checklist of digital lending software features

HOW A BPO CALL CENTER CAN BENEFIT YOUR AUTO LENDING PROCESSES

The defi Team auto loan origination software, Automation, Business Process Outsourcing, defi ANALYTICS, defi INSIGHT, defi LOS, defi Partners, defi SERVICING, Digital Loan Documents, Digitalization, Fraud, Reporting & Analytics, Simplifying Processes

checklist of digital lending software features

Business process outsourcing (BPO) has become an integral part of operations for many fincos, banks, and credit unions. BPO for contracting critical business functions such as call centers for loan and lease servicing offer both economic advantages and greater efficiency in managing varying customer service volumes. 

A BPO strategy allows lenders to focus their resources on core competencies—loan origination and portfolio optimization, as well as devote resources to marketing outreach, product development, and fine-tuning lending programs to meet current market conditions. As lenders recognize the benefits of outsourcing, the BPO market growth is expected to increase exponentially over the coming years to $405.6 billion by 2027, growing at a CAGR of 8.0%.

BPO Call Center Benefits for Auto Lending

Fincos, banks, and credit unions can work with a BPO provider to determine the specific level of call center support to best meet their business needs. But regardless of the level of support, fincos, banks, and credit unions can expect three key categories of benefits regarding call center programs. 

  • Continuity in providing call center support, regardless of fluctuations in the business cycle.
  • Efficiencies of scale that permit a higher level of service at a lower cost.
  • Expertise in handling all facets of loan and lease customer support.

Let’s take a few minutes to explore each of these and explain the benefits in greater detail.

Continuity Of Call Center Services

COVID has made lenders painfully aware of the challenges of continuing business services in times of unexpected disruption. Today, continuity of call center services is a vital aspect of any lending institution. BPO call centers address this challenge through distributed operations and technology to support agents working remotely. With distributed access to fully-integrated systems, call center agents can provide continuity of service as loan and lease inquiries move from the initial call to final resolution. The best BPO providers have on-site backup resources that ensure continuity even during utility outages. 

Varying loan and lease volumes also challenge fincos, banks, and credit unions to maintain proper staffing. An established BPO provider easily adjusts call center staffing to meet changing demands. That alone can equate to significant time- and cost-savings in hiring and training new employees for your own call center.

Efficiencies of Scale Mean Better Service at Lower Cost

Leading BPO providers continually invest in the technology and systems to efficiently support call center experts. It would be very difficult for a bank or credit union to provide an equivalent combination of expertise and level of software and communications infrastructure. These integrated, scalable systems: 

  • Access borrower and loan information currently maintained in your data warehouse securely to provide an easy transition from in-house to outsourced support. 
  • Engage with borrowers via phone, e-mail, web chats, or SMS. 
  • Support a workflow that ensures customer questions, complaints, and requests, regardless of the channel, are captured, resolved, and recorded to provide a detailed history of customer interactions. 
  • Expand easily to provide evening and weekend support. 
  • Capture a wide range of performance metrics regarding call volumes, types of inquiries, average hold times, time in queues, average resolution times, escalations, and many other measurements that quantify call center efficiency and performance.

An experienced provider of call center services for loans and leases has years of experience in selecting, implementing, and updating the technologies—software, hardware, and communications infrastructure—that support call center efficiency. As a result, BPO call center benefits offer a better level of customer service at a lower cost in comparison to an in-house call center. 

Established Expertise in Handling Loan and Lease Inquiries

Technology isn’t the only factor in providing a better level of loan and lease support; experience and expertise are equally important. Fincos, banks, and credit unions that have difficulty finding skills locally to staff a call center no longer have to worry about that. An established BPO call center provider has depth and breadth of skills, with employees with years of experience in handling the full spectrum of loan and lease issues, from a simple borrower’s change of address verification to the most complex problems such as avoiding defaults. 

Fincos, banks, and credit unions that serve multinational communities can further differentiate their services through BPO call center services that employ lending professionals fluent in the languages of their borrowers. Finding those skills may be difficult to do locally, but for well-established BPO call centers, it’s one of the added benefits. 

Adding up the BPO Call Center Benefits

If you’ve been stressed by the difficulties of maintaining call center continuity, if the costs of running your call center operations are increasing to a point where you can no longer sustain the expected level of service, or if you’re looking to significantly enhance the level of call center service, you’ll find that an experienced BPO call center can competently address these requirements. 

In addition to the BPO call center benefits mentioned above, you’ll also be able to:

  • Dedicate more time to your core customer service offering, marketing support, and even new product development. 
  • Reduce real estate/rental costs or reclaim office space for activities with higher ROI. 
  • Lower IT capital, maintenance, and support costs. 

White-Label BPO Call Center Support That Reflects Your Brand 

Even though you’re outsourcing call center support, you shouldn’t have to worry about diluting your brand identity. Prior to implementing BPO call center services, the provider will closely consult with you to ensure that your core values and brand are reflected in every interaction with borrowers. Once the service is implemented, metrics regarding customer interactions and performance will be analyzed and reported regularly, compared to industry benchmarks, and used to identify areas for continued improvement. 

Getting Started

defi SOLUTIONS provides end-to-end auto loan servicing solutions for banks, credit unions, and fincos. Our experience in providing BPO call center services to manage auto loans and leases delivers proven benefits in helping you lower support costs while improving the quality of service. Contact our team today or register for a demo to learn more about BPO call center benefits.

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