Enterprise Bank, a $4.5 billion-asset community bank headquartered in Lowell, Massachusetts, has gone live with Newgen Software’s commercial lending solution.Enterprise Bank goes live with Newgen’s lending solutionThe solution, which is built on a low-code platform, consolidates multiple steps of the lending process, including origination, reviews and renewals, within a single platform, and features an in-built master data management module for user configuration.According to the India-based vendor, the implementation of this solution has “streamlined the bank’s lending processes, enhanced efficiency, and improved customer service across its loan portfolio”.Furthermore, Ryan Dunn, EVP and regional commercial lending director at Enterprise Bank, says the benefits include the straight-through processing of loan approvals, the diminishing requirement for manual intervention, and improved data capture for reporting and compliance purposes.“Additionally, the extensive, rule-based matrix has been instrumental in making prompt, fast, and accurate decisions while effectively managing our decision hierarchy,” he adds.Founded in 1988, Enterprise Bank’s lending operations currently include business loans, commercial real estate loans, construction and equipment loans, alongside mortgages, personal loans and vehicle loans on the retail side.As of 30 September 2024, the bank had $3.8 billion in net loans, $4.2 billion in deposits and $1.5 billion in wealth assets under management and administration.The implementation of Newgen Software’s commercial lending solution comes after Enterprise Bancorp, Enterprise Bank’s parent company, signed an agreement with Independent Bank Corp in December to merge the bank into Rockland Trust.Valued at approximately $562 million, the deal is expected to close in the second half of 2025, subject to customary closing conditions.
Mer. Feb 12th, 2025
