A Leading Indian Retail Bank Embarks on its Successful Digital Transformation Journey with Newgen

About the Customer

Established in 1955, the customer is a renowned financial institution that has grown into a multinational bank. It is proudly recognized as the first bank in India. As of 2024, the bank has an extensive network of over 6,500 branches across India. The bank offers a diverse range of financial products and services, including asset management, non-life insurance, investment banking, loans, and more.

Long-standing Partnership with Newgen

The customer’s journey with Newgen began in 2002 with the implementation of Newgen’s Document Management System (DMS). Upon witnessing the positive outcomes of the solution, the bank expanded its partnership by implementing Newgen’s Business Process Management (BPM) platform. The platform enabled efficient scalability across several critical business processes, including:

• Account Opening: Automated the account opening cycle to ensure a user-friendly onboarding experience
• Trade Factory Automation: Centralized the bank’s core trade finance operation to reduce the turnaround time of trade-related transactions
• Financial Crime Prevention Group: Automated and digitized the CART screening process to improve tracking of decisions and reduce screening and sampling process time
• Enhancement Due Diligence: Leveraged data of high-risk customers to track fraudulent transactions and ensure compliance with regulations
• Retail Loan Origination: Automated end-to-end loan origination solution to increase process efficiency and enable faster loan disbursement
• SmartGBO Transactions: Automated end-to-end bulk transaction processing to effectively manage, track, and validate large-scale transactions
• Reconciliation and Accounting: Streamlined the reconciliation and accounting process to eliminate manual intervention of accounts teams and prevent discrepancies

Transformational Benefits

By leveraging Newgen’s comprehensive solutions, the bank achieved significant milestones including:

• A remarkable 400% reduction in TAT
• An average TAT reduction for mobile case processing from 50 minutes to just 10-12 minutes

Read the gripping case study to explore how the implementation enabled the bank position itself as a leader in the financial services industry.