The partnership will help financial institutions approve loans faster by automating financial spreading
NOIDA, India, Dec. 18, 2023 /PRNewswire/ — Newgen Software, a global provider of low code digital transformation platform, is pleased to announce its partnership with Evalueserve, a provider of AI-enhanced products and managed services. The partnership will enable financial institutions (FIs) to leverage Newgen’s corporate lending solution integrated with Evalueserve’s AI-based OCR engine to automate financial spreading.
“We are thrilled to launch this strategic partnership with Newgen to offer a comprehensive lending solution to banks. This partnership will enable us to expand our AI-enhanced product offering in lending to help clients approve loans faster and win more business in a competitive market,” said Nitin Garg, Global Head of Corporate and Investment Banking Solutions at Evalueserve.
Many FIs still resort to manual processes for financial spreading. By automating the spreading process and using Evalueserve’s AI-based OCR engine that integrates with Newgen’s corporate loan origination solution (CLOS), FIs can bring consistency in financial data, reduce human errors, improve productivity, and reduce costs.
“We are happy to announce our strategic partnership with Evalueserve to offer automatic financial spreading as part of our corporate lending solution. The AI-based OCR engine will extract data from financial statements to the desired template. This will improve efficiency and credit decision quality,” said Kaushal Verma, AVP and Head of Banking CoE at Newgen Software.
Evalueserve is the leading global firm empowering enterprise clients with AI-driven products and solutions that optimize decision-making and drive actionable outcomes. The company develops innovative and sustainable solutions for a wide range of clients, including more than 30% of the Fortune 500 companies. With a presence in more than 45 countries across five continents, they excel in leveraging state-of-the-art technology, domain-specific AI solutions, and deep subject matter expertise to elevate their clients’ strategic decision-making and business impact.
About Newgen Software Technologies Limited
Newgen is the leading provider of a unified digital transformation platform with native process automation, content services, communication management, and AI/ML capabilities. Globally, successful enterprises rely on Newgen’s industry-recognized low code application platform to develop and deploy complex, content-driven, and customer-engaging business applications on the cloud. From onboarding to service requests, lending to underwriting, and for many more use cases across industries, Newgen unlocks simple with speed and agility.