Newgen Software, a leading global provider of Business Process Management, Enterprise Content Management, and Customer Communication Management solutions, today announced that its client Bank Dhofar has been recognized for its exemplary implementation of Newgen’s BPM platform, to automate its loan origination and credit card processes. The Workflow Management Coalition (WfMC) declared Bank Dhofar as winner in the Banking and Financial Services – Loan Origination category.
“It is an honor to receive this prestigious award,” commented Dr. Tariq Taha, Chief Information & Transformation Officer, Bank Dhofar.
“This award is a testament to our commitment of being at the forefront of the technology led change that the banking landscape in the Middle East is witnessing. Newgen has been the perfect partner for us. Its robust BPM platform and agile implementation helped us smoothly transition our loan origination and credit card processes to an automated environment.”
Speaking about the bank’s success Diwakar Nigam, CEO, Newgen Software said, “I congratulate Bank Dhofar on winning the WfMC award. At Newgen it has been our endeavor to partner our clients’ success stories by providing innovative technology solutions that keep them ahead of competition.”
The Newgen implementation enabled Bank Dhofar to streamline its processes and drive down operational costs drastically. Post implementation the turnaround time for retail loan approval was reduced from 7 days to 1 day, and the turnaround time for credit card approval process was reduced from 5 days to 1 day. SLA adherence increased to 99%.
Co-sponsored by WfMC and BPM.com, these prestigious awards recognize user organizations that have demonstrably excelled in implementing innovative business process solutions to meet strategic business objectives. The awards, conducted annually, are jointly sponsored by WfMC and BPM.com and the program is managed by Future Strategies Inc.