Development Bank based in Oman Selects Newgen Technology to Streamline Banking Processes and Deliver Transformed Experience

NOIDA, India, Dec. 20, 2023 /PRNewswire/ -- Newgen Software, a global provider of low code digital transformation platform, announced that the Development Bank (DB) selected Newgen to streamline its Banking Processes and Deliver Transformed Experiences.

The financing arm for the government to support SMEs based in Oman is dedicated to enhancing its banking processes, aiming for a seamless, secure, and omnichannel experience for its customers. To achieve this, they opted for Newgen's intelligent process automation (BPM) and contextual content services (ECM) offerings, built on the NewgenONE low code platform. This project would be executed with the help of Newgen's platinum implementation partner, Ikyam Technologies.

Leveraging Newgen's solutions, the bank will oversee the entire content lifecycle, from origination to disposition. The solution provides efficient tools for capturing content from diverse sources and facilitates instant document uploads—managed within a secure, centralized repository. The bank can optimize processes and foster collaboration between front- and back-office teams through user-friendly workflow automation. Moreover, the solution will allow DB to mitigate business risks by ensuring compliance and securing business-critical information. The integration with core banking and third-party systems will provide a unified experience.

"With Newgen's robust solution, we look forward to achieving a paperless work environment that will enhance efficiency, reduce overall costs, and eliminate process bottlenecks. This will help us meet the targeted growing demand and scale operations to handle high-volume transactions efficiently, leading to a better customer experience. With this implementation, we are poised to set new benchmarks in delivering innovative financial services, empowering SMEs financially, and aligning with the country's economic development goals," said Mahmood Al-Yafai, Digital Transformation Program Director, Development Bank.

"It brings us great pleasure to partner with DB, supporting and advancing their digital transformation program's goals. DB's trust enhances our standing as a robust, adaptable, and scalable platform meeting the diverse spectrum of banking customer needs. We look forward to helping the bank build a strong foundation with digital banking and supporting their future initiatives," said Vivek Bhatnagar, VP – EMEA Sales, Newgen Software.

About Development Bank

Development Bank is the first leading institution in financing value-added developmental projects that enhance the national economy, in addition to providing facilities and products suitable for all micro, small, medium, and large segments, and partnership projects. The bank finances various sectors, which are aligned with Oman Vision 2040, such as logistics, mining, and green finance projects.

About Ikyam Technologies

Ikyam is a Newgen Platinum partner with decades of experience in the banking sector and works with its clients to help them achieve sustainable growth through banking domain experts who can assist organizations with real-time transactions, analysis, and prediction.

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. 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.

For more information contact: swati.srivastava@newgensoft.com 

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