Transforming Loan Services of Top 10 Financial Company in Marine & Recreation
A Top 10 Financial Services Company in the Marine and Recreation Industry, faced significant challenges in streamlining their Loan Origination and Processing operations.
The customer sought to enhance their customer and dealer experiences while integrating advanced technologies to optimize their business processes.
Challenge
The financial services company was grappling with several
critical challenges that hindered their growth and operational efficiency:
- Fragmented Loan Processing: The existing loan processing system was fragmented and heavily reliant on manual interventions, leading to delays and errors.
- Inefficient Customer and Dealer Communication: There was a lack of cohesive communication channels, resulting in poor customer and dealer engagement and satisfaction.
- Limited Automation: The company’s processes were largely manual, making it difficult to handle increasing loan volumes and maintain accuracy.
- Siloed Data: Data was stored in disparate systems, making it difficult to gain a comprehensive view of the customer journey and loan lifecycle.
- Regulatory Compliance: Ensuring compliance with evolving financial regulations was a constant struggle due to the lack of integrated systems
Solution
To address these challenges, we embarked on a transformative journey with the client, leveraging a suite of cutting-edge technologies and salesforce consulting services to create a cohesive, efficient, and automated solution.
Phase 1: Laying the Foundation (6 Months)
- Loan Qualification and Origination: We implemented Salesforce Sales Cloud to streamline and automate the loan qualification and origination processes. This reduced manual errors and accelerated loan approval times.
- Dealer Portal: A dedicated dealer portal built on Salesforce Experience Cloud provided dealers with real-time access to loan applications and status updates, enhancing their ability to serve customers efficiently.
- Customer Portal: The customer portal, also on Experience Cloud, empowered customers with self-service capabilities, allowing them to track their loan applications and communicate with the company seamlessly.
Phase 2: Enhancing Engagement and Automation (12 Months)
- Email Nurturing: Using Pardot Marketing Cloud, we created targeted email nurturing campaigns to keep customers informed and engaged throughout their loan journey.
- Omni-Channel Collaboration: Implementing omni-channel communication tools ensured that customers and dealers could interact with the company through their preferred channels, be it email, chat, or phone, all integrated into a unified platform.
- Robotic Process Automation (RPA): UIPath was introduced to automate repetitive tasks, such as data entry and document processing, significantly reducing processing times and minimizing errors.
Ongoing AMS: Continuous Improvement and Support
To ensure the solution’s long-term success, we provided ongoing Application Management Services (AMS). This included regular system updates, enhancements, and support to adapt to changing business needs and regulatory requirements.
Results
This transformation project not only optimized the company’s operations but also positioned them as a leader in the marine and recreation financial services sector. The integration of advanced technologies and customized solutions played a crucial role in achieving these remarkable outcomes.
By the numbers, the effort:
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Revenue tripled within 18 months
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The loan processing time was cut by 27%