Evalueserve’s AI-based OCR engine integrates with Newgen’s CLOS
Indian origin Newgen Software says its partnership Evalueserve of Schaffhausen, Switzerland, will enable financial institutions (FIs) to leverage its corporate lending solution integrated with latter’s AI-based Optical Character Recognition (OCR) engine to automate financial spreading.
“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,” said Nitin Garg, Global Head of Corporate and Investment Banking Solutions at Evalueserve.
Many FIs still resort to manual processes for financial spreading. By automating the spreading process and using Evalueserve’s AI-based OCR engine that integrates with Newgen’s corporate loan origination solution (CLOS), FIs can bring consistency in financial data, reduce human errors, improve productivity, and reduce costs.
“The AI-based OCR engine will extract data from financial statements to the desired template. This will improve efficiency and credit decision quality,” Kaushal Verma, AVP and Head of Banking CoE at Newgen Software, said in a release on 18 Dec 2023 from Noida.
Evalueserve is the leading global firm empowering enterprise clients with AI-driven products and solutions that optimize decision-making and drive actionable outcomes. The clients include more than 30% of the Fortune 500 companies.
Newgen is the leading provider of a unified digital transformation platform with native process automation, content services, communication management, and AI/ML capabilities across the globe. Fiinews.com
