Digital transformation platform Newgen Software has announced a strategic partnership with Evalueserve, a provider of AI-enhanced products and managed services.
Newgen said the partnership focuses on revolutionizing the corporate lending process for financial institutions (FIs) by integrating its corporate lending solution with Evalueserve’s AI-based Optical Character Recognition (OCR) engine to automate financial spreading.
The impact on financial institutions
The partnership addresses a significant challenge faced by many FIs: the reliance on manual processes for financial spreading. By automating this process, the collaboration promises to bring consistency to financial data, reduce human errors, and enhance productivity.
The AI-based OCR engine will extract data from financial statements into a desired template, streamlining the process and improving the quality of credit decisions, the company said in a statement.
Offering comprehensive lending solution
Nitin Garg, Global Head of Corporate and Investment Banking Solutions at Evalueserve, said, “We are thrilled to launch this strategic partnership with Newgen to offer a comprehensive lending solution to banks. This partnership will enable us to expand our AI-enhanced product offering in lending to help clients approve loans faster and win more business in a competitive market.”
Kaushal Verma, AVP and Head of Banking CoE at Newgen Software, also commented: “We are happy to announce our strategic partnership with Evalueserve to offer automatic financial spreading as part of our corporate lending solution. The AI-based OCR engine will extract data from financial statements to the desired template. This will improve efficiency and credit decision quality.”
What does Evalueserve do?
Evalueserve provides AI-driven products and solutions and serves a broad range of clients, including over 30% of Fortune 500 companies. With a presence in more than 45 countries, Evalueserve excels in delivering domain-specific AI solutions and deep subject matter expertise to enhance strategic decision-making and business impact.
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