Global IT provider Wipro Ltd recently unveiled a new solution that can help financial institutions in the Asia Pacific region optimise their entire lending value chain.
Wipro said its Lend Value suite of solutions can help financial institutions offer a variety of loan products to meet the diverse needs of their customers. The solution is beneficial to both customers and financial institutions - customers experience improved interaction by using mobile and online channels while the lenders can improve their back-end's operational efficiencies.
At the heart of the solution is Wipro's flagship NetOxygen Loan Origination System, which is both flexible and rules-based. The solution also features dynamic workflow, built-in lead management, pricing engine document and image management, and seamless third-party integration framework.
Wipro said NetOxygen supports multiple products and channels and allows instant synchronisation of loan data across various systems and devices. NetOxygen also works the company's user-centric lending portals and mobile tablet devices to improve the end-user's experience while boosting productivity.
Wipro said such flexibility and features are crucial to lending institutions, particularly in the Asia Pacific region where customers are becoming more demanding.
"In the current economic environment, many Asian financial institutions are facing increasing customer demand for a differentiated lending experience. The competitive pressure to grab wallet share is increasing as well," said A Srinivasan, vice president and head, Banking Products and Emerging Markets, Wipro. "The Lend Value suite gives these financial institutions the ability to transform their lending businesses by enhancing the borrower experience in the front end using mobile and online channels, and powering back-end operational efficiencies with a strong loan origination system."
Carol J Wheatcroft, associate director, Asian Banker Research, said the launching of the product is "timely".
"Asian Banks are increasingly finding that they need more than just standard loan origination functionality to effectively capture and service their growing customer bases and this enterprise solution addresses requirements from both the bank and customer perspective," said Wheatcroft.
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