Lightico For Auto Loan Originations

Auto loan originations tends to be a cumbersome, messy process. Lenders find themselves chasing dealers or borrowers for stips and forms, resulting in wasted time and overhead costs. With Lightico’s Digital Completion platform, auto lenders can quickly and seamlessly complete the customer-facing originations process.

Challenge: Slow Loan Originations Processes

Slow loan originations processes are a pain — and costly. Lenders waste time chasing borrowers and dealer for missing documents and signatures. Most consumers do not carry proofs and stipulated documents with them, which delays the time to fund and breaks the journey. Furthermore, lenders are eager to find ways to pay dealers faster and differentiate themselves from the competition.

Solution: Secured and Instant Document Collection and eSignatures

Lightico’s platform allows lenders to quickly and easily collect signed documents or missing documents straight from the customer's chosen device, in order to complete the loan package. All capabilities fit into a single automated workflow. During a live and encrypted digital session (either self-service or with a remote agent), customers can:

• Upload documents and stips in seconds using their cellphone camera
• Submit their details via smart forms based on conditional logic
• Verify their identity
• Collect missing eSignatures, including from multiple borrowers

With this platform, lenders slash time to funding, while improving the customer and dealer experience and keeping fraud out. On average, lenders reduce their “time to collect” by an average of 90%. This allows the business to scale without needing to grow the team size. Fewer touchpoints are needed, there is no need to chase dealers, and customers are happier.

Lightico’s Customers Have Seen Success

Lightico counts among its customers multiple lenders including BMW, Westlake Financial, and Quality Acceptance. On average, they have experienced:

• 50% faster loan package completion time
• 73% of interactions completed within 5 minutes
• 92% session completion rate

“Since implementing Lightico’s solution, we’ve been able to accelerate funding turnaround time thanks to automated workflows. This has enabled us to speed up the customer verification process and provide service excellence to thousands of customers across the USA.”

Dennis Morris, COO of Global Lending Services

The Bottom Line: Originations Beyond eSignatures

With Lightico, it’s easy for auto lenders to automate their customer-facing originations journeys. eSignatures, eForms, document collection, ID verification and more come together in a single automated workflow. Auto lenders can stop chasing customers for missing documents, and start moving metal faster. To learn more, visit Lightico.com.