The document summarizes a case study of Newgen implementing a distributed capture and business process management solution for one of the largest banks in the world. The bank wanted to enhance operational efficiency and manage rapid growth. Newgen's solution involves scanning documents at branches, centralized processing using OmniScan, OmniDocs and OmniFlow, and a cheque truncation system. Key benefits included reduced processing time, improved customer satisfaction and reduced costs.
Empowering Dealers With A New Loan Origination System:
When this financial services client projected its lease and loan origination volumes to
double due to expansion into a new product line, it turned to ThoughtWorks. Utilizing
cutting-edge technology, ThoughtWorks created an origination system equipped to process
the higher volumes, improve transaction turnaround time and deliver new features to the dealer sales channel.
Balance Sheet (Financial) ConsolidationDhiren Gala
There is always a challenge to close the accounting books quickly & publish the statutory balance sheets with profit and loss accounts statement or for that matter internal financial MIS for monthly quarterly or yearly. There are various challenges when there are group of companies, local subsidiaries, international subsidiaries, branches, strategic business units, sister concerns, joint ventures, merger, acquisitions, investment companies, SPV’s etc. data to be consolidated in single financial report.
CFO team is always under pressure to publish quarterly, half yearly and yearly statements based on Indian GAAP or US GAAP or IFRS or any other formats of publishing data. There are challenges to map and consolidate data from multiple entities, multiple accounting period and multiple currencies. Finance team lead by CFO works days and weeks on multiple spreadsheets to arrive a final statement. While doing this exercise finance team faces several challenges.
Technology can also be a barrier to close books faster. Companies that use desktop spreadsheets to manage their accounting, closing takes about 25% longer to get it done. If the company is still busy closing its books, it can and should do better. We help companies CLOSE YOUR BOOKS FASTER WITH ACCURACY AND EXTENSIVE ANALYTICS.
1KEY Financial Consolidation software is a complete data warehouse model with standard statutory reporting requirements for publishing financial statements and with extensive analytical reports. It provides financial managers the ability to rapidly close and report financial results, meet global regulatory requirements, reduce compliance costs and provide confidence in the numbers.
Accelerate closing cycle and improve the quality of data – remove the pain of consolidation of financial management & reporting cycle. Organizations that are able to close their books quickly & deliver faster & more accurate information can gain a competitive advantage in a rapidly changing market. Provide financial managers the ability to rapidly close & report financial results, meet global regulatory requirements, reduce compliance costs with trust in numbers.
CLOSE BOOKS – Faster | Error Free | with Extensive Analytics is the strategic and exclusive Financial Technologies event that presents the challenges, solutions for Financial Consolidation from industry thought leaders in an interactive knowledge-sharing environment.
As the competition in the wellness industry grows more intense, players are feeling the need to set in place effective systems to attract, service, and retain customers. The focus is also on enhancing professionalism and service standards...
Empowering Dealers With A New Loan Origination System:
When this financial services client projected its lease and loan origination volumes to
double due to expansion into a new product line, it turned to ThoughtWorks. Utilizing
cutting-edge technology, ThoughtWorks created an origination system equipped to process
the higher volumes, improve transaction turnaround time and deliver new features to the dealer sales channel.
Balance Sheet (Financial) ConsolidationDhiren Gala
There is always a challenge to close the accounting books quickly & publish the statutory balance sheets with profit and loss accounts statement or for that matter internal financial MIS for monthly quarterly or yearly. There are various challenges when there are group of companies, local subsidiaries, international subsidiaries, branches, strategic business units, sister concerns, joint ventures, merger, acquisitions, investment companies, SPV’s etc. data to be consolidated in single financial report.
CFO team is always under pressure to publish quarterly, half yearly and yearly statements based on Indian GAAP or US GAAP or IFRS or any other formats of publishing data. There are challenges to map and consolidate data from multiple entities, multiple accounting period and multiple currencies. Finance team lead by CFO works days and weeks on multiple spreadsheets to arrive a final statement. While doing this exercise finance team faces several challenges.
Technology can also be a barrier to close books faster. Companies that use desktop spreadsheets to manage their accounting, closing takes about 25% longer to get it done. If the company is still busy closing its books, it can and should do better. We help companies CLOSE YOUR BOOKS FASTER WITH ACCURACY AND EXTENSIVE ANALYTICS.
1KEY Financial Consolidation software is a complete data warehouse model with standard statutory reporting requirements for publishing financial statements and with extensive analytical reports. It provides financial managers the ability to rapidly close and report financial results, meet global regulatory requirements, reduce compliance costs and provide confidence in the numbers.
Accelerate closing cycle and improve the quality of data – remove the pain of consolidation of financial management & reporting cycle. Organizations that are able to close their books quickly & deliver faster & more accurate information can gain a competitive advantage in a rapidly changing market. Provide financial managers the ability to rapidly close & report financial results, meet global regulatory requirements, reduce compliance costs with trust in numbers.
CLOSE BOOKS – Faster | Error Free | with Extensive Analytics is the strategic and exclusive Financial Technologies event that presents the challenges, solutions for Financial Consolidation from industry thought leaders in an interactive knowledge-sharing environment.
