A Leading Bank in Caribbean transforms Retail Lending Operations with Newgen Solution

Client

It is a leading bank in the Caribbean region with retail lending operations spanning across 15 islands in the Caribbean.

Major Pain Points

The bank was experiencing discrepancies between its service delivery and commitment to retail loan service excellence which prompted them to take corrective actions.

• Difficulty in managing the increasingly complex loan approval process
• No centralized control for the loan approval process
• Manual intervention in processes & little or no tracking of loan status
• Lack of process visibility to senior management
• High Turn-Around-Time leading to adverse impact on brand value
• Mismanagement in task allocation
• The issue is keeping up with the compliance/ system update
• Auditing challenges

Implementation Highlights

• Newgen Retail Lending solution has a single & unified user interface, with workflow automation, reporting dashboard and rights management features built-in
• Integration with banking core system allowed easy capture of daily reports for branch initiation, daily accounts opening by branches, summary report for approved application, summary report for rejected application, and daily summary for a pending application
• AML check by two way communication with a third-party application to obtain the status
• Replaced manual excel sheet based credit scoring model with automated rules-based scoring
• Customers could now apply for multiple products in a single request, to reduce application time and eliminate redundant data entry
• Parallel task execution, automated approvals, and enforced escalation for delays & turn time violation
• Automated compliance like due diligence, KYC requirements for each application
• Change rules on the fly on business demands ensuring shorter time to market
• Paperless lending process and visibility in the bank’s operations with the new dashboard and reporting solution
• Seamlessly fetch customer details from the core banking system
• Leaner Branches due to centralized processing of customer requests and related activities
• Better decision making with adjudication and exception handling capability