Client background

• Client: Thailand’s leading commercial bank
• Industry: Banking
• Services: Offers personal, business & wholesale banking services
• Branches: Singapore, Hong Kong, Laos, Vietnam and Cayman Islands

Challenge

Any bank’s loan origination process is highly regulated and data intensive in nature. To complete the loan origination process, a customer needs to submit multiple documents, which are treated in isolation by different teams for KYC, credit limit, risk assessment, etc. There was a need to re-engineer business processes and automate the application workflow to improve operational efficiencies and customer experiences.

Solution

The client utilized Wipro’s Business Process Digitization framework, streamlining and automating the entire loan origination process for auto and mortgage loans. The solution used enterprise content management for content storage, digital capturing, and Pega for process management. 

• Established a centralized system where digitization was introduced for each process to interact through Pega BPM, automating workflows across departments. In addition, rules and policies were automated through a decision engine which enabled single-click approval for faster processing
• Comprehensive dashboards created to track application status and identify bottlenecks. The solution allows for simultaneous processing of applications
• Credit limit and risk assessment calculations are now done through LEADS (Lending Approval and Decision System). The solution also ensured data reusability through integration with 20+ legacy systems 
  

Business benefits

• Turnaround time reduced by over 50%, resulting in greater customer satisfaction
  
• Over 50% improvement in operational processes, resulting in better work-life balance for employees
  
• Improved performance monitoring, SLA tracking and loan status tracking 
  
• 26% reduction in human errors
  
• Seamless processing of loan request: Customers can now e-mail, fax and scan documents which are stored with the help of a content management platform
  
• Reduced cost and paper usage: Savings of millions of dollars expected over 5 years and also a quick ROI
  

“Wipro’s solution for digitizing and automating the loan origination process led to significant cost reduction in the bank’s back-office operations. We leveraged our expertise in process consulting, asset and frameworks in business process digitization along with vast implementation experience to deliver a high quality, flawless application to the bank”

- Rajesh Damodaran, Head of Digital Experience for Enterprise Content & Business Process Management, Wipro