Google “end-to-end lending solution” and up until the publication of this blog, you’ll find nothing that defines it the way we do. It didn’t exist. Until now, there was no one technology or service provider with the ability to deliver solutions that encompass a complete, end-to-end lending lifecycle for auto finance or personal lending.
An end-to-end lending solution, in our definition, is one that provides everything needed to satisfy the complete needs of the borrower – speed, ease, trust, value. One that supplies the software, systems, hardware, and vendors, across all stages of the relationship between borrower and lender, but allows others to be invited in. One that offers excellent digital communication that extends beyond the borrower “courtship” and results in the kind of satisfaction that leads to “renewed vows.” Or that can even take care of the sometimes, unfortunate, breakup …. when necessary. From end-to-end and back again.
Why is defi SOLUTIONS the one to define a true end-to-end solution? Why now? And what does that look like?
Today we’re in conversation with the defi SOLUTIONS Executive Leadership Team. They’ll be offering you their opinions on these questions and more. Starting with CEO Tom Allanson, you’ll be hearing from Chief Strategy Officer Charles Sutherland and these (in alphabetic order):
- Jason Barrett, Chief Client Success Officer
- Steve Bissett, VP, Client Services, BPO
- David Call, Chief Financial Officer
- Matthew Lehman, CLO/CHRO
- Dave Murray, Chief Product Officer
- Drew Newman, CIO/CTO
- Susie Storey, Chief Sales Officer
Why now is defi talking about a single end-to-end platform when the focus has long been on singular products and services?
Tom (CEO): It’s pretty simple really. In 2021, we did a market segmentation analysis to better understand our competitors and what clients and prospects are buying. We quickly identified a void. We discovered that we do not have a single competitor whose products and services encompass the complete lifecycle of our clients and their customers, the borrowers. And we are in a unique position to add more value to our targeted market participants.
Susie (Sales): In the last 12 to18 months, we’ve definitely seen our clients and prospects coming more and more to us, asking for an end-to-end solution.
Charles (Strategy): And with pending large-scale servicing implementations, we’ll have reached a critical mass of our clients using both our originations and our servicing platforms, and in many cases also one or more component of our business process outsourcing.
Tom (CEO): Yet, when we looked at what our clients were saying about us, many of them are still viewing and referring to defi from a single product lens. They either buy originations – and up until recently, it’s been one of our own two origination products – or our servicing system or outsourcing services. Our clients weren’t really talking about the company as a whole and what the company represented, they were talking about experiences they had from these single products. It became very obvious that we need to look at the problems our clients have from their perspective and we need them to look at us, not from the single product lens, but from the higher vantage point of what all we can help them do. And that’s solving problems end-to-end.
It starts with the journey of the consumer, to fulfill their need, and involves us facilitating the outcome.
David (Finance): Experiences don’t lend themselves to silos. Even if our software performs a task well, if it does it in a way that’s frustrating, or challenging, or clunky — and all enterprise software has been all of those things at some point in the past — then, ultimately, the client’s decision to renew or buy more is impacted. It’s largely a function of the user experience they’ve had. It’s about their emotional tie and how they feel about what they’ve already experienced. It’s about the end-to-end experience.
Susie (Sales): There’s also a feeling in the market that if you work with one vendor you have a good relationship with, that you trust, and that delivers, then it’s that much easier, especially because of compliance and all of the rules in our world.
Steve (Client Services, BPO): The marketplace has an expectation that if we’re going to play in this space and offer a BPO, a servicing system, and an LOS, there are competitive advantages to them if they choose to use all or some of our products together.
Drew (CIO/CTO): The consistent feedback we’re getting from the market and our clients is that the real-world problems they’re trying to solve, and the business value they want us to deliver, is not always best achieved through just looking at it from a singular product perspective. The customers our clients are serving cross the lifecycle of the entire loan and lease effort. There’s significant value and flexibility associated with their originations being tightly coupled with servicing, and the possibility of our experts running their servicing for them through our BPO offering.
Our clients can still choose to just consume individual components of our solution, but even the value of a single solution is going to be enhanced by us thinking about it and delivering it more holistically.
Matt (Legal): We sit in a pretty unique position, in providing disparate systems to a single client base. I think we see an opportunity here to, one, improve the client experience, and two, improve our market share.
Dave Murray (Product): Because of the history of our company, we naturally fell into thinking about specific products, that’s how we’ve been organized. I could even argue that we’ve focused more on features than on the product itself. But the client thinks of an end-to-end experience, so we need to think end-to-end. We need to be strategically aligned with our clients; our clients have a more holistic view, and we need that same view to deliver products that deliver on that view. We need to align our tactics in a way that considers this high level holistic view.
Jason (Client Success): And not maximizing the value of having the full end-to-end portfolio is a big miss strategically. So when we talk about the strategic space of defi, we focus on how we service a client and the value that we bring that others don’t.
Charles (Strategy): defi is now at a point where we have scale and industrialization of these cloud-based solutions that have a lot more points of commonality. It’s very clear that at this point defi stands alone in an ability to deliver a modern, cloud-based capability for originations, servicing, and the many BPO services that follow. There are benefits of this end-to-end capability for defi and for our clients.
defi SOLUTIONS offers lenders an end-to-end, total solution for the loan or lease lifecycle. Partnering with captives, banks, credit unions, and finance companies, defi’s market-leading solution helps lenders exceed borrower expectations. From digital engagement through the complete lending process, defi sets new standards for flexibility, configurability, and scalability in originations and servicing (by your experts or ours). If you’re curious about the possibilities of a complete end-to-end solution for your unique lending lifecycle, take the first step. Contact our team today or register for a demo.