Case Study: a large, old European investment bank cuts settlement costs with Wipro

Wipro helps one of the largest and the oldest investment banks in Europe minimize settlement costs

The client, one of the largest and oldest investment banks in Europe, was facing significant losses from delayed cash settlement claims, having paid out $610,000 more than it received in a single quarter. Wipro utilized a cross-functional Six Sigma initiative to address this challenge and minimize the defects in the bank's upstream financial processes.

Wipro's solution focused on identifying procedural flaws, implementing an automated monitoring system, and introducing new controls like a feedback form and a document attachment process. This resulted in a 20% reduction in defects for the client, generating substantial monetary savings of $500,000 and creating a more efficient tracking mechanism.