Overview / Problem Statement
The customer, a well-established Asian financial organization, faced significant challenges because of its high reliance on manual processes. There were frequent delays in credit approvals, inaccuracies in verification, and compliance issues. The creation, management, and archival of credit documents posed problems.
Intending to overcome growth restrictions and cope with the high application volumes, the bank opted for Newgen’s low-code loan origination system.
How Newgen Helped
The implementation of the AI-powered lending solution marked a significant milestone in revolutionizing the credit application process within the bank, with positive user feedback. The quick go-live yielded tangible results like:
- 94% of all new and amendment credit applications in wealth management are expected to be automated
- 95% of inputs required in the current manual application form have been automated on Idaten
- 100% of data points are automatically extracted from the core banking system for credit applications
Read the complete success story to know how the bank achieved noteworthy benefits.