Banking and Finance

About Newgen's Solution in Banking and Finance

The financial services industry - including banks and investment firms, need to curb overhead costs, increase process efficiency, cut through geographical barriers, ensure customer satisfaction and optimize on available manpower.

To meet the industry pressures, the investment banks and research firms need to drive down costs. Many banks after achieving database centralization of their various core systems are looking at Process centralization in order to cut costs, speed up processing, and gain competitive advantage. In addition, firms can also automate the assembly, workflow, and distribution of content through multiple communication channels in order to further drive down costs.

Newgen delivers solutions to enable Financial Institutions to stay ahead of competition in today's fiercely competitive market. The approach adopted by Newgen is centralization of operations. Newgen Business Process Management (BPM) and Enterprise Content Management (ECM) solutions help to leverage existing business and legacy systems to meet the demands of the financial marketplace.

Newgen solutions are easy to use, require minimal training and allow paperless processing. The solutions can be deployed for both centralized and distributed operations and result in reduction of Turn-Around-Time (TAT) through automation and streamlining of various banking processes. Newgen has successfully built and demonstrated its ability to enable both Human-Centric and Straight through Processing (STP) for almost all the banking processes.

Benefits:

• Operational Efficiency and Wider Reach
• Cost Reduction
• De-risked process to comply to Basel II norms
• Enable the Bank to launch new product variants/ process variants through quick and economical changes in the Workflow layer, rather than in the core systems

Newgen helps investment banks and research firms to drive down costs by automating processes and leveraging content across multiple channels. Newgen has identified key focus areas and has customized solutions that are specific to the needs in sub-verticals like Banking and Financial Services industry.

Key focus areas in banking:

• End-to-end automation of various banking processes
• Image enabling and workflow on core systems, legacy systems and third party applications, coupled with seamless integration
• Reports Management solution for reports compression, archival and retrieval
• Output Management solution for generation, distribution and printing of consolidated output
• Payment and Clearing solutions
• Streamlining and centralizing back office operations
• Front office process automation and customer service

Key focus areas in Financial Services:

• Process Automation and centralization of operations for rapid rollout of branches, faster loan processing, faster customer service, individual-level tracking of sales prospects, reduction in big-ticket defaults and uniform user experience
• Document Management solutions for image-enabling, indexing, storing and archiving documents
• Regulatory Compliance solutions to ensure adherence to geography-specific regulatory norms

Some of the Newgen Banking and Finance solutions include Account Opening & Account Servicing, Credit Card Issuance & Customer Servicing, Customer Query Resolution & Channel Integration, Loan Origination System, Letter of Credit Processing & Bill Discounting Remittance Processing, Cash Management, Image-based Cheque Clearing System, Warrant Processing, Compliance Records Management and many more…