Newgen Enhances its Commercial Loan Origination Solution Capabilities

Newgen Software Inc. announced the release of its new Commercial Loan Origination Solution (CLOS), designed for large and mid-sized banks. It addresses the need of automating complex processes across departments while ensuring customer delight. The solution ensures capture of information as per bank-specific business operations, products, regulatory frameworks and Business Intelligence (BI), making it future-ready.

“The new version of CLOS will help banks in delivering a seamless experience to loan applicants with agility and enable them in gaining competitive advantage as well as top-line growth. It is our continuous endeavour to build innovative technology solutions for our clients and facilitate their digital transformation journey,” commented Diwakar Nigam, MD & chairman, Newgen Software.

The solution offers a unique Configurable Unified Platform (CUP), which automates the complete lending cycle. It is built on an adaptive framework to enable credit origination, approval and monitoring in a paperless and electronically driven workflow environment. Equipped with Robotic Process Automation (RPA) capabilities, the solution is adaptable to suffice diversified requirements of banks.

Banks can make quick changes to their lending processes to introduce new products in no time. It provides a unified approach by facilitating the integration to multiple distinct platforms within the bank’s IT landscape.

Built on BPM, ECM and CCM platforms, the solution uses powerful in-built engines such as:

• Business rules manager for rule based underwriting and credit risk assessment
• Internal stress testing and sensitivity analysis tool for financial analysis
• Loan repayment engine for generating repayment schedule
• Index based document management system which facilitates smooth upload, structured storage and easy retrieval
• Customer communication engine that supports personalization, document security, configurability and document generation on ad-hoc and event-driven basis
• Report engine or BAM (Business Activity Monitoring) to generate reports

CLOS supports Commercial and Industrial loans, Equipment Finance, Small Business Loans and Commercial Real Estate Loans.