Newgen Software Ltd has a wide range of products to foster the government’s ambitious Financial Inclusion programme, says Diwakar Nigam, MD and CEO- Newgen Software, in an interaction with ENN
Give us an overview of your company’s operations in India and beyond.
Newgen Software Technologies Limited is a leading innovator in Business Process Management (BPM), Enterprise Content Management (ECM), Customer Communications Management (CCM) and Adaptive Case Management (ACM) solutions with a global footprint in over 58 countries. We have partnered with world’s leading banks, insurance firms, governments, BPOs, healthcare organisations, telecom companies and Shared Service Centers (SSC) to automate and streamline their large and mission critical processes.
We have Newgen Software Inc, United States, and Newgen Software Technologies Pte Ltd, Singapore as our subsidiaries. In India, we have presence in all the regions with offices in Delhi, Mumbai, Chennai and Bangalore. We also have development centres in Noida and Chennai.
As an IT firm, how do you see your role in the government’s e-Governance mission?
As a pioneer in the Indian IT product industry, Newgen is committed to facilitating the e-Governance initiative through its innovative and scalable products and solutions. Our e-gov solution suite automates day-to-day functions at all levels of administrative hierarchy. It combines BPM and Enterprise Content Management (ECM) to deliver a unified platform for Government to Citizen (G2C), Government to Business (G2B) and Government to Government (G2G) processes. By leveraging the power of SMAC (Social, Mobile, Analytics and Cloud), we empower governments at all levels to roll out initiatives faster, better and in a costeffective manner.
Newgen has solutions for BFSI sector. Can you tell us more about that?
Newgen solutions facilitate leaner business processes, allowing faster time to market. By leveraging these solutions, banks can design and deliver innovative and unified offerings, while ensuring the highest level of compliance adherence.
Our Banking and Finance sector offerings include:
- Account opening: The Newgen Account Opening and KYC solution combines Newgen’s expertise in BPM, ECM and CCM platforms to create a process that is fast, smooth and cost-effective. Through this software, managers can effectively monitor the entire function with the help of dynamic activity dashboards and comprehensive transaction reports.
- Loan origination: Newgen’s Loan Origination solution helps mitigate challenges caused by the factors of time and space, making inter-departmental coordination easy. Newgen loan processing solution helps managers and business leaders design process flows spanning from the application to the loan sanction and disbursal transactions.
- FATCA Compliance Solutions: Newgen solution for Foreign Account Tax Compliance Act (FATCA) facilitates banks and financial institutions across the globe to take this complex regulation head-on. Newgen drives end-to-end FATCA readiness for its clients.
- Mortgage lending: Newgen offers a smart mortgage lending solution that steers a fast and systematic mortgage process. The solution ensures adherence to regulatory and compliance requirements.
- Credit card processing: Newgen solution for Credit Card processing and maintenance, speeds up the on-boarding process and enhances customer experience while minimising exposure to risks.
- Trade finance: Newgen drives smoother trade finance processes for banks. Transactions are well governed and rules based, streamlining the document and process centricity of the function.
- Wealth management: Newgen Wealth Management Reporting Solution eases maintaining complex relations with clients through contextualised customer interactions and communications.
- Commercial lending: Newgen solution for commercial lending allows banks to respond quickly to new opportunities, maintain transparency, lower exposure to risks and also keep a firm tab on its processes.
Which all banking/financial institution projects, Newgen is associated with?
Apart from providing the BFSI players the core ECM and BPM infrastructure of image capture, document management (DM), records management (RM), workflow, etc., we also offer composite content applications like customer on-boarding, loan origination and servicing, claims processing, CRM for Customer Contact Centers and CCM.
Some of our prestigious banking/financial services customers who are reaping the benefits of our point solutions for different banking processes include Abu Dhabi Commercial Bank, NIC Bank, Citibank, East West Bank, ICICI Bank, ECO Bank, Bank Muscat, United Arab Bank, Bank Dhofar, Diamond Bank and Arab National Bank.
The government has launched a major financial inclusion programme — Prime Minister’s Jan Dhan Yojana. Any plans to play a part there?
PMJDY is a good initiative towards achieving 100 percent financial inclusion in India. But extending banking services to the remotest places cannot be achieved without effective use of IT. To assist governments and financial institutions in delivering basic financial services to the unbanked, Newgen has come up with a range of innovative products to catalyse Financial Inclusion (FI) like never before.
Our mobile banking solution ‘ZapIn’ is one such offering. It helps Business Correspondents (BCs) reach up to the frontiers and introduce the benefits of FI to the sidetracked. Mobile capture allows BCs to capture physical application forms and supporting documents, along with key metadata, and initiate the process of customer on-boarding, instantly.
The country is moving firm on way to become a ‘Digital India’. How does Newgen relate with it?
Newgen has nurtured the dream of “Making India Digital” since its inception. We have empowered organisations in India and across the globe to go paperless and automate key processes by offering them our innovative and scalable BPM, ECM, CCM and Adaptive Case Management (ACM) products and solutions.
Anticipating the potential of technology enablers such as SMAC in shaping the future of business, Newgen has recently upgraded its product portfolio to include innovative enterprise software platforms and solutions. A key milestone in this direction has been the launch of our Intelligent Business Process Management Suite, with active, on-demand and predictive analytics, support for social media interactions and complex event processing capabilities.
“Our mobile banking solution ‘ZapIn’ can simplify financial inclusion… It helps Business Correspondents reach up to the frontiers and introduce the benefits of financial inclusion to the side-tracked”
How do your OmniDocs and OmniFlow products help clients transform their businesses?
OmniDocs Enterprise Content Management suite and OmniFlow Intelligent Business Process Management (iBPM) suite are our two flagship product suites that have helped leading global enterprises transform their businesses.
OmniDocs product addresses end-to-end customer content life-cycle management needs of enterprises. Creating, capturing, managing, delivering and archiving large volumes of documents become easy and hassle-free using OmniDocs. It simplifies storage of enterprise content through a highly scalable, secure and unified repository. OmniDocs supports centralised enterprise content storage along with rights based archival.
iBPM suite strategically orchestrates advanced technological tools to model, deploy and manage mission-critical business processes. This product has seamless integration capabilities, allowing it to be introduced to any existing IT infrastructure.
Do you think there’s need for some regulatory changes in India for greater ease of operation for IT companies?
India is one of our most important markets and we will continue to launch new products and services here to maintain our leadership position. One feels need for some regulatory changes and government interventions in favour of the Indian IT companies. The government needs to establish stricter IPR protection laws in IT product industry for safeguarding innovations. Piracy is certainly another major cause of concern and should be dealt with strictly.
What is your vision for growth in India?
To support our growth plans and strategy in India, we have concocted several levels of strategy. We have increased our marketing budget significantly and are enhancing our visibility and mindshare by participating in all major trade events and through focused social media marketing. Campaign-based approaches have been adopted for promotion of our products in different verticals. Going forward, we will continue to build futuristic products and solutions.