Newgen Software’s implementation at Dhanlaxmi Bank has won an award at Asian Banker Technology Implementation Award 2012 under the “Best Branch Automation and Networking Project” category. Both Newgen Software and Dhanlaxmi Bank were awarded for their excellent deployment of Account Opening and Service Request Management Process.
The prestigious Asian Banker IT Implementation Awards Programme jointly recognizes banks and their vendor partners for their success in implementing IT projects and programmes. Nearly 50 banks from fourteen countries across Asia Pacific had submitted their project details for evaluation. The award ceremony was conducted at the Asian Banker Summit in Bangkok, Thailand.
While accepting the award Mr. Muralidharan R, COO, Dhanlaxmi Bank said, “A project of this complexity that has impacted over 50 percent of the bank’s activities needed a passionate team and a good provider of technology solutions. Newgen fit the bill extremely well and they were walking with the bank the extra mile needed for fulfilling one hundred percent of our requirements.”
Dhanlaxmi Bank had launched a project called WoW (War on Waste) as a part of their transformation strategy to achieve three main objectives –
- Crash the Turn-around time for the customer
- Eliminate hardcopy paper-flow and become environment friendly
- Place the power of information in the hands of the customer service personnel (to track service requests and account set up status end to end)
The Account Opening and Service Request Management Process automation implemented on the Newgen platform OmniflowTM shortened the process cycle time for the bank from 19.5 days to less than 48 hours. The productivity of business users has increased by three fold (i.e. from about 40 to 120) applications per person per day (including the supervisory head count that has reduced to one-third of its original requirement). Dhanlaxhmi Bank was able to eliminate over half a million sheets of paper and nearly 100 thousand envelopes (for courier) per annum. Some key features and best practices used in this deployment include auto-validation with NSDL and OFAAC data for KYC, zone-guided double data entry and auto-posting to CBS, etc.