Newgen Powers Forex Modernization for a 100+ Year-old Indian Commercial Bank

As one of India’s oldest commercial banks, the customer operates over 4,500 branches and offers a wide range of products for corporate, personal, and agricultural banking. While operational modernization was required to meet the changing customer needs, its key objective was to expand Foreign Exchange (Forex) processing to its entire network, not just dedicated branches.

Newgen’s AI-first platforms for process automation and content management exponentially improved efficiency, leading to reduction of the trade transaction workforce from 130+ employees to a focused team of 35.

Roadblocks to Growth

• Slow, manual data processing
• Lack of real-time customer transparency
• Error-prone manual tax calculations
• Disorganized compliance documentation

Newgen’s Future-Ready Solutions

Newgen implemented a suite of solutions to ensure comprehensive transformation. The low-code platforms for Intelligent Process Automation and Enterprise Content Management were seamlessly integrated. Moreover, a purpose-built Trade Finance Solution was implemented to automate and centralize the bank’s Forex transactions.

Performance Highlights

• Enhanced speed and accuracy with centralized processing
• Improved customer experience with remote transaction management and real-time updates
• Mitigated regulatory risk through robust records management

Read the complete case study to see how Newgen’s solutions helped the bank overcome key roadblocks and modernize its entire Forex operation.