Newgen Software, a provider of an AI-enabled digital transformation platform, announced the implementation of its commercial lending solution at Enterprise Bank.
The collab streamlined the bank’s lending processes, “enhanced efficiency, and improved customer service across its loan portfolio.”
Enterprise Bank leveraged Newgen’s Commercial Lending solution to optimize processes across a range of loan types, “including Commercial Real Estate, Commercial & Industrial, and Construction.”
Built on a low-code platform, the solution consolidated loan origination, reviews, and renewals “on a single, intuitive interface.”
As explained in the announcement, the deployed solution integrated with the core banking and third-party systems, “making it easier for the bank’s users to collaborate on tasks without having to switch between systems.”
Newgen’s “built-in” module— master data management— has now reportedly “enabled administrators to configure the system easily.”
The business activity monitoring capability enabled users “to fetch automated reports and get email alerts based on key events.”
The amalgamation of these features empowered the bank’s users “to make timely and data-driven decisions.”
Ryan C. Dunn, EVP – Regional Commercial Lending Director at Enterprise Bank said:
“We have observed a positive shift in our commercial lending operations since the implementation. Loan approvals are now processed seamlessly via straight-through processing, nearly eliminating the need for manual intervention. The ability to capture detailed data improved our reporting and ensured compliance.”
Sandeep Hinduja, Head of Banking (US), Newgen Software Inc. said:
“This collaboration marks a significant milestone in our journey to enhance operational efficiency and deliver exceptional customer experience. Together with an amazing partner like Enterprise Bank, we are paving the way for a more innovative and digitally empowered future in the banking industry.”
Operating 27 full-service locations in Massachusetts and New Hampshire, Enterprise has helped businesses “secure the commercial loan financing they need.”
They can provide lending solutions “to finance business expansions and acquisitions, commercial real estate, new construction, major equipment purchases.”
Newgen is a provider of an AI-enabled unified digital transformation platform with “native process automation, content services, and communication management capabilities.”
Globally, enterprises rely on Newgen’s low-code application platform to develop and deploy “complex, content-driven, and customer-engaging business applications on the cloud.”
From onboarding and service requests to lending and underwriting, and other use cases, Newgen unlocks “simple with speed and agility.”