As the competition in the wellness industry grows more intense, players are feeling the need to set in place effective systems to attract, service, and retain customers. The focus is also on enhancing professionalism and service standards...
Interest rate risk management for banks under Basel II, presentation by Christine Brown, Department of Finance , The University of Melbourne, Shanghai, December 8-12, 2008
EvonSys helped a 200-year-old banking organization to transition from a paper-based process to a technology-driven solution that streamlined the account management process, kept up with evolving customer demands, and complied with regulatory standards. The legacy process was bleeding the bank's MLP 1/2/n, which needed immediate attention.
The project was completed within nine months, meeting all proposed timelines. The solution addressed several pain points of end customers while eliminating the need for needless trips to the branch. Additionally, the items related to MLP 1/2/n were swiftly defined and delivered, improving the bank's revenue earnings.
#banking #technologydriven #regulatorycompliance #customerinteraction #revenueimprovement #centralizedadministration #transactionalvisibility #agilesolution #sustainable #painpoints #MLP1/2/n #legacyprocess #EvonSys
During the CSR Week 2019, Newgen celebrated the inspiring efforts of Mr. Satendra Srivastava by felicitating him with the volunteer of the year award. He made time from his busy work schedule and emerged as an active contributor in Newgen’s CSR activities.
The eventful CSR week culminated with an interesting game of Tambola at Newgen offices in Noida SEZ, Okhla Ph-1 and Chennai. The Tambola event commenced with the CSR team introducing Newgen ‘s CSR activities followed by the Sadbhavna children sharing their experiences with Sadbhavna Trust.
During the CSR Week 2019 regular donors were felicitated for their selfless support and donation towards the education and wellbeing of Sadhbhavna children.
It’s great when customers volunteer for CSR program. Brendan Hegarty, Mike Lakin, and Dominic Wate from Tokio Marine HCC interacted with our students at Tekhand School.
Newgen celebrated Diwali with the little artists who decorated beautiful diyas to light up the festival.
The Sadbhavna diya painting session marked the colorful beginning of CSR week 2019-2020. The event involved children from the age group of 4 years to 20 years and was focused on honing creativity in children while having fun. Children enjoyed the event a lot and mesmerized us with their creative skills.
Digital has brought about change in everything we do.
Your business needs to adapt to changing customer
dynamics and respond to competitive forces in real-time.
Your customers, partners, and suppliers are on their toes
and they expect you to be up and running too.
Thus, IT leaders have to imbibe the concept of the platform ecosystem and think in terms of creating the “platforms that cohesively work internally and externally to enable a
multimodal connect for delivering digital enterprise.”
Take following steps to Platformize:
1. Build Contextual Process
Platform
2. Integrate mobility and social in
process applications
3. Deliver Process Experience
4. Elevate Orchestration
5. Loosely Couple resources
6. Create and Carry Process
Context
7. Practice Platform Governance
8. Think Big, Start Small, Earn
quick wins, Expand
9. Leverage Agile Methodology
and Accelerators
For more information visit: http://www.newgensoft.com/
Banking and Finance process automation solutions that drive better profitability, market share, compliance adherence and customer experience.
Engage Customers Better
Offer your customers a smooth banking experience, with on-demand product and service offerings made available over a multi-platform environment.
Enhance Market Share
Develop and deploy efficient processes to onboard customers, introduce new products and expand market reach, enhancing your top-line and bottom-line growth.
Ensure Compliance
Never miss a beat when it comes to compliance and regulatory adherence with a dynamic rules driven system.
Learn More: http://www.newgensoft.com/solutions/banking-finance/
Digital is in everything we do today. In how we transact, in how we entertain, in how we unwind, in how the next generation ‘thinks’! People make a business DIGITAL.
HUMAN ELEMENT IS CORE TO DIGITAL. LET PROCESSES INVOLVE & EVOLVE.
Wealth Management reporting has undergone substantive changes in the last couple of years. As the market grows more competitive and highly monetized, financial enterprises are witnessing a paradigm shift in consumer behavior. HNIs expect that their bank to drive robust information management and customized on-demand communication enabling faster and effective decision making.
To address all these requirements Newgen provides a Wealth Management Reporting Solution.
1. Case Study
Case Study BANKING
S OLUTIONS F OR B USINESS P ROCESS & C ONTENT M ANAGEMENT
Efficient Loan Processing and
Check-Clearing System using
Distributed Capture
Overview
The client is one of the largest banking and financial services organizations in the
world, with over 9,700 offices in 77 countries and territories in Europe, Asia-Pacific,
the Americas, the Middle East and Africa. The group serves more than 110 million
customers.
In India, the Bank offers a comprehensive suite of world-class products and
services to its corporate and commercial banking clients as well as the fast-
growing personal banking customer base.
"We chose Newgen over others
(domestic and international solution
providers) owing to the company's The Challenge
The bank wanted to enhance its operational capacity and productivity to manage
Document Management & Workflow
the growth from the business development of Retail assets. They wanted to
capabilities."
reach a large customer base by quickly rolling out a large number of lean
Head, Information Technology branches.
