Bank partners with Newgen Software to digitise onboarding

Centennial Bank has announced a strategic partnership with Newgen Software to digitise its online account opening process, aimed at enhancing the customer experience for both retail and commercial clients.

Based in Arkansas, Centennial Bank is set to implement Newgen's Deposit Account Opening solution to streamline and simplify onboarding procedures.

Previously hindered by extensive manual intervention, Centennial Bank was facing challenges in providing a cohesive and efficient online account opening service.

Recognising the pressing need for transformation, the bank teamed up with Newgen to leverage its low-code automation platform. This collaboration is expected to deliver a frictionless experience for customers, accommodating the bank's three brands under one seamless solution.

Steven Gutierrez, Digital Onboarding Director – Deposits at Centennial Bank, praised the partnership. "Newgen has proven to be a true partner in our efforts to improve the online account opening experience for our customers. The flexibility of their low-code platform allowed us to accommodate our three brands under one solution easily and made the implementation seamless," he noted.

Anand Raman, EVP and COO of Newgen Software, echoed the sentiment, explaining how their solution addresses the unique challenges faced by financial institutions. "Our solution empowers banks to thrive in a digital-first world. The integration with the existing core system will eliminate the challenges of manual processes and streamline deposit account opening processes for both consumer and business banking needs," he stated.

Newgen's onboarding solution is designed to offer substantial improvements in customer service, potential reductions in operational costs, and better compliance adherence.

The low-code-based platform facilitates end-to-end automation at scale, enabling faster and more efficient delivery of banking services.

Centennial Bank is a full-service financial institution with branches in Florida, Arkansas, Alabama, Texas, and New York. It manages total assets worth USD $22 billion. By integrating Newgen's advanced technology, the bank aims to deliver a more efficient, customer-friendly service, positioning itself as a leader in digital banking solutions.