Newgen Earns Recognition in Gartner’s Market Guide for Commercial Loan Origination Solutions 2023
Feb 09, 2024: Newgen, a leading global provider of a unified low-code platform for end-to-end automation at scale, proudly announces its inclusion in the Gartner Market Guide for Commercial Loan Origination Solutions (CLOS), 2023. This recognition signifies Newgen’s position as a key player in the evolving landscape of commercial lending solutions.
The Gartner report sheds light on the changing dynamics of the CLOS landscape, emphasizing trends such as increased collaboration between fintech and established vendors, the significance of flexible software design, and the role of advanced technologies like artificial intelligence (AI) and open APIs in enhancing CLOS capabilities.
Gartner defines Commercial Loan Origination Solutions as software applications enabling lending institutions to manage the complete process of opening lending products, spanning from application and underwriting to closing, for businesses of varied sizes. These solutions can be delivered as on-premises software, cloud-based Software as a Service (SaaS), integrations and API, and white-labeled solutions.
Newgen’s commercial lending solution, integrated with its low-code platform, NewgenONE, presents a comprehensive suite of commercial banking solutions catering to the diverse needs of commercial clients, from SMEs to large enterprises. The platform empowers financial institutions to deliver intuitive digital services, expedite lending decisions using AI-driven insights, manage risks efficiently, adapt to evolving regulations, identify new lending opportunities, and establish long-term, profitable relationships in business banking.
Runki Goswami, Global Head of Marketing at Newgen Software, expressed, “We believe this recognition validates our commitment to delivering innovative and tailored solutions to meet the dynamic needs of commercial banking. Newgen remains dedicated to empowering financial institutions with cutting-edge technology for efficient and profitable business banking operations.”