Newgen has announced that it was recognized in the Gartner Market Guide for Commercial Loan Origination Solutions (CLOS), 2023, report. The report emphasizes the evolving CLOS landscape, highlighting trends such as increased collaboration between fintech and incumbent vendors, the importance of flexible software design, and the role of technologies like artificial intelligence (AI) and open APIs in enhancing CLOS capabilities.
According to Gartner, “CLOS is a software application that enables lending institutions to manage the end-to-end process of opening lending products, from application through underwriting and closing, for businesses of different sizes. These can be consumed as on-premises software, cloud-based SaaS, integrations and API, and white-labeled solutions.”
Newgen’s commercial lending solution is built on its low-code platform, NewgenONE, offering a comprehensive suite of commercial banking solutions tailored to meet the diverse needs of commercial clients, ranging from SMEs to large enterprises. The platform empowers financial institutions to provide intuitive digital services, expedite lending decisions through AI-driven insights, manage risks efficiently, adapt swiftly to evolving regulations, identify new lending opportunities, and build long-term, profitable relationships in business banking.
“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”, said Runki Goswami, Global Head of Marketing at Newgen Software.
