Wipro Gallagher Solutions Enhances NetOxygen Loan Creation Platform, Enables Lenders to Automatically Calculate Income
Wipro Gallagher Solutions (WGS), a leading provider of loan creation software solutions, has introduced an industry-first automatic income calculator to its award-winning NetOxygen loan creation (LOS) solution. The innovative functionality, which lenders can use to achieve significant savings, is just one of the many updates included in NetOxygen 7.2.
NetOxygen 7.2 Automatic Income Calculator allows the client to calculate a borrower’s income based on submitted documents such as payslips, W-2 forms and tax returns. This unique tool provides loan officers and underwriters with more accurate income estimation and validation. The feature also facilitates archiving and auditing while reducing customer effort by up to 70%. Additional upgrades further improve the usability of NetOxygen to ensure that financial institutions can process loans faster and more efficiently through artificial intelligence (AI) and automation.
“The new features that we are introducing in NetOxygen 7.2 provide our clients with a powerful service and platform to enhance and complement the loan origination experience for their clients. Financial institutions will also, for the first time, be able to take full advantage of the knowledge offered by a next-generation lending experience that streamlines the loan application process for borrowers while simultaneously increasing productivity and lending volume for lenders. Said Alok Bansal, vice president and chief executive officer, Wipro Gallagher Solutions.
Additional new features of NetOxygen 7.2 include:
- An underwriting module for retail mortgages that gives clients the added benefit of managing loan documents throughout the loan cycle
- An AI-enabled chatbot that learns responses from borrowers and tailors responses to improve the overall experience while minimizing call center traffic
- Home insurance purchasing experience integrated with the point of sale (POS) system giving borrowers the ability to complete a short questionnaire to generate quotes from multiple home insurance providers. This will not only provide customers with an additional revenue stream, but also increase the ROI value of NetOxygen Launchpad.
Wipro is committed to providing regular updates of its digital solutions in order to simplify operations for users and partners in various market sectors.
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