Bank Muscat Transforms Retail Lending Process with Newgen

Overview

Bank Muscat is a leading financial services provider in the Sultanate of Oman with a wide range of offerings in corporate banking, retail banking, investment banking, treasury, private banking, and asset management.

The bank wanted to offer premium digital services to its customers and enhance their experience. However, the bank was unable to deliver the desired level of service to its retail loan customers due to the manual processes, lack of tracking capabilities, and dependency on various external systems.

Streamlined Retail Lending with Newgen

The bank approached Newgen to

address the gaps in their retail lending process and to help them reduce the customer onboarding time. Using Newgen’s retail lending software, Bank Muscat automated their end-to-end retail lending process, from pre-screening, application processing, and underwriting to disbursal in a paperless and electronically-driven workflow environment.

The bank integrated the software with core banking and other supporting third party systems to manage retail loan lifecycle, for cases initiated from branches. This has enabled the bank to monitor and overcome various process bottlenecks, risks, and tap opportunities in a timely and efficient manner.

Furthermore, the software offers a centralized repository for secure retrieval and archival of information. This has empowered the bank’s users with a 360- degree view of customers’ credit information to drive meaningful interactions.

Implementation Scorecard

• 25% productivity improvement in back-office operations across consumer loans, auto loans, and credit

Consumer Loan

• 30% increase in number of loans disbursed on the same day of application

Credit Card

• 40% increase in number of cards issued on the same day of application

Auto Loan

• 22% increase in number of loans disbursed on the same day of application
• Reduced TAT (Best case customer TAT – 23 minutes)