Ritesh Varma, Global Head & Vice President for Business Solutions, Newgen
Ritesh is the Global Head and Vice President for Business Solutions Group at Newgen. He is key member of the leadership team in the organisation. During the last two decades of his stay, he has been instrumental in expanding Newgen’s presence from being a local Indian player to a globally recognised product organisation it is today. Ritesh is a Subject Matter Expert in Banking and Financial Services, Insurance and Shared Services (BPO/ BPM) industries and has strong technical expertise in Workflow Management, Information Management and Digital Automation tools.
In the ever-evolving digital landscape, it is imperative for financial institutions, like yours, to stay nimble to outperform their competitors. Chief lending officers, like you, shoulder the responsibility of transforming your lending operations by bringing new business, maintaining a healthy portfolio mix, managing stakeholder relationships effectively, and ensuring faster loan origination. However, your legacy lending infrastructure and aging processes hold you back from attaining this transformation. 

An outdated lending solution can hurt your organisation in multiple ways and impact your digital efforts. The need of the hour is to modernize your lending solution and accelerate your digital journey.

Here are the eight reasons why you must modernize your commercial lending solution urgently

  • Create a truly digital workplace

    A modern lending solution can eliminate disjointed processes in systems and applications. It gives you the flexibility to integrate with various third-party systems, including credit bureaus, core banking and credit rating systems, KYC compliance, and data aggregators. With an integrated commercial lending solution, you empower your loan officers and underwriters to operate from a single, unified interface and remotely execute day-to-day tasks smoothly, thereby helping you create a truly digital workplace
  • Deliver a superior customer experience

    With a new-age commercial lending solution, you can deliver superior experiences to customers that is consistent, across touchpoints, and across their overall journey. The solution helps you to keep customers informed about the progress of their application, keeping them connected through the complete loan lifecycle. Furthermore, the solution triggers auto alerts, sent to users before renewal or review, thereby minimizing the need for follow ups 
  • Mitigate risk and maintain compliance

    By giving your commercial lending solution a digital facelift, you can flexibly change the rules and adapt to ever-changing regulatory requirements. This enables you to classify different types of loans, including micro loans, small and medium enterprise loans, and small business loans per prudential norms. Furthermore, you can also leverage methodical portfolio monitoring, automated covenant tracking, risk rating, stress testing, ratio analysis, and similar tools to uncover the benefits of end-to-end risk management
  • Disburse loans faster and improve operational efficiency

    You can approve and disburse loans quickly, enable auto decisioning while approving small business loans, and ensure a higher frequency of first time right with a new-age lending solution. Furthermore, it will allow you to streamline your approval cycles and implement rule-driven underwriting and documentation, thereby ensuring fast and smooth processing of transactions
  • Ensure omnichannel engagement

    You can enable contextual engagement and omnichannel interactions to optimize workforce productivity and gain 360-degree visibility across your processes, as well as customer profiles and behaviours. Furthermore, it helps you offer an integrated experience while bridging silos across departments, functions, and applications 
  • Drive agility and product innovation

    You can operate nimbly and gain strategic agility. Your financial institution can quickly and conveniently roll out new products and make changes to existing products, depending on your business requirements. Additionally, you can leverage the solution to add new functionalities to your existing products
  • Ensure connected banking

    By implementing the right lending solution, you can build a connected lending ecosystem—one that provides omnichannel, contextual, end-to-end, and anytime-anywhere services to customers—and seamlessly connect your vendors, brokers, legal team, channels, aggregators, fintechs, and third-party providers
  • Gain analytical insights

    With an ideal commercial lending solution in place, you can leverage role-based dashboards that provide insights into various aspects of your business, including customers’ data, application processing times, and applications processed and approved by branches. Also, you can gain valuable insights into customer-wise covenant breaches, compliance breaches, renewal and review due dates, insurance and limit expiry reports, and much more

Proactively modernizing your lending can help you better adapt and respond to the dynamic business needs in an agile, predictable, and sustainable way.

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