Top Business Process Outsourcing Solutions for Auto Lenders

Lenders often work tirelessly to improve their company’s services because it’s the most valuable role they can play. As a result of their hard work in recent years,  30-day delinquencies experienced a drastic decrease from 1.98% in the first quarter of 2019 to 1.93% in the first quarter of 2020, and 60-day delinquencies dropped from 0.68% in 2019 to 0.67% in 2020. This is incredible news for lenders everywhere, but for your individual business to stand out among the rest, you need to ensure all your hard work manifests in value for your customers as well. Of course, the biggest challenge is doing all this in-house, so lenders are looking for business process outsourcing solutions. 

BPO solutions have become the preferred strategy for lenders that once managed these activities in-house. Why? Because managing all services in-house often stifles the daily non-core activities, dries up resources, and skyrockets the costs of keeping internal systems up to date. 

An experienced BPO provider that focuses exclusively on the lending industry is the fastest route to improving productivity and reducing operating costs. With our end-to-end lending technology suite and various business process services, defi SOLUTIONS removes the complexity of doing business and sets lenders on an easy yet powerful path forward. 

There are several business processing solutions to choose from with defi. Lenders can choose one, all, or mix and match. Let’s explore the top three BPO solutions auto lenders need today to gain the competitive edge for tomorrow.

#1: Loan and Lease Servicing Solutions

An increasing number of auto lenders are capitalizing on loan and lease servicing, especially ones that provide cost-effective loan origination software (LOS). The first decision back wins the deal, and lenders who fund faster take on all the responsibilities that come with new loans. defi MANAGER will assist in origination operations and loan and lease servicing in its entirety. 

This type of solution and its subsidiaries rank number one with auto lenders because of the variety of benefits it holds, including:

• Digitalized and automated processes such as auto-pay.
• Consumer retention through convenient loan management online.
• Default management collections, bankruptcy, repossession, and recovery.
• Accounting, cash management back-office payments, payoff processing, and sales and property tax filing.

• Collateral management title corrections, follow-ups, and releases.
• Return mail processing review, locate, and update account addresses.
• Welcome calls for post-funding outreach campaigns.
• Allowing borrowers to set up autopay, make payments, access account information, and change personal information online. 

By outsourcing loan and lease services, auto lenders can meet the expectations of today’s borrowers and automate high-level processes to improve borrower service more efficiently, all while reducing operating costs.

#2: Lease Maturity Management Made Easy

Transitions can be difficult, but they don’t have to be with a lease maturity management solution. defi SOLUTIONS makes it easy on you and your borrowers so that the next time customers are back in the market for a short or long-term lease, it’s with you. Our lease maturity management will:

• Delight your borrowers with a smoother transition experience and improve retention.
• Handle the volume of all your off-lease vehicles. 

• Relieve pressure off your staff and your processes. 
• Transition easily to outsourcing single-lease, end-of-term processes, or comprehensive solutions.
• Streamline processing.
• Improve compliance with a focused over-term campaign.
• Automate solutions to reduce costs.

You need a BPO provider that caters to your customers just as well as they do to you. Our value proposition serves as the bridge between these two aspects and unites the two halves of the whole business—customers and employees.

#3: White-Label Contact and Servicing

Lender reputation is a direct product of the customer experience, no matter the circumstances. Contact regarding cross-sales, collections, and retention efforts—it all can impact your brand positively or negatively. defi CONTACT center solutions are specifically designed to ensure a positive customer experience with a patented communication model called defi CUSTOMER CONNECTION. 

This innovative model provides the framework to help your customer service center:

1. Personalize communications 
2. Offer multi-language support
3. Find effective resolutions to all customer issues 
4. Represent your business brand and values 
5. Build a positive relationship with your customers

Maintaining an in-house contact center requires many resources, from hiring and training agents to software systems and facilities investments. Not to mention, in-house technology solutions require consistent maintenance and updating, driving expenses even higher. Instead, outsourcing to the experts means you can have your cake and eat it too. With defi as a white-label extension of your customer service center, you’ll reap all the benefits and significantly reduce costs.

Pro Tip: Customer wants and needs should be just as familiar to you as the details of your services. Stay as close to your customers as you do to your offerings.

Business Process Outsourcing Solutions at Your Fingertips

With these top three business process outsourcing solutions and their subdivisions, auto lenders everywhere can reinvent their business and jump on the path to success. Plus, these solutions are just the tip of the iceberg. At defi, we take a universal approach to our lending suite, so you enjoy efficacies beyond comparison at every stage of the lending process-approving, funding, analytics, collections, remarketing, and more.