A New York - Based Bank Ensures Business Continuity During COVID-19 Using Newgen's Commercial Lending Solution

Overview

One of the largest banks in the United States with around 240 branch offices had implemented Newgen’s commercial loan origination solution (CLOS) to streamline the overall lending process.

Due to the outbreak of the COVID-19 epidemic, the bank needed to immediately enable employees to operate remotely without impacting the speed and quality of services.

The Bank’s Requirements

During this period of crisis, the bank needed to:

• Empower employees to work from home
• Deliver uninterrupted and continued services
• Enable collaboration across multiple teams
• Track progress of applications in real-time
• Ensure remote access to relevant data and information

Value Delivered

Using Newgen’s CLOS application, the bank digitized its lending cycle and automated its operations, enabling a quick and hassle-free shift to the remote working environment. The implementation enabled:

• Integration with the bank’s core system for automatic archival of documents
• Access to all the information including cash flow analysis, appraisal reports, and other reports from agencies
• Generation of real-time reports for tracking and monitoring applications’ status
• Seamless collaboration across multiple teams while working on a loan application
• Speed and transparency in the processing of checklists