Sprucing Up the Trade Finance Process for a Leading Indian Bank

Overview

The client is one of the leading private banks in India. The bank offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialized subsidiaries and affiliates in the areas of investment banking, life and non-life insurance, venture capital, and asset management.

The Challenge

The Bank was using a BPM platform for its various processes. But they found that the existing BPM solution was not flexible enough to make quick changes in processes for continuous process improvement. Incorporating a minute change required high programming efforts and costs along with very high process downtime.

The Bank wanted to replace the existing BPM platform and automate its processes on an integrated ECM/ BPM framework for increased process efficiency and reduced turnaround time. The processes to be automated were spread across different functions and geographies of the bank operations.

The Newgen Solution

The bank was using Newgen’s distributed scanning tool-OmniScanTM for the distributed capture of documents and ECM solution-OmniDocsTM for archival of digitized documents.

Newgen implemented the BPM suite-OmniFlowTM to automate 15 core banking processes on different LOBs out of which the Trade Finance module had 56 processes. The BPM platform was seamlessly integrated with Newgen’s document archival solution – OmniDocsTM and distributed scanning tool-OmniScanTM.

OmniFlowTM provided extensive capabilities to automate processes using a rapid deployment methodology with a wide variety of tools available for modeling the process flow, the definition of tasks, and integration with other systems. The BPM platform was seamlessly integrated with Newgen’s document management system-OmniDocsTM which enabled the digitization of physical documents. Newgen automated processes for banks’ various lines of business.