Wipro Gallagher Solutions enhances NetOxygen Loan-Origination Platform

The Automatic Income Calculator, unique to the industry, is one of many new AI-driven features to increase lenders’ efficiency, productivity and loan volume.

December 03, 2021 11:01 IST | India Infoline News Service
Wipro Ltd-led Wipro Gallagher Solutions (WGS), a leading loan-origination software solution provider has introduced an industry-first Automatic Income Calculator to its award-winning NetOxygen loan-origination solution (LOS). The innovative feature, which lenders can use to yield significant savings, is just one of many updates included in NetOxygen 7.2.

NetOxygen 7.2’s Automatic Income Calculator enables the customer to calculate a borrower’s income based on submitted documents such as paystubs, W-2s and tax returns. This unique tool provides loan officers and underwriters a more-accurate income estimation and validation.

The feature also assists with archiving and auditing while reducing customer effort up to 70 percent. Additional upgrades further improve the usability of NetOxygen to ensure financial institutions can process loans faster and more efficiently through Artificial Intelligence (AI) and automation.

“The new features we’re introducing in NetOxygen 7.2 provide our clients with a powerful service and platform to improve and complete the loan origination experience for their customers. Financial institutions will also, for the first time, be able to fully benefit from the insight offered by a next-generation lending experience that streamlines the loan-application process for borrowers while simultaneously increasing productivity and loan volume for lenders,” said Alok Bansal, Vice President and Business Head, Wipro Gallagher Solutions.

Additional new features in NetOxygen 7.2 include:
  • An underwriting module for retail mortgages that gives customers the added benefit of managing loan documents throughout the loan cycle
  • An AI-enabled chatbot that learns from borrower responses and tailors replies to enhance overall experience while minimizing call center traffic
  • Home Insurance Shopping Experience built into the point-of-sale system (POS) providing borrowers the opportunity to complete a short questionnaire to generate quotes from multiple home-owner insurance providers. This will not only provide customers with an additional revenue stream but will also add to the ROI value of NetOxygen Launchpad
Wipro is committed to providing routine updates to its digital solutions to simplify operations for users and partners across a range of diverse market sectors.

At around 11:03 AM, Wipro was trading at Rs642.75 apiece down by Rs4 or 0.62% on Sensex.

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