Bank Midwest taps Newgen to amplify its Digital Banking Capabilities

By Gloria Mathias

Newgen Software, a global provider of an AI-enabled digital transformation platform, has announced that Bank Midwest selected the company’s banking solutions to simplify its small business lending operations.

Leveraging Newgen’s banking solutions, the US-based bank has successfully digitised the entire lending process, from loan application and underwriting to funding and loan boarding. The collaboration improved digital-first lending experiences, enhanced decision-making, and driven superior growth

Earlier, Bank Midwest enhanced its account opening process with Newgen’s omnichannel digital onboarding offering. The deployed solution, built on Newgen’s low-code platform, enabled the bank’s customers to easily access a self-service online portal to open new deposit accounts, significantly reducing turnaround time.

Building on its previous success, Newgen streamlined the small business lending process with a digital-first loan origination solution. The unified back-office system ensures efficient loan processing with automated workflows and account opening/underwriting, dashboard reporting, and seamless integrations with the banking infrastructure for efficient customer data management.

“After our successful collaboration with Newgen for streamlining the customer onboarding experience, we are thrilled with the modernisation of our small business lending journey. Newgen has been a valuable partner, bringing deep domain expertise and a strong understanding of our business needs. We are confident in our partnership and how it further enhances the services that Bank Midwest offers to its customers,” said Keith Sexe, Vice President, OnePlace Capital, Bank Midwest spokesperson.

Sandeep Hinduja, Head of Banking (US) at Newgen, said, “We are delighted to continue and expand solutions in our partnership with Bank Midwest. The bank’s trust in Newgen reflects the strength of our products and our commitment to providing adaptable and future-resilient technologies to simplify user journeys. We look forward to working with Bank Midwest to achieve their goals across other business lines.”