Bank of the Bahamas (BOB) has selected Newgen Software to automate its retail lending and account opening processes.

The lender, which operates 13 branches in seven islands, will deploy the technology vendor’s retail lending and account opening applications.

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Newgen claims that its retail lending application will streamline the bank’s end-to-end lending cycle, from pre-screening to loan disbursal.

It will also simplify Bank of the Bahamas’ credit origination, approval, and monitoring in a paperless and electronically-driven workflow environment.

It will also enable to company to switch from manual processes and siloed systems.

These platforms will improve processes at the bank and minimise operational bottlenecks, the tech vendor added.

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Bank of the Bahamas corporate manager, credit risk, Ian Thompson said: “We were looking for a technology solution that would help us automate our end-to-end lending processes. We went through an intensive evaluation process and selected Newgen as they met and exceeded all our requirements.

“Using Newgen’s digital automation platform, we will enable a modern omnichannel loan initiation and offer smart & intuitive self-service portals to deliver a seamless experience to our customers.”

Newgen Software COO Anand Raman said: “BOB is focused on creating contemporary experiences for its customers. We are glad they chose us as a partner in their digital transformation journey.

“We look forward to delivering purpose-built retail lending and account opening applications that will serve as catalysts in streamlining their processes and improving their customers’ experiences.”