Bangalore, India, June 15, 2014: Wipro, a leading global Information Technology, Consulting and Outsourcing company has announced that Wipro BPO has been positioned in the Winner’s Circle among the top worldwide Mortgage BPO service providers by the leading analyst firm HfS Research in its “Blueprint Report on Mortgage BPO,” authored by analyst Charles Sutherland.
The HfS Blueprint identifies relevant differentials between service providers across numerous facets primarily based on two parameters. Service providers placed in the HfS Research “Winner’s Circle” are companies that demonstrate excellence in execution and innovation. From an execution perspective, these providers have developed strong client relationships, real-world delivery solutions and are flexible in meeting clients’ needs. Innovation represents providers’ strong vision, plans to invest in future capabilities and ability to leverage external drivers to increase value for their clients.
HfS notes that Wipro is being active at seeking feedback from customers on mortgage capabilities and then building that into new offerings and solutions. Wipro has built a broad set of capabilities across the mortgage services market and has solutions for all client requirements including areas such as risk management and mobility, where other service providers still have limited capabilities.
The research also highlights Wipro’s capability to deliver tangible business outcomes that clients seek to achieve in partnership with Wipro and measure them with the using its Business Value Meter (BVM) framework. Wipro’s Business Value Meter is a proprietary framework that helps clients measure and monetise business outcomes in the area of client experience, cost optimization and revenue enablement delivered using gold template processes, best in class tools, technology, and value creation practices.
HfS in this research mentions Wipro as ‘innovation leader’ due to its focus both on the broader vision for where the mortgage market is headed and in terms of its investments for this market, to build end-to-end capabilities. For instance, in December 2013, Wipro acquired Opus CMC (Opus Capital Markets Consultants LLC), one of the leading US-based providers of mortgage due diligence and risk management services to strengthen Wipro’s mortgage solutions business and complement its existing offerings in mortgage origination, servicing and the secondary market.
Keyur Maniar, Vice President and Global Head, BFSI BPO, Wipro Limited said, “Wipro’s focus on innovation in a time of constraints has paid off. Our strategic investments in platform technology, mobility, domain expertise and compliance have catapulted us into the winner’s circle. Wipro’s solution combines platform technology, accelerators, advisory services and business process operations elements to address the needs of lenders, servicers and investors.”
‘’Opus CMC is excited to be part of Wipro’s innovative vision. The addition of risk management and due diligence options to the Wipro suite of services is an important step in providing end-to-end solutions for the mortgage industry’’ added Jennifer LaBud, Principal, Opus Capital Markets Consultants, LLC, a wholly owned subsidiary of Wipro Ltd.
Charles Sutherland, EVP of Research, HfS Research, said, “Wipro was the overall leader on our Blueprint innovation axis because they have invested in new capabilities across all three process areas of origination, servicing and risk/default management. They have a proactive strategy for building out services and shaping an overall vision that responds to the current needs of traditional and emerging residential lenders and servicers who are looking for new ways to succeed in the mortgage market.”
The Blueprint ratings are based on 1,355 crowd-sourced responses that covered a broad range of stakeholders with specific weightages. The stakeholders that participated in the ratings include, BPO Enterprise Buyers, BPO Service Providers, BPO Sourcing Advisors and HfS Analysts.
Wipro’s presence in the mortgage industry spans across service and technology. Wipro’s universal loan origination system, NetOxygen® is currently being used by global banks and financial institutions to improve workflow automation and increase efficiencies at every aspect of origination. Wipro has been focused on helping their customers be agile through variabilization of IT and operations and delivering analytics-based outcomes to provide deeper customer insights, better financial performance analysis, optimize operations, drive product/service innovation and target continuous process improvement.