Wipro unit rolls out new version of digital loan origination software platform

Wipro unit rolls out new version of digital loan origination software platform
Photo Credit: VCCircle
28 May, 2020

Information technology (IT) services company Wipro has rolled out the latest version of its loan origination software solution platform to provide its customers a better digital experience, and cut loan-cycle time and overall origination costs.

Dubbed  NetOxygen v7.0, the solution by Miami-based Wipro Gallagher Solutions (WGS), a subsidiary of Wipro, is expected to help banks and financial services firms provide more services online as the Covid-19 lockdown continues in most major economies, the Bengaluru-based company said in a statement.

The new version will increase operational efficiency for lenders and simplify touchpoints in the loan process, the company said. The solution meets all the new standards and regulatory compliance, and offers better user interface for both the lenders and borrowers, it added.

The features include a new dashboard, updated display of alerts, refreshed work item task list, batch upload of datasets and uniform loan delivery dataset (ULDD) import to improve efficiencies in the bulk purchase of loans, Wipro said. The automatic document recognition (ADR) service splits and indexes documents, reducing manual identification efforts, it added.

“The new version streamlines operations while enabling engagement and innovation. This will improve end-to-end lending processes, improve production efficiency and enable quicker deployments,” Alok Bansal, vice president and business head at Wipro Gallagher Solutions, said.

Earlier this week, Wipro set up a global channel partner programme to accelerate collaboration among IT services firms, products, consulting and reseller organisations. 

Last month, the company chose cloud computing firm Nutanix's platform to run its digital database services to help customers automate and simplify database administration, while driving efficiency and cost reduction. 

Indian IT services firms are facing the heat from an unprecedented global recession due to the Covid-19 lockdown and are staring at a first-ever decline in revenue this year. 

Read: Coronavirus India LIVE updates

Wipro closed the final quarter of the financial year 2019-2020 with a 4.7% year-on-year growth in gross revenues. The company reserved its quarterly earnings guidance for the first quarter of the current financial year due to the pandemic impact. 

In the recent past, Armonk headquartered IBM; Teaneck, New Jersey-based Cognizant; and San Jose, California headquartered Hewlett Packard Enterprises (HPE) laid off several employees as a slowdown in demand started hurting IT firms.