auto lending digital


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auto lending digital

The economic difficulties of the past year have challenged all parties involved in the auto financing cycle. Lenders who already invested in systems that enabled them to modify processes and policies without programming, as well as allow lending professionals to access these systems regardless of location, were far more prepared to cope with and respond to the increased volume of borrower inquiries. But even with the flexibility of these systems, some of the best-run lenders have come to rethink their call center approach, looking for greater efficiencies and lower costs. 

Fincos who focus on the subprime market may have had the most difficult time in contending with the volume of calls regarding forbearance, payments, delinquencies, and defaults. Many have been overwhelmed by the demand. As a result, many other areas of their lending practice have suffered. For a growing number of fincos, outsourcing the business call center is becoming the most expedient way to cope with the demand. 

Reasons Outsourcing Your Business Call Center Makes Sense

Consider a few reasons why outsourcing your business call center makes sense, not only to more efficiently manage borrower requests but also to be prepared to accommodate evolving market conditions. 

1: Ample Staff to Handle the Calls

One of the continuous challenges for any finco with a call center is finding, hiring, and training call center associates. This is particularly true for fincos located in regions where it’s difficult to hire experienced employees. By outsourcing your business call center, you eliminate those problems. And as call volumes change, you won’t worry about being short-staffed. A reputable call center provider is staffed to ensure that borrowers’ calls are answered and resolved promptly.

2: Extended Business Call Center Hours Improve Support Quality   

Outsourcing your business call center also allows you to expand the number of hours you field borrower inquiries. By expanding to evening hours, weekends and holidays, or even 24/7, you’re more available to respond to borrowers, able to devote time to answering questions or providing guidance regarding delinquencies, and provide better quality support regarding all aspects of lease and loan servicing.   

Extended business call center hours also have a positive impact on customer satisfaction. Borrowers aren’t waiting until tomorrow to get the answers they need today. Potential problems are avoided with a timely response that provides accurate information. 

3: Access to Experienced, Multilanguage Business Call Center Experts

Look for a business call center outsourcing provider that has associates based in the US. Multiple studies confirm the dissatisfaction that consumers experience when business call centers are located off-shore. 

The best business call center providers employ associates who are native speakers of foreign languages. In increasingly linguistically and culturally diverse communities, lease and loan servicing associates who speak the languages of your borrowers and understand the intricacies and nuances of US ease and loan processes are more effective in handling:

  • Risks associated with loan periods as long as 84 months
  • Inquiries regarding receipt and status of late payments
  • Requests for renegotiation of lease or loan terms
  • Right-to-cure guidance for borrowers who have defaulted

By speaking to borrowers in their native language, you avoid misunderstandings that could negatively impact payments and customer satisfaction. You’ll also be assured of conducting these interactions and providing guidance in accord with federal and state regulations. 

Outsourcing to a business call center provider staffed by multilingual lending professionals can truly differentiate a finco, build customer loyalty, and promote a very positive reputation within the community, leading to increased lease and loan opportunities.

4: Continually Enhanced Operational Efficiency

The best business call center outsourcing providers deliver a higher quality of service at a lower cost than most fincos can provide in-house. A provider has the advantage of economies of scale and can invest in innovative technologies, expert staffing, and resources to enhance efficiency in every aspect of business call center operations. 

They also know that outsourcing your business call center responsibilities isn’t as simple as flipping a switch. They will work with you to fully understand your brand and values to ensure a smooth transition of your lease and loan information to their systems. 

Getting Started

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

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