Auto Lender Achieves 86% Faster Turnaround Time on Loan Servicing with Lightico
The Problem
Slow and Incomplete Debt Collections
Byrider, one of America’s largest buy here, pay here dealerships, has sold over 1.2 million cars at more than 150 locations across the country. Despite its successes, CNAC, the finance company, struggled to efficiently manage a part of its automotive account collections process. As part of the process to collect requred documents to assist their customers, CNAC used Google Forms to submit document requests, download PDFs, upload them into the previous provider’s system, and request signatures.
The process was limited to email, which wasn’t effective in collecting customer signatures in a timely manner. Agents found themselves chasing customers for signatures, wasting precious time. The conversion rate from amendments sent to amendments signed was only 60%.
With Lightico, our agents are able to focus on helping our customers at every stage of the journey in a fast and efficient way. This is key to providing a great customer experience to help them keep their accounts in good standing.
Timothy Brown, Regional Collection Manager
The Solution
Fast and Instant Customer Consent
CNAC knew it needed a streamlined, instant way to manage the collections process. The dealership partnered with Lightico. Unlike the previous solution that Byrider used, the Lightico platform allowed documents to be sent out to customers by either email or text message, with no added charge.
Upon receiving the message, customers can easily sign off and upload documents to a secure mobile (or desktop) session while on the phone with an agent. Customers provide consent from any location, at any time. In addition, the Lightico Digital Completion platform allows CNAC to collect multiple signatures simultaneously, further speeding up the process.
The switch to Lightico has assisted us in lowering operating costs, improving associate productivity, and creating a more positive experience for our customers.
Timothy Brown, Regional Collection Manager
The Results
40% Higher Completion Rates, 86% Lower TAT
After switching to Lightico’s streamlined document request and eSignature solution, CNAC saw immediate ROI. With Lightico, 84% of documents were returned by the customer (as opposed to 60% with a previous legacy provider). This represents a 40% increase in completion rates.
Turnaround time (TAT) also shrunk by a whopping 86%. With the previous legacy’s email-only solution, the average TAT was 7 days. This went down to one day with Lightico’s mobile-first solution.
In addition, the customer and employee experiences were transformed. Customers no longer had to be restricted to clumsy email interactions. And employees no longer had to chase customers for eSignatures or documents.
Admins can update business rules in the workflow at any time, with no IT involvement needed. This makes it easy for CNAC to stay up-to-date with the latest regulatory and industry requirements.