Newgen Software, a global leader in AI-enabled digital transformation solutions, has announced that Bank Midwest has selected its innovative banking solutions to streamline and enhance its small business lending operations. This partnership marks a significant advancement in the digitization of the bank’s lending process, encompassing everything from loan application and underwriting to funding and loan boarding.
Previously, Bank Midwest successfully implemented Newgen’s omnichannel digital onboarding solution to enhance its account opening process. This solution, built on Newgen’s industry-recognized low-code platform, allows customers to easily access a self-service online portal to open new deposit accounts, significantly reducing turnaround times.
Building on this successful collaboration, Newgen has now introduced a cutting-edge digital-first loan origination solution specifically tailored for small business lending. This unified back-office system enables efficient loan processing through automated workflows, streamlined account opening and underwriting, dashboard reporting, and seamless integrations with the bank’s existing infrastructure, facilitating effective customer data management.
Keith Sexe, Vice President – OnePlace Capital at Bank Midwest, expressed enthusiasm for the modernization of their small business lending journey: “After our successful collaboration with Newgen to streamline the customer onboarding experience, we are thrilled with the advancements in our small business lending operations. Newgen has been a valuable partner, providing deep domain expertise and a strong understanding of our business needs. We are confident that this partnership will enhance the services Bank Midwest offers to its customers.”
Sandeep Hinduja, Head of Banking (US) at Newgen, added, “We are delighted to continue and expand our solutions in partnership with Bank Midwest. The bank’s trust in Newgen reflects the strength of our products and our commitment to providing adaptable, future-resilient technologies that simplify user journeys. We look forward to collaborating with Bank Midwest to achieve their objectives across other business lines.”
This collaboration between Newgen and Bank Midwest represents a significant step forward in enhancing the efficiency and effectiveness of small business lending, reinforcing the importance of digital transformation in the banking sector.
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