The financial services industry, weighed down by legacy systems and fragmented workflows, is now breaking free with technology by its side. Enhanced automation and intelligent systems may signal the end of delayed application processing, complex underwriting and compliance roadblocks.
According to a recent McKinsey report, over the past few years, global technology spending in banking has risen by 9% annually on average—more than double the revenue growth rate of 4%. This surge is driven by increased data demands, the push toward generative AI (GenAI), and rapid cloud migration.
While many financial institutions are still struggling to modernize core processes, customer expectations are rapidly evolving. Accenture’s Banking Consumer Study 2025 states that 46% of customers feel pressured to accept products that benefit the bank more than themselves. Digital-first banking, spurred by automation and personalization, could bridge the gap in customer experience.
Newgen is helping financial institutions create AI-driven banking journeys. The custom-built solutions with a future-ready architecture are empowering banks and other financial service providers around the world to:
- Shift from paper-based to digital workflows
- Achieve real-time approvals and validations
- Deliver hyper-personalized customer journeys
- Automate decisions with AI-driven intelligence
- Ensure compliance and control without compromising speed
Newgen’s low-code, AI-first platform empowers banks and insurers to build connected, agile, and intelligent ecosystems that deliver speed, accuracy, and transparency without compromising compliance.
The trend is clear: financial institutions must evolve, or risk being left behind. Explore Newgen’s industry-recognized solutions to stay ahead of the curve.
