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Oman’s Development Bank selects Newgen to streamline banking processes

By Gloria Mathias

December 22, 2023

  • Banking Processes
  • Banking technology
  • Development Bank
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Newgen, Temenos Exchange, Development Bank, Oman Bank, Muscat Bank, Fintech News, Banking Processes, Banking technology, Finance Technology, Fintech News, Fintech India, Fintech, UAE, Newgen Software, a global provider of low-code digital transformation platforms, has announced that the Development Bank (DB) selected Newgen to streamline its Banking Processes and Deliver Transformed Experiences.

The financing arm for the government to support SMEs based in Oman is dedicated to enhancing its banking processes, aiming for a seamless, secure, and omnichannel experience for its customers.

To achieve this, they opted for Newgen’s intelligent process automation (BPM) and contextual content services (ECM) offerings, built on the NewgenONE low-code platform. This project would be executed with the help of Newgen’s platinum implementation partner, Ikyam Technologies.

Leveraging Newgen’s solutions, the bank will oversee the entire content lifecycle, from origination to disposition. The solution provides efficient tools for capturing content from diverse sources and facilitates instant document uploads, managed within a secure, centralised repository.

The bank can optimise processes and foster collaboration between front- and back-office teams through user-friendly workflow automation. Moreover, the solution will allow DB to mitigate business risks by ensuring compliance and securing business-critical information. The integration with core banking and third-party systems will provide a unified experience.

“With Newgen’s robust solution, we look forward to achieving a paperless work environment that will enhance efficiency, reduce overall costs, and eliminate process bottlenecks. This will help us meet the targeted growing demand and scale operations to handle high-volume transactions efficiently, leading to a better customer experience. With this implementation, we are poised to set new benchmarks in delivering innovative financial services, empowering SMEs financially, and aligning with the country’s economic development goals,” said Mahmood Al-Yafai, Digital Transformation Program Director, Development Bank.

“It brings us great pleasure to partner with DB, supporting and advancing their digital transformation program’s goals. DB’s trust enhances our standing as a robust, adaptable, and scalable platform meeting the diverse spectrum of banking customer needs. We look forward to helping the bank build a strong foundation with digital banking and supporting their future initiatives,” said Vivek Bhatnagar, VP EMEA Sales, Newgen Software.

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