Implementing a

Lending Solution
9 Best Practices for a
Timely and Successful Go-live

Connecting Enterprises. Transforming Experiences.

As a business leader in the financial
services industry, you want to streamline your
lending process with the right digital transformation
partner and ensure a timely and successful
technology implementation.

Newgen, with our low code digital automation

platform, has helped many financial institutions, like
yours, to automate their lending processes, achieve
their digital goals, and deliver a superior customer
experience.

In this eBook, gain insights into the best practices that

we adopt to mitigate the potential risks involved in
technology implementation. And, learn how we can
help you with a glitch-free and timely go-live, and
smooth operations post-deployment.
Build a Digitally Connected
By leveraging the platform,
Workplace with Newgen's you can:
Low Code Digital Automation  Build an intelligent,
Platform connected, adaptive, and
future-ready enterprise
We understand that financial institutions, like
 Expand your application
yours, often require situational and supportive
portfolio by developing a
applications that cannot wait for fully-fledged,
variety of business-critical
pro-level programming. To meet this need, we
applications
harness the power of our natively-built low
code digital automation platform, which  Streamline your operations
solves for your enterprise-wide needs, while reducing dependency
translates your requirements into applications on the IT team
in no time.  Engage with your
customers in multiple ways,
The robust platform integrates various while ensuring compliance
requisite capabilities to build business with regulatory mandates
applications across the spectrum, through  Set IT guardrails for
our flagship products in intelligent process application development
automation (BPM), contextual content and deployment, thereby
services (ECM), and omnichannel customer maintaining data integrity
engagement (CCM). and compliance

Newgen's Low Code
Agile Implementation
Methodology
In Four Steps
We place our customers at the heart
of every implementation and follow a
sprint-based agile methodology for
project execution. The time-boxed
phases are called “sprints”. During an
implementation, we aim to deliver
within a short time frame and at an
accelerated speed.
1. We understand the customer's business
needs and capture all the gathered
information in our platform's built-in
requirements gathering section to
prepare a base process model
2. Based on the information gathered
during stage one, we build an application,
develop iterations of the application, and
conduct a series of review workshops to
ensure a high-quality implementation
3. After successfully developing and
reviewing the application prototype, we
implement the required changes and
make enhancements, while staying within
the confines of the guardrails set by our
customer's IT team. We then submit the
application for validation, testing, and
sign-off by our customer's project team
4. Lastly, we get our customer to sign-off,
in order to configure the application for
production, and make the application live
Potential Risks a Financial Institution Can Face While
Implementing a Lending Software

Schedule risk: Performance risk:

 Is the likelihood of not being  Is the likelihood of failing to

able to meet the scheduled plan deliver business results, per the
and the effects of that setback project's specifications

