When plunging interest rates caused loan originations at GreenPoint Mortgage to climb to $26 billion last year from $11 billion in 2000, it sought help in coping with the sudden windfall. The bank hired Infosys, a Fremont, Calif.-based IT consulting firm, to recommend and implement new technology.
The four-month engagement, which ended late last year, resulted in immediate cost reductions, such as shrinking the time needed to process an average loan. That, in turn, enabled GreenPoint Mortgage to boost sales efficiency. "Our volume has increased more than our cost per loan," said S.A. Ibrahim, chief executive officer at Novato, Calif.-based GreenPoint Mortgage.
Infosys and GreenPoint Mortgage worked to streamline the bank's business processes. Greenpoint Mortgage had originally planned to re-engineer operations at each of its 24 regional branches, but decided instead to adopt technology that allows branches to work together more efficiently. The two also worked to ensure GreenPoint Mortgage is making the best use of its telecommunications facilities.
GreenPoint Mortgage chose Infosys because it understood the bank's need for flexible technology and business processes, and didn't try to sell it pre-packaged solutions, said Ibrahim. "They were able to respond to our needs uniquely rather than use solutions brought in from elsewhere."
GreenPoint Mortgage employees have often complained about consultants, but spoke highly of Infosys, Ibrahim said. "These guys are here to help us, they know their stuff and they complement us."