Masar Alnumou Finance leverages Newgen’s Retail Banking solution

By Gloria Mathias

Newgen Software has announced that Masar Alnumou Finance opted for Newgen’s retail banking solution to enhance its personal loan origination process.

With Newgen’s Solution Accelerator for Personal Loans, the company will be able to drastically reduce the time taken to book a loan, bringing it down to just 5 minutes. The solution of offering instant loan approval will help the company boost its market share.

On the successful implementation of the solution, Sultan Al Sharedah, Chief Business Officer at Masar Alnumou Finance, said, ” As one of our main objectives to increase customer satisfaction and provide new solutions to the sector, Newgen has proved to be a strong partner and effectively reduced the human intervention required to process the loans. The excellent business knowledge and consistent team support will help us serve a wider customer base.”

The retail banking team at Newgen worked on the existing loan origination solution, ensuring complete process automation. The loan management system was also revamped, along with portal integrations. Moreover, the company implemented this solution for managing collections of personal loans.

Speaking about the solution, Vivek Bhatnagar, VP of Sales at Newgen Software, said, “We developed the solution with the available integrators, optimising the resources. Our low-code platform, NewgenONE, and agile approach helped us consider the client’s changing needs. The automation that we attained will enable the bank to disburse personal loans within minutes.”

The solution will support faster business growth for the company across locations. Newgen provides post-production support to ensure a smooth implementation of the solution.

Masar Finance is built on the foundation of its predecessor, “Deutsche Gulf Finance,” which has played a significant role in the finance sector. As a result of its growth, Masar Alnumou has emerged to offer a range of financial solutions that address customers’ needs.