Wipro GenAI Loan Origination

por Wipro Ltd

An Azure OpenAI based virtual assistant to enhance the customer experience during loan origination.

In a survey conducted by Moody’s Analytics, 56% of bankers responded that their biggest challenge in initiating the loan process was the manual collection of data and subsequent back and forth with the client. Origination is the first stage that every individual must go through to obtain a loan, like a personal loan, business loan, home loan, auto loan, etc. It’s a multi-step process, consisting of application, underwriting, disbursal of funds etc. These steps also vary by loan type, lender policy, and type of loan risks.

This leads to higher loan origination costs and slower completion of process completion. Also, the manual processes lead to human errors.

Wipro's Solution:

Considering the above scenario, we have built a generative AI powered solution that is a virtual assistant specific for loan origination that can be integrated with the bank’s websites and mobile app. The virtual assistant offers a vastly improved customer experience and provides a significant improvement in operational efficiency for the bank.

The solution leverages the power of Azure OpenAI for facilitating conversations with the users, and guides them towards the right loan product while also enabling an automated loan application process. It leverages data from the existing core banking systems and can combine external data sources to deliver a highly contextual customer experience.

It provides quick resolution of FAQ related queries. It can also connect with external systems to bring additional information about customer. This can then be used to assist the bank’s decision-making systems. The bot provides a highly contextual customer experience leading to improved customer satisfaction and automated validation of the documents reduces loan origination time.

Wipro GenAI Loan Origination features:

  • Ability to handle conversations across different topics with human like responses
  • Responding to product specific questions by scanning the current enterprise data
  • Mimic standard loan origination process. Asks for relevant details and documents
  • Validates documents submitted by customers using Azure Form recognizer
  • Registers the user’s interest in a loan in the database, pending successful validation

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