Newgen Software has announced that United Community (United) has selected Newgen’s Small Business Administration Loan Solution to assist with its small business lending service. The AI-powered solution will help to automate the lending processes from submission to qualification, approval and funding.
United has seamlessly integrated the solution into its core banking system. This enables it to provide real-time insights for the division as data flows between the systems.
The system streamlines the lifecycle, bringing automation to help ensure that SLA are met. For example, the system will prompt users if a decision is not made. In order to ensure that it is made within the 30-day requirement that the bank has. It will automatically generate the required documents. Based on the information provided in the customer data. Which also collects data that can be used to meet the 1071 requirement.
Data collected is secured and only shared with those functions that are required to view, protecting privacy. Where necessary, email alerts are generated to prompt action or to inform. Leveraging the Newgen built-in master data management capabilities and business activity monitoring features, the bank effectively carried out system configurations. And furnished rich MIS reports, resulting in more informed decision-making.
Pete Peterson, Chief Retail Credit Officer at United Community, said, “Newgen has delivered a well-thought-out solution for our complex workflow scenarios, remarkably improving our user experience. We’re now prepared to handle increasing loan volumes and process new deals every month. Newgen’s team has been highly responsive to our requests for modifications and enhancements throughout the project.”
Enterprise Times: What does this mean
Newgen continues to win customers across the US, especially with its loan software module. Its flexibility and ease of integrating seamlessly with other banking applications enables banks to automate processes that manual handoffs and siloed data have hindered. The announcement follows that of Enterprise Bank, which leveraged the same software.
Sandeep Hinduja, Head of Banking (US) at Newgen Software Inc., commented, “We are delighted to support United Community in its digital transformation journey. By leveraging our lending platform, United can serve its customers effectively and efficiently, sustaining its commitment to small business success.
“We remain dedicated to advancing digital innovation in lending. So our partners like United continue to deliver exceptional experiences to the communities/customers they serve.”
