The stock markets may have witnessed volatility all over the world owing to the contagion effect the sub prime mortgage debacle playing out in the US. Amidst this turmoil, Newgen is proud to announce successful implementation for one of its marquee BPO customers that services a leading mortgage company. The Newgen solution, based on OmniFlow^TM suite of products, will reduce the losses that may otherwise occur from risky mortgage defaults. The BPO is No.1 mortgage process outsourcing vendor, and the end customer is a leading servicer of home loans in the US. The end customer works with more than 1600 brokers, who send loan documents through e-mail, fax, physical application or online submission through broker portal. Because brokers simultaneously work with multiple mortgage companies, it becomes critical for the client to close the loan first and win the loan account. In addition, over 150 different documents are processed for a loan, and these documents arrive in different formats, at different times and through different mediums. The workflow solution, based on Newgen's BPM suite of products, provides end-to-end Mortgage Processing platform that allows integration with existing systems. Our solution enables automatic association of incoming documents to corresponding existing loan applications. The solution provides better visibility of customer documents and faster exception handling, thereby minimizing the risky mortgage defaults. One of the biggest benefit accrued is that the BPO is able to close the case fastest, enabling the end customer to win the loan account and make the loan. Other benefits include faster underwriting, scalability, automation of critical processes, centralized back-end operations, reduced handling cost of physical documents, etc. The solution is tailored for specific requirements of the BPO, thereby providing an exact-fit solution.

OmniFlow’s new version, OmniFlow^TM 7.0 was launched with a slew of enhancements and new features to offer enterprises comprehensive and unparalleled capabilities for BPM-enabling their organizations. Among the major wins, Newgen Software stamped its authority in being the number one BPM-solution provider for BPOs by registering a win for the captive BPO of a leading global wealth management, investment banking and securities firm. Carrying on with the stellar run of our Check Truncation solution, CheckFlow^TM, Newgen bagged the order from another leading bank in Saudi Arabia.

Back home, Karnataka Bank, a premier bank with nationwide presence, successfully implemented Newgen BPM solution for its three Trade Finance processes. At the prestigious annual ITES-BPO summit in Bangalore, Newgen Software made waves with its BPM-based solutions for the outsourcing industry. In another notable development, charting the growth path, Newgen’s Chennai office moved into a new, swanky facility in Chennai.

Leading Global Wealth Management Company Zeroes in on Newgen Solution for its Captive BPO

Newgen Software recently won a highly prestigious order for implementing workflow for the captive BPO of one of the world’s largest financial services firm. The internal BPO provides knowledge services (including research and analytics), business process off-shoring (including transactions and data processing), and IT infrastructure support.

The solution, based on OmniFlow^TM, includes automation of about 20 processes including the Shared Presentation process, which is a key process in knowledge outsourcing. The solution also provides employee scheduling aid for work assignment and an online resource tracking mechanism.

The solution would enable the BPO to meet resourcing requirements, reduce costs and rationalize systems. Also, it would provide effective monitoring, control and risk management capabilities. Finally, it would enable the BPO to better manage high value, high complexity processes.

Newgen Software Registers a Big Check Truncation Win in Saudi Arabia

A leading bank in Saudi Arabia recently chose Newgen Software to implement image-based Check Clearing solution, CheckFlow^TM.

The prestigious order was bagged amidst the fierce competition from global electronic check clearing vendors. With its platform independent, hardware-agnostic and built-on-BPM-backbone solution, Newgen CheckFlow^TM offered unbeatable value proposition to the client vis-à-vis the solutions from other vendors. In addition, with a number of other reputed banks in the region having preferred Newgen solution, the bank was convinced of Newgen’s capabilities. The complete solution would be rolled out in about four months.

The bank, which is the second largest bank in Saudi Arabia, is headquartered in Jeddah. It has a large network of more than 250 branches.

Newgen Software Successfully Implements Trade Finance Processes at Karnataka Bank

Karnataka Bank, a premier bank with nationwide presence, successfully made live three Trade Finance processes, implemented using Newgen BPM solution.

The solution includes implementation of Customer Master, Credit Report Master, Pre-shipment PC Release processes using Newgen’s BPM suite comprising OmniFlow^TM, OmniDocs^TM and OmniScan^TM. Initially, the solution will be used at 30 branches across the country.

The bank expects to cut down on courier and printing costs, shorten customer service time, better manage and track processes, and improve accountability and productivity of employees.

Through this implementation, Newgen Software again demonstrated its unique expertise in quick, successful implementation of its BPM solutions. The three processes were completed in an incredibly short period of just one month.

Karnataka Bank has over 83 years of experience in providing professional banking services and quality customer services with a widely spread network of branches and ATMs all over India. Karnataka Bank provides comprehensive range of customized products & services suitable for every kind of market. These include borrowing facilities, deposits, providing optimum returns on surplus funds or helping with overseas transactions.

Kuoni Achieves Paperless Processes Through OmniDocs

Kuoni Travel Group is one such company, which recently implemented Newgen software’s OmniDocs and OmniFlow DMS. The main objective of the project was to centralise and detach the finance function from the businesses. These included payables and receivables for clients and suppliers which are very large in numbers such as airlines, hotels and other services.

biztech2.com, July 10, 2007

The information presented here is internal to Newgen Software Technologies Limited.

Copyright © 2007 Newgen Software Technologies Limited. All rights reserved.