- Credit offer in less than a minute using Newgen's platform
LONDON, Dec. 16, 2019 /PRNewswire/ -- Newgen Software, a global provider of low code automation platform managing content, processes, and communication, today announced that Qander Consumer Finance automated its loan origination lifecycle and improved loan volumes using Newgen's retail loan origination solution.
Using Newgen's solution, Qander created its custom Qander Origination System (QOS). The solution helped Qander achieve end-to-end process automation, effective risk management, straight-through processing, real-time report generation, and enhanced visibility into the lending process.
"Together with Newgen, Qander has built a new loan origination system from the ground up. It allows us to focus on exception handling rather than doing repetitive tasks and we have seen major efficiency improvements in automated onboarding. Newgen team delivered beyond our expectations through on-site availability and support which contributed to the success of this project. The solution helped us to create an 85% paperless lending process that reduced printing cost by 90%, improved application processing volumes by 30%, and reduced per application cost by 35%," said Willem Bommeljé, CEO, Qander Consumer Finance.
"We are glad that Qander chose us for this strategic initiative. With our retail loan origination solution, built on a low-code application platform, Qander streamlined its retail lending process for seamless customer onboarding and delightful customer journey," said Diwakar Nigam, Chairman and Managing Director, Newgen Software.
Using the QOS solution, the organization digitized the end-to-end application process and automated data collection, credit assessment, customer contracting, and funds disbursement, which enabled them to provide a credit offer in less than a minute.
The purpose-built solution allowed Qander to increase loan application volumes without increasing the number of staff. Maintaining this level of cost efficiency resulted in a competitive edge and helped them create a highly competitive customer offering.
About Qander Consumer Finance:
Since 1996 Qander is active in the Dutch Consumer Finance market with a broad range of consumer finance products. The products offered comprise revolving loans and fixed amortizing loans. Qander distributes the products directly and indirectly through brokers, serving an active customer base of 90.000. The company has about 130 employees working from the office in 's-Hertogenbosch.
About Newgen Software Technologies (UK) Limited:
Newgen Software is a global provider in banking process automation with more than 200+ banks and financial services institutions as its clients. Newgen's banking process management framework automates critical business processes for banking institutions across commercial lending, consumer lending, customer on-boarding, online account opening, trade finance, digital and mobile customer experience strategy. Newgen offers flexible on premise and cloud-based solutions to its banking customers.