The Bahamian bank automates account opening, lending, and compliance processes

MCLEAN, VA. – July 20, 2021 – Newgen Software, a global provider of a digital transformation platform, is pleased to announce that Bahamas’ Commonwealth Bank has successfully implemented Newgen’s connected banking solutions for streamlining its online account opening, retail lending origination, and compliance (FATCA and CRS) processes.

Leveraging Newgen’s offerings, built on a low code digital transformation platform, the Bahamian bank has been able to bridge operational silos, digitize paper-based manual and disjointed processes, and ensure security and compliance. Furthermore, the bank has achieved better transparency and accountability in the processes by utilizing the platform’s real-time dashboard for tracking and reporting.

“Newgen’s team has been proactive in addressing all concerns during the implementation phase, ensuring a timely and successful delivery. With Newgen’s solutions, we have shortened loan and account processing times, lowered overall costs, and eliminated process bottlenecks,” said Oswald Dean, VP - Information Technology, Commonwealth Bank.

“Our solutions are enabling financial institutions, across the globe, modernize their customer-facing business processes with speed and agility. We are helping Commonwealth Bank build a strong foundation with connected banking and look forward to supporting their future digital initiatives,” said Anand Raman, EVP and COO, Newgen Software Inc.