loan servicing automation

HOW PLATFORM BPO PROVIDES ADVANTAGES FOR FINCOS AND OTHER AUTO LENDERS

The defi Team auto loan origination software, Automation, Business Process Outsourcing, defi INSIGHT, Digitalization, Technology

loan servicing automation

Today, finance companies have to deal with a rapidly changing market, with challenges around compliance, costs, and customer retention. Keeping up with so many changes can be stressful, especially when the pressure falls solely on in-house employees. To relieve this stress and keep pace with the market, lenders are looking to embrace the digital wave and realign their business models with an industry-focused BPO provider. 

Approximately 57% of all companies use third-party support to focus on core matters, functions, and operations. Platform BPO services are incomparable to essentially any other method for improving in-house systems and have proven to assist lenders in achieving performance excellence.

If you’re looking to improve call center services, back-office operations, reduce costs, and function more efficiently, then read on for a closer look at the platform BPO advantages that could transform your lending services.

What Are Platform BPO Services?

Platform-based services can be defined as “technology services delivered on a pay-as-you-go model.” Platform BPO is an innovative business model in which the company uses a forward-thinking, original automation system as a service without owning the technology and software itself. 

The lending technologies provided by professional BPO providers generate significant impacts on lending businesses. According to a report by Global FinTech, most of these businesses have or are looking to implement workflow strategies by intertwining BPO and financial technology in the coming years, anticipating an average 20% ROI. The most impactful platform BPO advantages begin with:

  • Cloud-based technology: Cloud services allow lenders to implement technology, such as advanced latest loan origination software (LOS), without the need for additional investments in IT infrastructure and operating expenses. The LOS is hosted in the cloud provider’s data center and is accessible to lenders through a web interface.
  • Automation: Enabled by modified decision rules, automation facilitates quicker, more accurate processing of loan services. Menial tasks are replaced with automated decision rule technologies that accurately evaluate data obtained from, for example, loan applications.

defi SOLUTIONS original technology was created for lenders by lenders. Fully configurable and quickly deployed, our innovative platform system continues to shift the lending industry. Evolving with lenders and the industry to meet client and business demands should be the top priority for BPO suppliers, and the optimal supplier will offer unlimited platform BPO advantages to improve your workflow continuously.

Smoothing Out the Back-Office Workflow

Efficient contact and servicing customers are the blood flow of successful lending businesses. However, it’s the back-office operations that remain at the heart of achievement. Although these job roles don’t directly fit into the description of customer support, they are responsible for streamlining and improving the customer experience. 

Office processes that aren’t customer-facing tend to lack efficiency for many reasons—not enough in-house staff, a distraction from core tasks to alleviate call center backup, outdated and slow technology—the list goes on. So, how does platform BPO services relieve these issues?

  • White-labeled debt collection minimizes losses: Whether servicing prime, near-prime, or subprime loans, leases, or balloon notes, defi COLLECTIONS experts can effectively manage auto or consumer lending portfolios.
  • Data collection and quality monitoring: Understanding your data is the first step to making more informed decisions.
  • Loan origination software: Web-based, scalable, and reliable platform service that includes a mobile app for consumers and a secure SSAE-16-compliant data center.
  • Advanced IT infrastructure to speed up daily processes.
  • All-around improved call center services.
  • Easily transitioning vehicle lessees with lease maturity management.
  • Remarketing off-lease portfolios: Shortening turnaround time and maximizing retail price.

These platform BPO advantages are just some of what you can expect from a provider like defi SOLUTIONS. Benefits such as agility, scalability, reconfigurability, stability, compliance, and innovation can be found in one company, making it easy for all lending businesses to optimize operations and workflow in a cost-efficient, time-saving manner.

White-Glove Services Boost Lending Businesses

Improving program administration, automating processes, and transforming platform systems create a much less complex environment. It allows you to stay ahead of your competition and proactively read consumer behavior to offer faster and more accurate resolutions with the support of experts that have years of experience. White-glove service translates to excellence in attention, care, and performance—everything that encompasses our community of leaders.

defi is driven by aspirations to enable the freedom that comes with obtaining financing. Our purpose is to deliver market-leading technology and services that empower clients and improve the consumer experience. We wholeheartedly believe in creating excellent experiences for all parties, maximizing your strengths, and delivering service today while building for tomorrow.

Getting Started

At defi SOLUTIONS, we understand that everybody—and every business—is different. No matter where you are, you should be given the freedom to decide what’s best for you. We act as a white-labeled extension of your business, where you can realize the numerous platform BPO advantages with our forward-thinking, end-to-end technology and service. To learn more about how we can scale your business, contact our team today or register for a demo.

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