By Antonio Dey | HGP Nightly News |
As Guyana’s economy continues its rapid expansion, demand for high-efficiency financial services is surging. In response, Newgen Software Technologies, a global tech firm based in New Delhi, is collaborating with key local stakeholders to roll out advanced AI-driven solutions to eliminate paper-intensive processes and reduce bank wait times.
The partnership aims to modernize everything from credit decisions to insurance policy updates using what the company calls “Decision Intelligence.”
Accelerating Onboarding at GBTI
A primary beneficiary of the new AI integration is the Guyana Bank for Trade and Industry (GBTI). CEO Shawn Gurcharran confirmed that Newgen’s AI initiatives are a cornerstone of the bank’s new digital account opening platform.
- Paperless Onboarding: The system enables secure, paperless customer registration, eliminating the need for physical documents and lengthy in-person visits.
- Instant Digital Access: Once registered, customers gain immediate access to digital banking services.
- Adoption Rates: Gurcharran noted that even customers traditionally hesitant to use technology have embraced the platform due to its simplicity and the ability to manage banking needs from home.
“Trusted AI” for Insurance and Lending
Manish Dugar, Head of Customer Relationships at Newgen, emphasized that modern AI has evolved into “trusted and explainable” systems. This is particularly crucial for regulatory compliance in sectors like insurance.
Key Collaborations:
- Demerara Insurance: Utilizing AI to streamline policy updates and claims processing while maintaining transparency and traceability for regulators.
- Lending & Credit: AI models are being used to make faster, scalable credit decisions by analyzing data patterns that traditional systems might miss, helping leaders navigate complex risk environments.
Ending the “Long Queue” Era
For decades, Guyanese banking has been characterized by notoriously long queues and manual data entry. Minister of Finance Dr. Ashni Singh recently noted that digital transformation is “not a luxury but a necessity” for the nation’s 2030 development goals.
The Impact of AI Solutions:
- Efficiency: Drastic reduction in the volume of paper-based content managed by bank staff.
- Regulatory Ease: Automated systems simplify and make all transactions easily auditable by central authorities.
- Productivity: Staff can shift from data entry to proactive customer service and specialized financial advisory roles.
“AI provides a unique opportunity for Guyana to rapidly advance its banking capabilities,” said GBTI CEO Shawn Gurcharran. “Such transformations promise to alleviate long-standing issues like the lengthy queues that have plagued Guyanese banks.”
