Bank of The Bahamas (BOB) has contracted a software company to streamline processes associated with retail lending and account opening applications, according to a press statement released yesterday.
BOB’s Corporate Manager of Credit Risk Ian Thompson said in the statement that Newgen Software Inc.’s technology solution will allow the bank to automate its lending processes.
“We went through an intensive evaluation process and selected Newgen, as they met and exceeded all our requirements,” said Thompson.
“Using Newgen’s digital automation platform, we will enable a modern omni-channel loan initiation and offer smart and intuitive self-service portals to deliver a seamless experience to our customers.”
Thompson added that BOB will eventually expand its portal, through Newgen, to accommodate commercial lending and lending for small and medium-size enterprises.
According to the statement, Newgen is a “global provider of low code automation platform managing content, processes and communication.”
Newgen’s executive Vice President and chief operating officer Anand Raman said in the statement that the company is looking forward to developing the solution for BOB and improving its customer experience.
“BOB is focused on creating contemporary experiences for its customers,” Raman said.
“We are glad they chose us as a partner in their digital transformation journey. We look forward to delivering purpose-built retail lending and account opening applications that will serve as catalysts in streamlining their processes and improving their customers’ experiences.”
The statement explained that Newgen’s application will take customers from the pre-screening process to the receipt of their loan.
“It facilitates credit origination, approval and monitoring in a paperless and electronically-driven workflow environment,” the statement noted.
“By moving away from manual processes and siloed systems, the application helps improve processes and reduces operational bottlenecks for a smooth and delightful customer journey.”