Established three decades ago, the client is one of the top three banks in the UAE in terms of assets with over a million customers. The client offers a diverse line of financial products and services to their customers, including commercial, corporate, and retail banking, wealth management, corporate finance, and Islamic banking products.
Challenges Faced by the Client
- Inefficient tracking and capturing of requests via different channels
- Manual pre-validation and checklist verification across all trade finance Processes
- Time-consuming process of physically attaching and reviewing key documents
- Incomplete audit trails
Improving Operational Efficiency with Newgen
The client implemented Newgen’s trade finance automation software, built on the NewgenONE digital transformation platform. Using the solution, the bank streamlined the intake of requests across channels.
The bank could also automate processes such as Bank Guarantees, Invoice Financing sales, Export and Import collections, Letter of Credit, and more.
Key Benefits Achieved After Implementing Newgen’s Trade Finance Software
- Reduced manual data entry
- Significant cost savings and improved productivity
- Improved customer communications
- Better compliance and data security, and more
Read the complete case study to learn how Newgen transformed the client’s trade finance processes and boosted operational efficiency.