Enterprise Bank has deployed Newgen Software’s commercial lending solution. The Bank is a community bank offering checking accounts, loans, mobile banking, and more to businesses, nonprofits, and individuals in Massachusetts and New Hampshire. Enterprise Bank offers a complex array of loans to commercial customers, including:
- Business Loan Financing
- Commercial Real Estate Loans
- New Construction Loans
- Lines of Credit
- EZ Business Loans, including EZ Credit Line, EZ Term Loan (up to $50,000) and EZ Cash Reserve product for up to $10,000.
- Letters of Credit
- SBA Financing Programs at Enterprise Bank
Processing these loans was time-consuming, and with between 150-200 loans and modifications every month, it was not scalable. Enterprise Bank turned to Newgen’s scalable commercial lending solution, which already supported a wide range of commercial lending, underpinned by a configurable Business Process Management Framework and master data management. The solution is now used by 120 employees at Enterprise Bank and has streamlined its processes, enhancing efficiency and, as a result, improved customer services across its portfolio.
The results
The lending solution automates processes for loan origination, reviews, and renewals on a single, intuitive interface. The solution also integrates into the existing Banking applications that Enterprise Bank uses, reducing rekeying and the risk of errors. The solution also enables users to receive automated reports and triggers email alerts for key events and reminders.
Newgen estimates that its solution can deliver the following benefits:
- 50% reduction in operating costs
- 75% increase in tracking and monitoring of loan applications
- 80% reduction in process turnaround time
- 90-95% improvement in first time, right
- 99% improvement in quality and compliance
While Enterprise has not revealed the exact quantitative benefits that Newgen has delivered, there have been improvements in both process and compliance.
Ryan C. Dunn, EVP – Regional Commercial Lending Director at Enterprise Bank, commented, “We have observed a positive shift in our commercial lending operations since the implementation. Loan approvals are now processed seamlessly via straight-through processing, nearly eliminating the need for manual intervention.
“The ability to capture detailed data improved our reporting and ensured compliance. Additionally, the extensive, rule-based matrix has been instrumental in making prompt, fast, and accurate decisions while effectively managing our decision hierarchy. Newgen’s expertise and responsiveness have played a key role in enabling these enhancements, helping us improve our efficiency and services. We look forward to further expanding these capabilities as we continue to grow.”
Enterprise Times: What does this mean?
Another US Bank adopts the Newgen commercial lending solution, underpinned by its low-code platform. Other customers include Bridgehampton National Bank and a Tennessee-based community bank. Newgen has developed a sophisticated lending solution that is easily configured to the requirements of any bank, with prebuilt workflows and integrations underpinned by a low-code platform that allows customers to develop the platform quickly to meet their requirements.
Sandeep Hinduja, Head of Banking (US), Newgen Software Inc., said, “We are delighted to announce the successful deployment of our cutting-edge digital transformation platform for Commercial Lending at Enterprise Bank. This collaboration marks a significant milestone in our journey to enhance operational efficiency and deliver exceptional customer experience. Together with an amazing partner like Enterprise Bank, we are paving the way for a more innovative and digitally empowered future in the banking industry.”
