes, shortening the process cycle times for the bank from 19.5 days to less than 48 hours. With this implementation Dhanlaxmi Bank was able to digitize over half a million sheets of paper and nearly 100 thousand envelops (for courier) every year.

Some of the project highlights include auto-validation with NSDL and OFAAC data for KYC, zone-guided double data entry and auto posting to CBS etc.

The award was accepted by Mr. Rahul Kalegore, Operations Manager, Dhanlaxmi Bank – Goa and Mr. Amit Kumar, Head – Customer Marketing, Newgen from the honourable governor of Goa, Mrs. Mridula Sinha.