EXL Service gets 3 year-BPO contract from IndyMac Bank
By siliconindia   |   Friday, 08 August 2003, 19:30 IST
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NEW DELHI: Exlservice Inc., a third party Business Process Outsourcing Company, today announced that it has secured a three-year BPO contract with IndyMac Bank, a U.S. based mortgage lender. With $9.5 billion in assets and a market cap of $1.4 billion, IndyMac Bancorp (NYSE:NDE) ("IndyMac") through its principal subsidiary, IndyMac Bank is a leading technology-based mortgage lender and FDIC-insured consumer bank headquartered in Pasadena, California. Under this agreement, EXL will handle multiple processes for IndyMac Bank including loan collections, new customer verification and certain aspects of customer service. This contract is in line with IndyMac Bank's key initiative to improve productivity through the utilization of an offshore outsourcing strategy. The contract has been awarded to EXL after an extensive evaluation process undertaken by IndyMac Bank. IndyMac Bank used rigorous selection criteria to evaluate eight suppliers in India and eventually selected EXL Service for its excellence in professional management, rigor in migration and domain expertise in both back office and voice operations. This project will be executed from one of EXL's four state-of-the-art facilities in India. EXL is currently in the process of recruiting and training agents for IndyMac processes. EXL is targeting recruitment of more than 1500 people in 2003 to service all recently awarded business. Tony Ebers, Executive Vice President of IndyMac Bank's Home Loan Servicing division stated "We selected EXL as our outsourcing partner due to its commitment to quality and continuous process improvement. EXL has a disciplined approach to operations management that matches our own. Additionally EXL has demonstrated a strong commitment to its staff by providing great facilities, training and ongoing development for employees." Vikram Talwar, Vice Chairman and CEO, EXL Service added, "It is heartening to note that among eight service providers in the fray, EXL has topped the stringent selection criteria IndyMac Bank laid down for its outsourcing partner. We are confident that this relationship will significantly contribute to IndyMac Bank's successful long- term growth strategies and enhance the scalability of its already low-cost infrastructure." Rohit Kapoor, President and CFO commented from EXL's headquarters in New York: "We are extremely happy with IndyMac Bank's decision to award this contract to us. This testifies to EXL's customer satisfaction arising from a deep-rooted Process Excellence focus and an accent on deriving significant productivity gains at the work place through process reengineering."

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