BUSINESSNEXT and MongoDB team up to accelerate autonomous operations in financial services

New Delhi, September Sept 27, 2024 – BUSINESSNEXT, a global leader in composable enterprise solutions for the financial services sector, today announced a partnership with MongoDB to accelerate autonomous operations powered with specialized predictive and generative AI for banking and insurance. Headquartered in New York, MongoDB empowers innovators to create, transform, and disrupt industries with the power of software and data. The collaboration between BUSINESSNEXT and MongoDB will empower banking, insurance, and financial institutions with the tools and technology needed to deliver exceptional customer experiences and drive digital transformation.

By combining BUSINESSNEXT’s deep expertise in financial services with MongoDB’s flexible, scalable database platform that has industry-leading encryption, access controls, and data protection protocols, the partnership will deliver innovative solutions that address the evolving needs of the industry. BUSINESSNEXT’s suite of solutions, include CRMNEXT, CUSTOMERNEXT, Open Communication Platform and industry-centric modules like digital lending platform, claims management and credit assessment management applications.

MongoDB’s document-oriented data model, with its flexible schema, nicely complements BUSINESSNEXT’s AI-driven capabilities. The partnership will enable banks to harness the power of their data to create personalized customer journeys, optimize lending processes, and to make data-driven decisions.

“We are excited to partner with MongoDB to deliver cutting-edge solutions to our financial services clients,” said Sushil Tyagi, Executive Director at BUSINESSNEXT. “MongoDB’s industry-leading data protection protocols, and our ability to handle complex data structures and scale effortlessly aligns with our vision of providing a modern, agile platform for banks.”

“Independent software vendors are an integral part of the enterprise software stack in India, and BUSINESSNEXT is a great example of the kind of ISV we want to work with,” said Sachin Chawla, Vice President, India and South Asia at MongoDB. “This partnership will help a large number of financial services organizations to accelerate their modernization initiatives and use AI to drive differentiation.”

Key benefits of the partnership include:

• Autonomous Banking operations: The composable stack will enable financial services to meet the dynamic needs of AI driven processes and workflows
• Enhanced customer experiences: Leveraging specialized and hyper-scalable AI-capabilities to deliver highly personalized customer interactions and journeys.
• Accelerated lending processes: The combination of BUSINESSNEXT’s smart credit engines and MongoDB’s flexible data platform will deliver smart automation across lending operations with improved efficiency.
• Improved operational efficiency: By automating back-office processes and leveraging MongoDB’s scalability, banks can reduce costs and enhance productivity.
• Strengthened risk management: MongoDB’s robust and scalable data management capabilities will support BUSINESSNEXT’s risk rating and credit approval models, enabling banks to mitigate frauds, cyber security threats and continuous risk monitoring capabilities.

This partnership marks a significant milestone for both BUSINESSNEXT and MongoDB, and it is expected to drive significant value for financial institutions worldwide.