 Estimates the durations,  Applies to internal, external, and

dependencies, and assumptions outsourced projects, and to
built into a schedule, and could purchases of a product or service
be inaccurate
 Encompasses the user's and the
 Adds uncertainty and partner's expectations on
unpredictability terms of “time performance
to completion”
 Requires due consideration on
 Results in slippages, in any form, benchmark and threshold testing
thereby increasing costs and throughout the project lifecycle in
reducing competitive order to ensure that the
advantages for a customer performed activities are moving
in the right direction
Newgen's 9 Best Practices
to Mitigate Risks and
Optimize Project
Timelines
We help our customers overcome
potential risks and transform their
operations with agile and efficient
processes by following a number of best
practices, including:
1 The Control Scope
We believe that a clear, baselined
scope of work (SOW) document helps
to overcome challenges and deviations
during the implementation phase. And
so, we finalize our SOW document in
the very first stage, get our customer's
sign off, and stick to the outlined terms
throughout the project lifecycle. This
helps us ensure that the project is
delivered within the stipulated
timelines. In case any changes are
introduced at a later stage, they are
treated as a part of the change
management process. Any deviation
from the envisaged timeline is duly
discussed with the customer
2 No Scope Creep*
We value the adaptability and
involvement of our customers at every
stage. Once each step is completed, the
feedback from the previous phase is
used to plan the next one, thereby
avoiding scope creep across the entire
implementation and ensuring that your
experience is no short of excellence
Scope Creep - In an agile
implementation methodology, scope
creep is caused by introducing a new or
unplanned set of tasks in the middle of
an iteration, causing inconvenience and
leading to lengthened timelines
 3 Domain Expertise
Project team members play a crucial
role in making any implementation a
success. And so, we assign a number of
professionals to you—including our
banking subject-matter experts (SMEs),
business analysts, product owners, and
solution architects— depending on your
project's requirements. They help you
create a strategic growth plan and
establish a dynamic working
environment so that you can make
well-informed business decisions and
ensure a “first-time-right” approach
4 Extensive Training
In regards to our delivery model, we
stick to disciplined principles around
product and process development. Our
project governance experience has
shaped our mature execution
methodology, which focuses on high-
speed automation and deep
engagement with core teams of our
customers, thereby mitigating the need
for training and team measurement
cycles
Partnership-based
5
Implementation Model
We collaborate, strategize, and deliver
high-value solutions with our partners
to help you transform your day-to-day
operations. We train our local partners,
system integrators, and center of
excellence teams to bring you a smooth
implementation experience, even while
managing complex solutions, such as
consumer/retail lending, commercial
lending, small medium enterprise
lending, etc.
 Analytics-based Model for
6 intelligently documenting and mapping
Decision Making
With the availability of your past data,
we leverage an analytics-based model
to generate intuitive and predictive
insights while offering smarter, in-
process decision-making. This helps
increase your organization's speed and
responsiveness with straight-through
and automated processes. Process-
driven analytics intelligently converts
big data into usable information for
improved process efficiency
7 9
Process Re-engineering
Our experts gauge your financial
institution's “needs” and “must-haves.”
Our platform performs and documents
the “requirements gathering” phase of
the first stage, before configuring your
business processes. Each step of the
process is duly documented, along with
the definition of various parameters,
rules, and logic at each step, thereby
the requirements of your business
processes in a templatized way during
the process discovery phase
8 Ready-made Adapters
We harness the power of our ready-
made and localized adapters for
integrations with third-party systems.
This saves a lot of time during the
implementation
Customized Versus Vanilla
Software Products
We understand that every business is
unique and requires customization to a
certain extent. While some applications
require basic custom coding to function
smoothly, we maintain a balance
between customized and basic software
implementations, to ensure the best
results for our customers
 Transforming
The Next Step Banks Globally
To select the right technology and ensure
a successful implementation, partner with reduction in
us in your digital automation journey. Our
50%
operational costs
services are delivered on-premise as well
as on the cloud.
increase in tracking and
Our entire gamut of lending solutions, 75%
monitoring of loan
including retail loans, commercial loans,
commercial real estate, and small business
administration, are built on our BPM, ECM, reduction in process
and CCM products. 80%
turnaround time
By leveraging the solutions, you can create
a unified and consistent customer journey
for your customers. The solutions can
90- improvement in
95% “first-time-right”
integrate with legacy and third-party
applications and ensure that you stay
compliant with regulations.
improvement in
99%
quality and compliance
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Co
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About Newgen FOR SALES QUERY DIAL

UK: +44 (0) 2036 514805
Newgen Software is a vendor/provider of Business Process Management
AMERICAS: +1 (202) 800 7783
(BPM), Enterprise Content Management (ECM), Customer Communication AUSTRALIA: +65 3157 6189
Management (CCM), Document Management System (DMS), Workflow CANADA: +1-202-800-7783
and Process Automation software. The company has a global footprint in INDIA: +91 11 40773769
over 69countries with large, mission-critical solutions that have been APAC: +65 3157 6189
MEA: +973-1-619-8002, +971 44541365
deployed in Banks, Insurance firms, BPO’s, Healthcare Organizations,
Government and Telecom Companies.
WRITE TO US
info@newgensoft.com www.newgensoft.com