National Automotive Sales Finance Company Achieves 12% Faster Time To Funding With Lightico
Finance Company Seeks to Reduce Friction & Ensure Compliance in Originations
Lentegrity, a leading national automotive sales finance company based in Orange County, California, takes pride in offering a seamless and rapid funding process for dealerships and their customers alike. In their pursuit of efficiency and customer satisfaction, they sought a solution to reduce friction during loan originations and ensure compliance while safeguarding sensitive data.
Collecting Documents Quickly & Securely from Dealers & Customers
During the car buying process, Lentegrity needs to collect several sensitive documents from dealers and customers, including proof of insurance, proof of residence, and more. However, relying on emails and faxes for document submission posed data security concerns. Additionally, obtaining missing signatures on membership forms proved challenging, resulting in time-consuming follow-ups. This process was inefficient for all parties involved.
A Secure, Integrated Solution for Document Collection & eSignatures
Lentegrity found the answer to their challenges by implementing Lightico’s cloud-based Digital Completion platform. Lightico offered a comprehensive and secure solution for document collection and e-signatures, with the added benefit of easy integration into Lentegrity’s existing systems thanks to API webhooks. With Lightico, documents, signatures, forms, ID and payments can be easily collected securely via the customer’s cell phone.
"Lightico has allowed us to swiftly and effortlessly approve loans while maintaining compliance and has also eliminated the tedious task of chasing customers and manual data entry services. Thanks to this streamlined process we have strengthened our relationships with dealerships, ultimately generating more business. Lightico truly enables us to fund loans as fast and easily as possible."
Integration into Dealer Portal & Website
The platform was first used as an integration with Lentegrity’s LOS to collect documents from customers. Later, Lightico’s technology was integrated into Lentegrity’s website through API webhooks, empowering customers and dealers to securely upload their documents directly from their chosen device via self-service.
Dealers and customers can now easily identify missing documents and swiftly navigate to upload the required documents themselves. Additionally, Lightico’s eSignature feature enables the secure collection of signatures on membership documents. The entire process was streamlined using Lightico’s automated workflows. Once documents are collected, they are automatically stored in Lentegrity’s cloud repository, which triggers a notification of the new submission.
Lightico’s dedicated program manager and solution engineers supported Lentegrity throughout the process and continue to work together to ensure maximum value and efficiency from the solution.
How It Works
Automated Workflows Streamline the Document Collection Process
Lentegrity has integrated the Lightico solution into its dealer portal. Dealers are able to seamlessly sign in to Lentegrity’s dealer portal, select a deal, and provide proof of registration for a purchased vehicle. This is achieved by using Lightico’s API to start a session with the dealer, and automatically open a document request workflow to provide the necessary documents. The platform allows dealers to identify and upload any missing documents easily. Lightico sessions with specific workflows were created for each document that required completion.
Example: Collection of Proof of Residence:
A secure Lightico session is sent to the customer by text message or email.
The customer can then select which approved document to provide as proof of residence.
Lightico’s workflow dynamically selects that particular document type, so all requests of this type are labeled as a specific document type e.g. Utility Bill.
The customer snaps a photo of the document and it is then stored into Lentegrity’s repository, which then triggers a notification that the document has been collected.
Loans Funded Fast and Securely
The implementation of Lightico has already demonstrated significant results for Lentegrity, ensuring that the lender can fund loans as fast and easily as possible without compromising on compliance and security. By eliminating the need for chasing customers and manual data entry services, the process became more streamlined and secure. This enhanced efficiency led to faster loan approvals, strengthening the relationships with dealerships, and ultimately driving more business.
Lentegrity aims to expand the use of Lightico to further improve the auto loan experience for both dealers and customers. The company plans to encourage more dealers to utilize the self-service portal for a smoother experience overall. As they continue to embrace innovative solutions, Lentegrity remains committed to providing easy, quick, and compliant loan originations across the USA.
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