Case Study

A Leading Middle Eastern Bank Modernizes its Commercial Loan Origination Process with Newgen Commercial Lending Software

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About the Client

The client is one of the leading Islamic financial institutions in the Middle East. It offers a full range of financial services and products, including business finance products, retail banking products, and investment products.

The Operational Bottlenecks

The bank was looking to streamline its end-to-end commercial lending process for a seamless loan process. However, the lack of a unified commercial lending solution was adversely impacting the bank’s processes. The bank faced various difficulties in managing the high influx of requests. Due to the complexities and lack of functionality when processing loan applications using the existing loan servicing system, the turnaround time (TAT) was really high.

The bank wanted to overcome lengthy loan management processes without compromising on Sharia regulatory compliance. It realized the importance of maintaining the customer experience while harnessing technology for offering a seamless digital experience.

The Bank Digitally Transformed its Commercial Lending Platform

The bank was looking for a technology partner to unify complete commercial loan offerings on a centralized single platform and maximize operational efficiencies.

The bank used Newgen’s commercial loan origination software to optimize its process. The implemented solution, built on intelligent process automation (BPM), has streamlined the bank’s end-to-end processing of commercial loans, from initiating, sanctioning, storing to archiving documents.

With Newgen-deployed commercial lending software, lenders respond much faster to credit requests while minimizing operational expenses, risks, and loan default rates. It is better placed to mitigate all sorts of risks associated with commercial loans by using the in-built smart risk management calculators. Further, it ensures paperless processing of credit applications in an electronically driven workflow environment, supported by a robust built-in document management system.

Key Highlights of the Implemented Solution

  • Corporate loan origination system with CBS (T24) integration
  • Business activity monitoring reporting
  • Simple digitization and management of customers’ documents
  • Automatic and configurable email alerts and notifications
  • Improved Sharia compliance and regulations
  • Instant document uploading
  • Quick credit approvals processing
  • Seamless integration with the core system
  • Intuitive and user-friendly interface
  • Auto-reports generation with case tracking
  • Multilingual documents generation, namely English, Arabic, etc.
  • Enterprise-grade security
  • Improved SLAs and customer servicing
  • No duplicity in the customer’s data