The partnership will help financial institutions approve l**** faster by automating financial spreading
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.
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“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 l**** 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.
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“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.
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