checklist of digital lending software features


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checklist of digital lending software features

Is it time to consider the benefits of outsourcing your call center operations? Many auto lenders who have struggled with the increased volume of calls and requests regarding leases and loans during the last year are asking that question. If you find yourself in a similar situation, it can be worth considering the key call center outsourcing benefits that are motivating lenders to make the move.

Five Reasons Call Center Outsourcing May Be Right for You 
1. Finding, hiring, and training lease and loan servicing experts is proving to be difficult
2. Seeking greater efficiency in all aspects of lease and loan servicing
3. Having to extend call center hours to meet the borrowers’ expectations
4. Supporting multiple languages for diverse communities
5. Increasing operational and overhead costs

#1: Overall, You’ll Provide a Better Quality of Auto Loan Servicing

The best call center outsourcing providers can deliver a better quality of service because they have the resources and systems that enhance the efficiency of every aspect of the auto lease or loan servicing cycle. They will work with you to ensure a smooth transition of your loan portfolio to their systems. 

As soon as new leases and loans are added to the portfolio, automated processes inform servicing associates to contact the borrower with a welcome call to review the loan terms and answer any questions. Informing the borrower at this stage of the lending cycle can help prevent delinquencies and defaults. Extensive automation, including dialer technologies, workflows, decision rules, and integration with innovative lending information sources, enables a provider to accurately track, monitor, and resolve all interactions with borrowers. 

#2: Never Again Be Short-Staffed 

Finding, hiring, and training call center experts can be challenging, especially for smaller lenders located in regions where it’s difficult to find local talent. You’ll eliminate those headaches with a call center outsourcing solution. You also won’t have to worry about being short-staffed when someone is out sick or on vacation. A reputable service provider has the experienced staff to ensure that your borrowers’ calls are answered and resolved promptly. And as auto loan servicing demands change throughout economic cycles, an experienced service provider will adjust the number of staff devoted to your portfolio.

#3: Extended Call Center Hours Boost Borrower Satisfaction

If your in-house call center is limited to business hours, expanded support hours is one of the immediate call center outsourcing benefits. Evening hours, coverage for different time zones, weekends and holidays, and even 24/7 coverage are available options. Extended support hours positively impact customer satisfaction because borrowers don’t have to wait until tomorrow to get answers to lease or loan questions. Potential problems can be avoided with a timely response. Extended call center hours demonstrate an auto lender’s commitment to customer satisfaction. 

#4: On-Shore, Multi-Language Support

Numerous studies confirm the dissatisfaction that customers experience when off-shore call centers are providing support. Language and cultural differences can diminish the effectiveness of communications and lead to misunderstandings that negatively impact customer satisfaction.

The best call center outsourcing providers have lease and loan servicing associates based in the US. Experienced experts understand the intricacies and nuances of lease and loan processes and practices, as well as the federal and state regulations that lenders must follow. One particular call center outsourcing benefit offered by some providers is multi-language support. In increasingly linguistically and culturally diverse communities, lease and loan servicing representatives who speak Spanish, Korean, or other native languages make a powerful statement regarding a lender’s quality of service. Multi-language support can truly differentiate an auto lender, build customer loyalty, and promote a very positive reputation within the community, leading to increased lease and loan opportunities. 

Call Center Outsourcing Benefits: Higher Quality and Lower Cost

A call center outsourcing provider who focuses exclusively on lease and loan servicing has the resources, experience, systems, and staff to deliver a higher quality of service at a lower cost than most smaller auto lenders can provide in-house. A provider has the advantage of economies of scale. They can make investments in staffing and technologies that are beyond the financial reach of smaller auto lenders. 

The best providers also use analytics to monitor the efficiency of the service they provide. They pay special attention to metrics like call volume, handling time, quality control, and service level attainment, looking for every opportunity to improve efficiency and service quality. They distribute satisfaction surveys to ensure that borrowers’ expectations are being met, or better yet, exceeded. The trends and details are regularly reported to assure auto lenders they are indeed receiving the quality of service they’ve contracted for. 

Getting Started

defi SOLUTIONS partners with captives, banks, credit unions, and finance companies of all types and sizes to help auto lenders improve the efficiency and quality of their operations and services. Whether you’re servicing prime, near-prime, or subprime loans or leases, we have the experience to optimize call center outsourcing benefits and the expertise to handle the full spectrum of servicing needs. Contact our team today to learn how you can benefit from call center outsourcing.

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