One of the largest urban cooperative banks in India, established in 1918 and having over 300 branches, faced challenges due to legacy systems. Complex processes, error-prone data entry, delays in loan approval, inaccurate credit assessment and risk of non-compliance posed hurdles to growth. The bank partnered with Newgen to modernize and offer better customer service.
Newgen’s Transformative Solutions
The bank partnered with Newgen to implement its Intelligent Process Automation (iBPS) and Contextual Content Services (ECM) platforms. The solutions automated the entire customer loan lifecycle and credit card process. The intelligent process automation streamlined lending, resulting in quicker application approvals, while the ECM platform helped segregate the different loan types with pre-defined bank-specific templates.
Implementation Impact
- 45% improvement in productivity
- Loan disbursement within 23 minutes
- Rise in first-time-right instances
- Data security and regulatory compliance
Download the case study to know how the bank benefitted from Newgen’s comprehensive automation strategy.