Platinum Auto Finance Slashes its Time to
Funding by 80% with Lightico
Platinum is a regional auto lender handling hundreds of deals a month via dealerships and servicing thousands of existing customers directly. Platinum needed to collect missing stips, signatures, and drivers’ licenses from customers to fund new loans. They also needed to collect ACH, deferment requests, and third-party authorization forms and signatures from existing customers to service them efficiently.
Platinum relied on legacy channels like snail mail, email, faxes, printers and scanners to collect the required forms, signatures and stips. This was slow and inconvenient for dealers and customers, taking a week to fund loans and service customers. This significantly prolonged time to completed funding. To remain competitive, the firm needed a solution to simplify servicing and speed up deal processes.
"Since implementing Lightico’s solution, Platinum’s deal time has been slashed by four days. In addition, the services teams are more efficient, resolving all customer requests immediately, so we can live up to our core value of putting customers first."
Platinum implemented Lightico’s platform for digital customer interactions, which enabled its reps to instantly collect stips, forms, and signatures via a simple text message on the customer’s mobile phone. Using Lightico’s intuitive interface, customers upload photos of their utility bills and driver’s license as easily as taking a selfie. Lightico converted clunky paper forms into easily-fillable mobile forms which can be signed on the spot with a simple finger swipe. Since adopting the platform, reps no longer have to spend their valuable time chasing missing stips and reworking incorrectly completed forms. Time to funding has been reduced from a week to a day and servicing tasks are completed quickly.
Thanks to Lightico, Platinum can now fund customers within a day and service existing customers instantly, without directing them to scan, print and fax documents and forms. Platinum’s customers are happy, and dealers love working with Platinum.
Accelerate Turnaround Times