Let’s face it: managing customer delinquencies, loan extension requests, and other modifications can be unpleasant and time-consuming. Chasing customers for supporting documents and eSignatures and fielding calls — especially about sensitive financial issues — can burden employees and their managers.
With Lightico’s Digital Completion platform, banks and credit unions can streamline and digitize loan servicing journeys. The platform allows lenders to process more borrowers in less time. Read on to learn how.
The Challenge: Broken Loan Modification Journeys
Lenders today are plagued by inefficiencies and silos. Ambiguous and confusing paperwork requirements lead customers to make mistakes and submit incomplete loan modification requests. Collections departments are bogged down with legal demands and chasing customers. The agent and customer experience are seriously diminished.
The Solution: Intuitive Automated Workflows
Lightico’s platform allows lenders to quickly and easily support contract revisions. During the process, customers instantly and digitally submit documents that prove hardship, consent to terms and conditions, and provide eSignatures. All of these capabilities fit into an automated digital workflow, which eliminated breakpoints in customer journeys.
Lenders can use Lightico to support a wide range of servicing use cases, including:
- Loan modifications
- ACH/autopay setup
- Delinquency procedures
- Foreclosure procedures
Efficient and Compliant Loan Servicing
Decrease delinquency rates and stop chasing customers for documents and payments. By making it easy and seamless for customers to change their loan terms, call centers become more efficient and waste less time.
Lightico counts among its customers multiple lenders including Happy State Bank, Westlake Financial, and Quality Acceptance. On average, they have experienced:
- 30 minutes average turnaround time for loan extensions
- 91% ACH form conversion rate
- 94% eSignature conversion rate on extensions
- 100% KYC and AML compliance
Deeper Dive: Westlake Financial Services Achieves 94% eSignature Conversion Rate
Westlake Financial implemented Lightico’s mobile-first platform to accelerate and improve service processes. The Lightico Digital Completion platform allows Westlake’s service representatives to instantly collect signatures on extensions and fully complete ACH forms via a simple text message sent to the customer’s mobile phone by the agent during a call.
Using Lightico’s intuitive interface, customers can now complete and sign forms in seconds without waiting for emails or using a printer, scanner or fax — with full compliance.
Since adopting the technology, Westlake’s representatives no longer have to spend their valuable time chasing missing signatures and reworking incorrectly completed forms. As a result, servicing has become much more efficient and Westlake has strengthened its reputation as a leader among lenders
The Bottom Line: Servicing Beyond eSignatures
With Lightico, it’s easy for financial institutions to automate their customer-facing servicing journeys. eSignatures, eForms, document collection, ID verification and more come together in a single automated workflow. Employees can stop chasing customers for missing documents, and start servicing faster. To learn more, visit Lightico.com.