The bank leverages digital account opening solution to offer a frictionless, personalized, and omnichannel onboarding experience
JK News Today
November 20, 2023: Newgen Software, a global provider of low code digital transformation platform, announced that Jammu and Kashmir (J&K) Bank has selected Newgen as a digital transformation partner to assist in automating its banking processes.
J&K Bank aims to enhance its customer onboarding experience by leveraging Newgen’s Online Account Opening Solution. This initiative will extend its reach across online and in-branch channels, thereby intuitively guiding customers through the onboarding process.
Newgen’s customer onboarding solution, built on NewgenONE – a low code platform, expedites customer acquisition, reduces the authentication time for customer onboarding from days to minutes, lowers abandonment rates, and simplifies account maintenance. The platform offers a
user-friendly interface, secure verification, and flexible video-enabled know-your-customer (vKYC) with convenient slot booking and digital documentation features.
With a simple online process from home, customers can open accounts hassle-free, eliminating the need for branch visits and paperwork. The solution enhances efficiency, offering a 24/7 omnichannel, personalized experience. Additionally, it seamlessly integrates with third-party systems, streamlines processes with user-friendly workflows, and fosters front-back office collaboration, eliminating information silos.
“We have taken a significant stride in our digital transformation journey to position J&K Bank as a technologically advanced financial institution. Establishing a unified online customer onboarding platform reflects our commitment to offer our customers with an enriched, personalized and secure banking experience. With Newgen’s solution, we are looking to shorten our account opening times, reduce overall costs, and eliminate process bottlenecks,” said J&K Bank in a statement.
“Ensuring a seamless customer onboarding experience is crucial for all financial institutions today. J&K Bank’s trust in us reinforces our credibility as a robust, scalable, and agile platform for automating end-to-end journey of banking customers. We’re delighted to assist the bank in expediting their digital initiatives and are eager to help them reach their business goals,” said Sunil Pandita, VP Sales, Newgen Software.
About J&K Bank
Jammu and Kashmir Bank (J&K Bank) is a Scheduled Commercial Bank and one of the oldest private sector Bank in India, incorporated in 1938. Bank is listed on the NSE and the BSE and has its Corporate Headquarters at Srinagar. J&K bank caters to banking requirements of various customer segments which includes Business enterprises, employees of government, semi-government and autonomous bodies, farmers, artisans, public sector organizations and corporate clients. The bank also offers a wide range of retail credit products, including home, personal loans, education loan, agriculture, trade credit and consumer lending, a number of unique financial products tailored to meet the needs of various customer segments.
About Newgen Software Technologies Ltd.
Newgen is the leading provider of a unified digital transformation platform with native process automation, content services, communication management, and AI/ML capabilities. Globally, successful enterprises rely on Newgen’s industry-recognized low code application platform to develop and deploy complex, content-driven, and customer-engaging business applications on the cloud. From onboarding to service requests, lending to underwriting, and for many more use cases across industries, Newgen unlocks simple with speed and agility.