Five loan servicing challenges in 2023


The defi Team Case Studies, defi INSIGHT, Originations, Servicing Systems

A top 50 publicly traded U.S. enterprise bank with more than $30 billion in assets decided to enter the indirect auto lending market after another enterprise lending institution shuttered its indirect auto business. The enterprise bank turned to defi SOLUTIONS to meet a time crunch to get its business up and running. 

Case Study Snapshot
Client Top 50 publicly traded U.S. enterprise bank with over $30 billion in total assets
Industry Finance
Products/Services Loan origination and servicing solutions
Results defi SOLUTIONS worked with the U.S. enterprise bank to set up its new indirect auto lending business in 3 months.

The Problem: The Enterprise Bank’s Need for Speed

The enterprise bank had already hired credit and sales team members from the discontinued indirect auto finance business and had firm commitment dates to meet, so it needed to go to market fast.

The enterprise bank’s size and legacy systems made this a difficult task. Implementing large complex financial systems is notoriously difficult and time-consuming. Some well-known challenges include byzantine business processes, resistance to change, legacy data migration and integrity, and third-party integrations.

Further complicating matters, the bank had no experience in indirect auto lending. The bank needed to adjust its original plans and specifications to accommodate evolving business processes. 

The Solution: defi SOLUTIONS Gets the Job Done

Due to a satisfied customer recommendation, the enterprise bank approached defi SOLUTIONS for a customized indirect auto lending solution. To meet the bank’s deadline, the project had to be completed within three months.

Based on decades of expertise, defi SOLUTIONS advised the bank on who needed to be involved from the bank’s team and defi’s team to deliver the project on time. Then, our implementation team stayed on top of the project with the help of Agile methodologies and industry knowledge.

Because of a deep understanding of the auto lending industry and products, the defi team was able to identify when the project might miss a deadline and suggest measures to prevent that from happening.

defi’s established processes and platform flexibility, coupled with the bank’s dedication, made this project a success. The implementation team took action, ramped up a new product instance, configured the system to the bank’s specifications, and began operations on time and as planned.
defi SOLUTIONS suite of loan products and services includes our defi ORIGINATIONS platform, defi SERVICING loan management system, defi CONNECT SERVICING digital borrower portal, and back-office processes. By working in a true partnership, defi enabled the success of the enterprise bank’s immediate project and future goals.

Getting Started

defi SOLUTIONS offers solutions for a lender’s complete loan or lease lifecycle. Banks, credit unions, captives, and other finance companies are partnering with defi to utilize the company’s market-leading solutions that exceed borrower expectations. We provide lenders with modern, cloud-based loan management software features that foster flexibility, configurability, and scalability within your business. With defi, lending is made easier through new standards that promote digital engagement, including solutions involving originations, servicing, and managed services. For more information on our advanced loan origination and servicing software for captive lenders, contact our team today or register for a demo.

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