Banking and Financial Services

Regulatory compliance, cost optimization & operational efficiency and control & cost containment have emerged as key themes for the banking industry this year.

The financial regulatory reforms have their own benefits and challenges. While on one hand they will lead to adoption of improved governance and risk management practices at these banks, on the other hand they will also impact the profitability of these firms due to significant increase in regulatory costs.

The paradigm shift in business models is also having a dramatic impact on financial services operations. Consolidation, standardization and automation have for long been the enablers for efficiency gain and productivity improvements. Coupled with offshoring, outsourcing and creation of utilities across business areas, they will form the right vehicle for an operating model supporting efficiency, effectiveness and cost optimization. These trends reveal that the banking industry is fast moving towards a global business support model.

Why Wipro?

Wipro's service offerings include business consulting, process optimization services, application development and maintenance, infrastructure support, package implementation and more recently BPO.

• Focus on attracting a limited set of strategic customers, where we can invest in terms of resources and infrastructure to build up long-term relationships
• Focus on customers with which we have existing technology relationships

As a BPO service provider, we chip in with deep competency in different practices, over 17,500 FTEs within banking vertical, 2000 industry consultants and 15 CoEs and more than 80 customers across geographies.

• Solution accelerators for Credit Origination
• Solution accelerator for XBRL-based financial reporting
• Pay Central- SOA-based framework for Payments
• Mortgage Processing: A combination of the NetOxygen platform (acquired through Gallagher Financial Systems), a tested global delivery model in sub-servicing space and development of a platform-based loan modification solution have enhanced our capability in the mortgage servicing space.
• We offer services such as origination - loan boarding, file processing, underwriting, closing, post closing, customer service- voice, correspondence, default management, collections and loan modification.
• Credit Cards: We run inbound customer service and correspondence processing for blue-chip credit card issuers in US and UK. We also offer Originations- Application set up, Customer Service- Voice, e-mail, chat, and Dispute.
• Consumer Loans: Auto loans- Underwriting; Installment Loans- Customer Service
• Retail Banking: Cheque Order Entry