Client Background

• Client:ÌýFinancial Services Institution, Headquartered in the US.
• Industry: Banking & Financial Services.
• Products or Services:ÌýDiversified products like checking and savings accounts, personal loans, home equity loans, student loans, payment services and credit cards.
• Geography: Global.

Challenge

Client wanted to diversify their product offerings in the market place with home equity loans and was looking for a partner that can deliver exceptional customer experience and value enabled by platform, services and a transformation suite.Ìý

Solution

91¿ì»îÁÖ’s solution included the underlying loan origination system, NetOxygen, and operations support for functions like underwriting quality reviews, document uploading across the value chain, and secondary activities including decline/withdraw analysis, disclosure desk, and HMDA review.

• 91¿ì»îÁÖ’s Technology & Operations capabilities enabled the client to adapt to agile way of product development with accelerated time to market features in a managed services construct.
• 91¿ì»îÁÖ’s global footprint enabled a ‘ follow-the-sun’ operating model enabling faster underwriting decisions and loan processing times reducing the application to fund cycle.
• Cross functional team of experts including domain, service delivery, process excellence resources contributed to setting gold standards in business operations.

Business Impact

The benefits achieved through 91¿ì»îÁÖ’s solutions include:

• Risk exposure reduction of over $30 million on the bottom line delivered through process re-engineering initiatives and improving the funding accuracy.
• Reduced losses that were caused due to delay and withdrawals were eliminated to the tune of $1.7 million through upstream process optimization.
• Rigorous quality control program implementation enabled an estimated risk reduction of $3.6 million due to incorrect decisions.
• Smart automation solution to predict turn around time (TAT), optimal workforce, and better performance metrics.