Wipro Limited supported Discover Financial Service‘s winning of the Celent Model Bank 2021 Award for ‘Operational Excellence in Covid-19 Response’.
Research firm Celent specializes in examining technology usage across the financial industry, and their annual Model Bank awards recognize companies that are reaching new levels of success with the latest tech innovations.
Celent recently announced that U.S.-based Discover Financial Services (Discover) won the Celent Model Bank 2021 Award in the category of Operational Excellence in Covid-19 Response. Wipro played a key role in enabling Discover to win the award, based on the IT services, business process outsourcing, and API library support we helped them implement.
As outlined in a Celent case study, Wipro partnered with the Discover Home Loans division of the bank to help them quickly adjust to challenges caused by the pandemic and allow the majority of its teams to work from home. Our team also expanded Discover’s range of digital engagements, allowing borrowers to originate loans safely and conveniently.
Some of key benefits that Wipro helped Discover realize include the following:
- 99% of onshore and offshore workers were transitioned to a work-from-home model in two weeks.
- Discover Home Loans leveraged Wipro’s workflow engine with the use of automated valuation models for 70% of the appraisals to maintain loan-processing timelines.
- Our innovations helped Discover improve customer experiences while enabling Discover Home Loans to grow its receivables volume by 35%.
- DHL continued to originate home loan products as credit risk increased and provided the flexibility to help existing customers affected by the pandemic.
- 95% of customers now use DHL’s hybrid eClosing offering, which our IT services helped DHL refine to improve loan quality, data accuracy, and compliance.
Our project with Discover demonstrates how a financial institution can thrive during the pandemic by reimagining its operations, upgrading tech platforms, and staying in step with customer needs.
Download this case study for the full story behind our work with Discover.