! The need of the hour for them was to have Highly Distributed Capture of
customer applications and documents
! The centralized processing of documents was key for the teams at branches to
focus on sales and customer management
The bank wanted to enable its operations to support complex businesss
processes, while focusing on best-in-business customer service and keeping the
The Client is one of the largest costs of operation low.
banking and financial services
organizations in the world and offers The bank faced varying challenges such as
a comprehensive suite of world-class
! Delayed and faulty processing
products and services to its corporate
! Capturing and managing large volume of documents
and commercial banking clients as ! Tracking of status of requests
well as the fast-growing personal ! Exponentially growing workload
banking customer base. ! High operational costs
! Compliance issues
The bank also needed to automate their Cheque Truncation System for complying
with the Reserve Bank of India regulations.
The NEWGEN Solution
Newgen implemented their Distributed Capture System at the bank’s branches -
Key Highlights across the Indian sub-continent and their Business Process Management (BPM)
solution at their Central Processing center. This approach has offered reliability,
! BPM-enabled workflow solution flexibility and scalability for the bank to effectively manage their rapid growth in
spread across Personal Loan business.
Processing of the bank as well as
across the geographies in the region. 28000 documents are now being scanned everyday, across 22 branches country-
wide and 700 filed requests are being processed centrally.
! Cheque Truncation System (CTS) has
Documents from customers are received and collated at the individual branches.
been implemented on top of the BPM
These include application forms, supporting documents and cheques, which are
platform. processed centrally. Some components of the solution being leveraged by the
bank are:
! OmniScan for scanning documents at the branches
! OmniDocs for maintaining a central repository of all the documents
! OmniFlow for centralized processing
www.newgensoft.com
2. Case Study
Case Study BANKING
S OLUTIONS F OR B USINESS P ROCESS & C ONTENT M ANAGEMENT
There after, through intelligent process flows & pre-defined business rules, documents are
automatically routed to various stakeholders at different levels such as approver,
Key Benefits underwriter, manager etc. for timely completion of the banks processes.
! Reduction in processing time and
greater customer satisfaction
! Efficient document management
! Improved performance monitoring
using audit trail
! Reduce costs in setting up new
branches
A Cheque Truncation System (CTS) has also been deployed on the BPM Backbone for
centralized inward and outward clearing, branch/remote location cheque capture and for
Newgen Software Technologies inward, outward returns processing for the Bank. The solution has been integrated with
Limited is a market leader in third party Cheque capture devices like high-speed Cheque scanners/sorters and Cheque
Business Process Management deposit kiosks.
(BPM) and Enterprise Content
Management (ECM), with a global Newgen’s solution also interfaces with the bank's core banking system and is currently
footprint of about 700 installations being used for daily inward clearing of around 15,000 cheques.
in over 30 countries. More than 100
of these implementations are large, The Benefits
mission-critical solutions deployed The Newgen solution helps the client overcome the problems posed by the manual and
at world's leading BFSI, BPO, and existing systems besides improving productivity, increasing cost savings, reducing
processing time and a multitude of other expected benefits.
Fortune Global 500 companies.
Some Typical Benefits include:
Winner of several awards such as
! Reduction in processing time by:
“Frost and Sullivan’s Market + Optimal work distribution
Leadership Award for Document + Immediate identification of bottlenecks and deviations
Management System and Workflow + Parallel processing of loan application documents
Software & Services” and ! Greater customer satisfaction through quicker response and new product offerings
“Distinguished Application Product ! Efficient document management and tracking of status across the bank
Company” by NASSCOM, Newgen ! Improved performance monitoring using audit trails and ability to drill down to granular
Software is an ISO 9001:2000, ISO details
27001 certified and CMM Level 4 ! Easy process designing as per business requirements and enhanced productivity
! Reduced costs for setting up new branches and
company.
! Reduced operational costs for document capture & retrieval, processing
! Compliance with statutory regulations
Newgen prestigious clients include Max New York Life, HSBC, Deutsche Bank, ABN
AMRO, ICICI Bank, HDFC Bank, Hua Nan Commercial Bank, Bajaj Allianz, Sahara Life,
Royal Sundaram Alliance, IBM Daksh, Wipro BPO, Dow Jones, WNS, UBS, Equinox,
Patni BPO, Wividus, Unilever SSC, Ranbaxy SSC, Airtel, Hutch, Idea, Etisalat UAE,
Reliance Infocomm, Tata Tele Services, GSL Hongkong, Praxair, Philips, SEC
Philippines, Trent Limited, Kuoni Travels and Kenya Airways
Newgen Software Technologies Ltd.
www.newgensoft.com A-6, Satsang Vihar Marg,
Qutab Institutional Area,
New Delhi 110 067
Tel: +91-11-26964733, 26963571, 26856871
Email: newgen@newgen.co.in
Newgen Software Inc.
DCAP-CS-HSBC-03
1364 Beverly Road, St 300
McLean, VA 22101
Tel: +1 (703) 749-2855
Email: info@newgen.net