checklist of digital lending software features


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

checklist of digital lending software features

Many auto lenders seek out business process outsourcing (BPO) companies to improve efficiency, reduce overhead, and scale their lending operations. It’s become the preferred strategy for those who once managed these activities in-house but discovered a more effective method.

By February of 2020, 59% of companies cited BPO services as a cost-cutting tool, 57% said it enables them to focus on their core business, and 47% said it gave them the ability to solve capacity issues. With these statistics in mind, it’s easy to see why auto lenders are making the switch.

The first step towards this transformation is to choose the most advantageous provider, but which BPO outsourcing companies are worth considering? By comparing your options to find which company offers various services with a proven track record of success and no unsuspected pitfalls.

Let’s begin by exploring some of the value propositions all auto lenders should look for when comparing BPO outsourcing companies.

BPO Outsourcing Companies Have the Expertise to Meet Demand

Established, expert BPO providers have the physical, technical, and staffing resources to accommodate business operations easily. Whether it’s changing lease and loan volumes, increased delinquencies, or a significant influx in customer support demands, BPO outsourcing companies have the skills to manage any situation that arises seamlessly. Better yet, they take control and streamline these processes for an improved and smooth workflow in your business.

It won’t matter how many wonderful services a company advertises or the number of guarantees they make to customers if they don’t have the skills to follow through. Unfortunately, many businesses fail to live up to the claims they make about their fluency in the industry, which can leave customers unsatisfied and frustrated with the time and money they may have spent.

Fortunately, there are BPO providers that do have the skills and expertise with an established track record and reputation to prove it, such as defi SOLUTIONS. There is no second-guessing whether you’ve made the right decision with a company that has thirty years of experience, has an ISO certification, and an unparalleled reputation for helping thousands of lenders realize their business goals.

Resources to Increase Efficiency

Another critical aspect auto lenders should look for when comparing BPO companies is the number of resources they can provide access to. The idea of connecting with a third-party provider is to gain assistance with your operations, improve workflow and productivity, and scale your business—all at a reasonable cost. Top BPO providers have the staff, technology, and processes in place to facilitate a much higher efficiency level. Some examples of these resources include:

  • Digital solutions that reduce manual tasks for lenders and borrowers alike.
  • Highly trained, multilingual support staff.
  • Innovative, forward-thinking technology that’s consistently upgraded.

A majority of auto lenders cannot attain these costly resources in-house. Expressly, the IT infrastructures and other technologies requiring regular maintenance and upgrades turn into a much more significant investment than the initial purchase. That’s why it’s imperative to find a BPO partner that can make these investments, giving you total access without climbing expenses.

However, an auto lender’s sought-after resources should be innovative and forward-thinking. If you’re looking to get a competitive advantage, you need a business partner who looks towards the future. For example, defi SOLUTIONS uses cloud-based systems combined with their own servicing software (in use by some of the U.S.’s largest lenders) to service auto loans and leases and borrowers on numerous levels. They’re consistently evolving with the needs and expectations of today’s customers.

A Partnership-Based Approach

If you contact BPO companies that do not operate with a partnership-based approach, run the other way. This is your business. You may need assistance, but that does not mean you should give your provider unfettered reign, and unfortunately, countless providers take this approach.

The partnership-based approach is when the provider plays the role of a strategic partner. Both parties adopt a flexible attitude towards business objectives as the relationship matures and make equal efforts toward conflict resolution.

Both you and your provider of choice should remain independent, but you will share the benefits, risks, and control over joint actions. As an auto lender, your goal is to acquire new capabilities with your existing business, and the provider’s goal is to make that happen.

Making the Decision

Choosing a BPO company doesn’t have to be an extensive process. A BPO business partner gives promises of value to be delivered, communicated, and acknowledged. As an auto lender and the customer, you hold a belief about how value will be delivered, experienced, and acquired.

A single, experienced provider that focuses exclusively on the lending industry can be the fastest route to improving internal operations and growing your business. When evaluating and comparing BPO outsourcing companies, make sure you choose the one that offers auto lenders transparency and premium services without any pitfalls.

Getting Started

defi SOLUTIONS is an established BPO provider with over thirty years of experience and a proven track record that continues to outshine other BPO outsourcing companies. We offer various services supported by the latest technologies and professional staff to address unique lending needs. Contact our team today if you’re ready to take the first step in realizing the benefits of defi SOLUTIONS BPO services.

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