United Community Banks (UCBI), the financial holding firm for financial institution United Community, has selected low code digital transformation platform provider Newgen Software to digitally transform its loan origination process.

Newgen Software will allow United Community Banks to modernise its small business loan origination process, including construction, commercial real estate, small business term, line of credit and commercial C&I.

United Community Banks chief retail credit officer Pete Peterson said: “We were looking for a technology partner that could help us ensure scalability and flexibility and provide innovative solutions for better operational efficiencies.

“We selected Newgen, as they have deep domain expertise in banking, to partner with us in this transformation journey for our loan origination process.”

Newgen Software said the firm’s Loan Origination Solution will enable the bank to automate and streamline the complete loan origination process.

The solution will also help the lender to easily integrate with their existing core system and third-party applications, including credit bureaus, risk rating, e-sign, ECM, and others.

Besides, United Community Banks will enhance its process efficiency by removing redundant data entry and better managing data queues.

The reporting module, with its comprehensive dashboard, will allow real-time visibility into all stages of the loan cycle.

Furthermore, the solution will help the bank in meeting compliance requirements, including Reg B, Reg O, CRA, HMDA, 1071 and others.

Newgen Software executive vice president and chief operating officer Anand Raman said: “Our dedicated Centre of Excellence team will guide the bank to perfect and automate the existing workflows and processes to improve the application turnaround time, ensure complete digital onboarding in minutes, and fast-track decisions with the in-built intelligent decision engine.

“Together, we are aiming for operational efficiency, speed, and scalability as a distinct competitive advantage, driven by our solution’s low code capability.”