United Community Partners with Newgen to Digitally Transform its Loan Origination Process

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Newgen Software Inc. has been selected by United Community to transform its Small Business Loan Origination Process. The partnership aims to improve operational efficiency and enhance customer experience. Newgen's Loan Origination Solution will automate and streamline the loan origination process, integrate with existing systems, and provide real-time visibility into all stages of the loan cycle. The solution will also help the bank stay compliant with regulatory requirements.

The top 100 U.S. financial institution aims to improve operational efficiency and enhance customer experience

NEW YORK, Nov. 1, 2023 /PRNewswire/ -- Newgen Software Inc., a global provider of low code digital transformation platform, NewgenONE, today announced that United Community (UCBI) has selected Newgen to transform its Small Business Loan Origination Process, including Construction, Small Business Term, Line of Credit, Commercial Real Estate, and Commercial C&I.

"Our customers trust us to provide a secure banking experience across our loan offerings, and we wanted to align our business growth strategy with our customer expectations. We were looking for a technology partner that could help us ensure scalability and flexibility and provide innovative solutions for better operational efficiencies. We selected Newgen, as they have deep domain expertise in banking, to partner with us in this transformation journey for our loan origination process," said Pete Peterson, Chief Retail Credit Officer at United Community.

Newgen's Loan Origination Solution is built on a low code platform that confers agility, flexibility, and scalability, enabling lenders to be future-ready. Leveraging the solution, the bank will be able to automate and streamline the complete loan origination process and seamlessly integrate with their existing core system and 3^rd party applications (including credit bureaus, risk rating, e-sign, ECM, and more). This will help the bank to improve its process efficiency by eliminating redundant data entry and better managing data queues. With its comprehensive dashboard, the reporting module will allow real-time visibility into all stages of the loan cycle. The solution will also help the bank to stay on top of compliance requirements such as Reg B, Reg O, CRA, HMDA, 1071, etc.

"At Newgen, we are excited to undertake this partnership with United Community, and we are committed to ensuring the success of their transformation initiative across their loan origination process. Our dedicated Centre of Excellence team will guide the bank to perfect and automate the existing workflows and processes to improve the application turnaround time, ensure complete digital onboarding in minutes, and fast-track decisions with the in-built intelligent decision engine. Together, we are aiming for operational efficiency, speed, and scalability as a distinct competitive advantage, driven by our solution's low code capability," said Anand Raman, EVP and COO at Newgen Software Inc.

About United Community Banks, Inc.

United Community Banks, Inc. (NASDAQ: UCBI) is the financial holding company for United Community, a top 100 US financial institution that is committed to improving the financial health and well-being of its customers and, ultimately the communities it serves. United Community provides a full range of banking, wealth management, and mortgage services. As of September 30, 2023, United Community has $26.9 billion in assets and 205 offices across Alabama, Florida, Georgia, North Carolina, South Carolina, and Tennessee, as well as a national SBA lending franchise and a national equipment financing subsidiary. United Community has been recognized nationally as a leader in customer service, financial performance, and workplace environment. Among the accolades, United Community is a nine-time winner of the J.D. Power award that ranked the bank #1 in customer satisfaction with consumer banking in the Southeast and was recognized in 2023 by Forbes as one of the World's Best Banks and one of America's Best Banks. United Community was also recognized by Newsweek in 2023 as one of the Most Trusted Companies in America, is a multi-award recipient of the Greenwich Excellence Awards, and was named by American Banker as one of the "Best Banks to Work For" in 2022 for the sixth consecutive year. Additional information about the United Community can be found at www.ucbi.com.

About Newgen Software Inc.

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.

For more details, visit www.newgensoft.com

Media Contact:

Swati Srivastava
swati.srivastava@newgensoft.com 

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SOURCE Newgen Software Technologies Ltd.

FAQ

Who has selected Newgen Software Inc. to transform its Small Business Loan Origination Process?

United Community

What are the key benefits of Newgen's Loan Origination Solution?

The solution automates and streamlines the loan origination process, integrates with existing systems, and provides real-time visibility into all stages of the loan cycle.

What regulatory requirements will the solution help the bank stay compliant with?

Reg B, Reg O, CRA, HMDA, 1071, etc.

Who is the EVP and COO of Newgen Software Inc.?

Anand Raman