The bank improved their loan processing time by 42% with Newgen’s retail lending solution
Dubai, UAE: Bank Muscat, the leading financial services provider in the Sultanate, and Newgen Software were recognized for the ‘Best Lending Implementation in the Middle East’ at The Asian Banker Middle East and Africa Awards 2020. The felicitation ceremony was held virtually on November 5, and Ahmed Omar Al Ojaili, Group Deputy General Manager – Technology, Bank Muscat, accepted the award on behalf of the bank.
The bank has implemented Newgen’s loan origination system for the end-to-end automation of its retail loans. It is leveraging Newgen’s solutions for intelligent process automation (BPM), contextual content services (ECM), and multi-channel capture to streamline lending, optimize costs, and deliver superior customer experiences. With Newgen, the bank has been able to reduce loan processing time by 42%, to as low as 23 minutes.
“Providing our customers with an excellent banking experience is of prime importance for us. Newgen has been a crucial enabler with its agile workflow, scalable framework, and digital-first approach. We look forward to continuing our association with them for our future projects,” said Ahmed Omar Al Ojaili, Group Deputy General Manager – Technology, Bank Muscat.
“This award further solidifies our position in the region as the technology partner of choice. We are delighted to deliver tangible results for Bank Muscat and look forward to supporting them in their future digital initiatives,” said Diwakar Nigam, MD and Chairman, Newgen Software.
About Bank Muscat:
Bank Muscat is the leading financial institution in Oman with a strong presence in corporate banking, personal banking, wholesale banking and Islamic banking. The bank has the largest network of branches and electronic channels in Oman, branches in Saudi Arabia and Kuwait, and representative offices in Dubai (UAE) and Singapore.
About Newgen Software Technologies Limited:
Newgen is a leading provider of low code digital automation platform. Globally, successful financial institutions, insurance, government, and shared services organizations rely on Newgen’s industry-recognized products and applications—to manage their processes (BPM), content (ECM), and communications (CCM)—for connected operations. From customer onboarding to service requests, from loans and deposits to underwriting, and many more, Newgen’s industry applications transform business-critical operations with agility. Newgen’s cloud-based platform enables digital transformation initiatives for superior customer experience, optimized costs, and improved efficiencies.