How can we use the forget password functionality?

Suggestions:
If a user forgets the password then the system has the provision to set a new password. Users will have to follow the below steps to create a new password.
1) Users will have to enter the user User Id, Mobile or Email id in the user id field in the login page.
2) Click on the link forgot password
3) System sends the verification code to the registered email id of the user.
4) System then opens a box to enter the verification code. Then users have to enter the verification code in the box and click on the verify button.
5) Once the verification is done, users receive a system generated password.
6) Users have to enter the system generated password to login.
7) After login with the user’s id and system generated password, System opens the screen to create a user defined login password. accepting the old password and allowing it to enter the new password. If the user enters invalid old password then the system prompts that old password incorrectly.
8) Once a new password is created by the user, the system opens the login screen to login with the new password into the application.

Please refer to the snapshot below : New password.png