HCLTech-Newgen Software Unveils GenAI Solutions to Revolutionize Enterprise, Banking Sectors

In a significant move to bolster service efficiency and asset management in asset-intensive industries, HCLTech has announced a collaboration with Newgen Software, introducing groundbreaking GenAI solutions tailored for the enterprise and banking sectors. This collaboration marks the first step towards integrating cutting-edge artificial intelligence to streamline and enhance operational processes and customer engagement.

The partnership kicks off with the introduction of a GenAI bot, specifically designed to optimize service instructions for users within SAP S/4HANA environments. This initial phase is anticipated to revolutionize the way complex asset maintenance procedures are executed, by substantially minimizing processing times.

Following the successful deployment of the GenAI bot, the focus will shift towards amplifying the capabilities of iMRO/4 with GenAI enhancements. This upgrade will facilitate comprehensive natural language processing for inspection and repair reports, effectively harnessing operational data housed in SAP S/4HANA. “With GenAI enhancements embedded within existing processes, HCLTech iMRO/4 is set to propel our clients in asset-intensive industries towards greater efficiency, enhanced asset utilization, and cost reduction,” explained Sadagopan Singam, Executive Vice President of Digital Business at HCLTech.

HCLTech’s iMRO/4 suite is designed to offer an extensive range of advanced, integrated MRO capabilities, significantly improving processes throughout the maintenance lifecycle. This includes enhancements in engineering, operations, scheduling, supply chain, customer engagement, and support. As a leading global SAP EAM partner and co-development partner for SAP in complex MRO operations, HCLTech integrates a variety of technologies such as connected assets, geospatial databases, predictive analytics, machine learning, mobility, and artificial intelligence to streamline business processes.

Simultaneously, Newgen Software is making headlines with the launch of LumYn, the world’s premier GenAI-powered hyper-personalization platform, exclusively designed for the banking industry. This innovative platform is set to redefine profitability and customer experiences by providing hyper-personalized services and solutions to banks globally.

LumYn stands out by blending predictive intelligence with state-of-the-art conversational AI capabilities. This integration enables banks to gain an in-depth understanding of each customer’s unique needs, behaviors, preferences, and intentions, fostering deeper engagement while maintaining stringent data privacy and security measures.

Key functionalities of LumYn include its conversational AI, which supports natural language interactions with customer data, streamlining the generation of insights and development of growth strategies. The platform offers rapid development through customizable AI models, enabling businesses to address specific challenges swiftly and enhance growth through continuous iteration and refinement.

LumYn’s ability to segment customers based on behaviors, spending habits, and lifestyles empowers banks with targeted marketing campaigns, maximizing customer lifetime value. Moreover, the platform accelerates time-to-market with a vast library of pre-built AI models, ensuring faster insights, quicker deployments, and improved cross-sell opportunities. This remarkable platform also prides itself on reliable and secure AI functionalities, underpinned by data transparency and cutting-edge security technologies.

“LumYn is not just a personalized AI platform; it’s a hyper-personalized one, layered with GenAI capabilities. This means that LumYn goes beyond traditional personalization, adapting to customers’ evolving preferences, behaviors, and life stages in real-time,” stated Virender Jeet, CEO of Newgen Software. Rajan Nagina, Head of AI at Newgen Software, elaborated, “We are delighted to introduce LumYn to our portfolio. This platform’s capability to derive actionable insights from customer behaviors and preferences underscores Newgen’s proficiency in banking and our commitment to leveraging cutting-edge AI/ML technology. LumYn is poised to significantly deepen customer engagement and drive business growth.”

The unveiling of these GenAI solutions by HCLTech and Newgen Software is a momentous step towards the future of digital transformation in the enterprise and banking sectors. It underscores the potential of AI and machine learning technologies to foster innovation, enhance operational efficiency, and create more personalized customer experiences. As these technologies continue to evolve, they promise to bring about significant advancements in the way businesses operate and interact with their customers.

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