New Delhi-based Newgen Software, a provider of low-code digital software testing solutions, told QA Financial in an email that it has won a multi-year QA contract with Bank Midwest in the US.
The firm shared that the deal is aimed at rolling out and implementing a digital transformation platform to simplify the bank’s online infrastructure, with a particular focus on testing and streamlining its lending operations software.
The bank will also help the US-based bank to digitise the entire lending process, from loan application and underwriting to funding and loan boarding. Extensive testing and quality monitoring are part of this process.
The deployed solutions will be built on Newgen’s low-code testing platform, the firm added.
Midwest Bank is a 140-year-old family-owned community bank with around a dozen branches across the US states of Iowa, Minnesota, and South Dakota.
It also operates a 14-year-old medical equipment financing division, OnePlace Capital (OPC), which provides financial solutions to dentists, veterinarians, and other healthcare professionals.
“I am thrilled. Newgen has been a valuable partner, bringing deep domain expertise and a strong understanding of our business needs,” said Sioux Falls, South Dakota-based Keith Sexe, vice president of OnePlace Capital and Bank Midwest’s spokesman.
“We are confident in our partnership and how it further enhances the services that Bank Midwest offers,” he added.
Also discussing the newly signed deal, Sandeep Hinduja, Head of Banking (US) at Newgen, said he was “simply delighted”.
He added that “the bank’s trust in Newgen reflects our commitment to providing adaptable and future-resilient technologies to simplify user journeys.”
Old Second National Bank
The multi-year QA deal with Bank Midwest is the second banking client Newgen has signed up in the US in under a month.
Only weeks ago, the firm won a major software implementation deal with Old Second National Bank, one of the oldest banks in the US.
The bank opted for Newgen’s digital maintenance solution, built on the NewgenONE low-code platform, Newgen shared.
Although financial details were not disclosed, Chicago-based Sylvia Balogh, EVP of retail banking at Old Second National Bank, confirmed the multi-year contract.
Old Second National Bank, based in the Chicago-land area of Illinois, was established in 1871. It is one of the oldest banks in North America.
One of the platform’s capabilities that Old Second National Bank was particularly interested in is Newgen’s Digital Account Opening Solution, designed to test and simplify online account software.
“The chosen solution will help automate the complete lifecycle of the account opening process,” Sandeep Hinduja, VP of Newgen in the U.S. said.
He stressed the solution’s built-in functionalities, including its interface, integration capabilities with existing systems, and monitoring dashboard, will play an important role in optimising the bank’s digital infrastructure.
Low-code testing tool
Newgen’s finance software platform was developed as a low-code, end-to-end automated system, capable of “orchestrating user journeys in the financial sector, as well as delivering speed and secure experience for banks’ clients and employees,” according to Hinduja’s colleague, Vivek Bhatnagar, the region head for Africa & the Middle East at Newgen.
Built on its existing NewgenONE digital platform, the software is expected should provide a fast and sustainable way to test and streamline trade finance embedding content within applications in order to facilitate real-time access to disparate information and data from across a finance organisation, he continued.
The platform is powered by AI-based analytics, with the aim to run trade intelligence on transactional and regulatory behaviour, Middle Eastern banks are told.
“This will enable users to optimise risk management and prevent fraud,” Bhatnagar stressed.
“At the same time, the software technology allows customers to reduce manual data entry requirements, as well as improve client communications, and implement enhanced compliance and data security,” he noted.
Ultimately, the platform should help banks to save costs and up their productivity.
““Traditionally, banks have struggled because the hyper-specialised tools are niche, expensive and – in many cases – lead to the creation of more silos.”
– Vivek Bhatnagar
In addition, Bhatnagar was keen to stress that the solution can be leveraged in order to streamline the intake of requests across channels, while automating processes such as bank guarantees, invoice financing sales, letters of credit, export and import collections, and more.
“Banks will have the possibility to leverage the trade finance platform’s compliance support in order to span international and domestic regulations for banks, financial institutions, and governments,” he claimed.
The Norwegian firm stressed that a differentiator is that the software features integration capabilities, as well as cloud and functional architecture.
“This allows finance organisations to configure the system based on the model that best suits their needs and requirements, whether centralised, decentralised, or hybrid,” Bhatnagar concluded.
Focus on Middle East
The contract win in the U.S. comes only days after Newgen told QA Financial it had designed and tested a new software solution that is specifically aimed at finance firms in the Middle East.
The firm plans to sell its trade finance platform to banks and other financial services firms across the region, aimed at digitalising operations and unlocking new growth opportunities, according to Bhatnagar.
“Traditionally, banks have struggled to digitise trade financing operations because the hyper-specialised tools typically involved in this process are niche, expensive and – in many cases – lead to the creation of more silos,” he stressed.
With the launch of Newgen’s advanced trade finance platform, Middle East banks can configure and automate their trade finance activities while unifying and integrating disparate software systems and services,” Bhatnagar claimed.
“This process will enable them to achieve scale and efficiency, while also unlocking new opportunities for development,” he added.
Bhatnagar said Newgen developed the new solution as “demands of clients and customers in an ever-evolving market are changing, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the local industry.”
The trade finance platform’s regional launch reflects Newgen’s firm focus on the Middle East. Last year, the company set up a new office in Riyadh, Saudi Arabia, in addition to its existing hub in Dubai, thereby expanding its presence across the wider Gulf.
Growth strategy
The Middle East launch of Newgen’s latest software platform follows a strong year of growth for the company, which reported its highest-ever quarterly revenue at $43.3 million in the fourth quarter of its latest financial year.
Profit after tax passed $12.1 million for the first time in a single quarter, impressing IT investors across Scandinavia.
Newgen claims to be active in 74 countries and has built software applications for 17 different verticals.
Globally, “several of the world’s biggest banks and insurance companies” rely on Newgen’s industry-recognised low-code application platform, Bhatnagar claimed.
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