Bank of the Bahamas Picks Newgen Software for Automation

Newgen Software, Inc is Bank of the Bahamas’ (BOB) choice for automating retail lending and account opening, said PR Newswire. This move seeks to streamline the banking process through the software company’s automation platform.

BOB decided to transition into automated end-to-end lending processes to make getting loans easier for borrowers. According to Corporate Manager of Credit Risk Ian W. Thompson, the bank conducted a series of evaluations to see which software can perform as needed. Newgen’s program is seen as the best choice for the bank’s needs.

Newgen Software, Inc. is a leading provider of banking process automation systems worldwide. It has delivered its applications to over 200 banks and financial institutions. It specializes in various lending types such as commercial and consumer.

Bank of the Bahamas Picks Newgen
Image credit The Nassau Guardian

Thompson said that Newgen “met and exceeded all [their] requirements.” The company’s digital automation platform will be used to “enable a modern omnichannel loan initiation,” which can “offer smart and intuitive self-service portals” for seamless customer experience.

This is in line with the vision of Newgen’s EVP and COO Anand Raman. According to Raman, “BOB is focused on creating contemporary experiences for its customers.” With the help of the software company, it can deploy purpose-built lending and account opening applications, which can make the process faster and easier for clients.

In fact, Newgen has retail lending applications designed to streamline the end-to-end lending cycle from start to finish. This applies to different types of loans and through all stages of the loan acquisition.

PR Newswire emphasized that automation can minimize bottlenecks, favoring the experience of BOB’s customers.

BOB is seen as one of the pioneers in the Bahamas local banking industry. It offers a wide range of services such as savings and chequing, term deposits and loans to members of various sectors of the society.