Overview
Client is an online lending company that provides short-term loans to individuals who may have difficulty accessing traditional forms of credit. Their website offers a streamlined and user-friendly platform for borrowers to apply for loans and receive funds quickly.
In response to the client’s needs, Insight Consultants automated the lending operations using a new Loan Origination System (LOS). The new system addresses immediate requirements and offers flexibility for future enhancements.
Expertise Delivered
- Technology Expertise
- Product and Vendor Evaluation
- Business Process Consulting
Challenge
The client grappled with manual origination processing, a method ill-equipped to meet their growing business demands. As they expanded to different states and experienced an uptick in loan volume, the limitations of manual processing became apparent, posing a significant challenge to their operational efficiency.
How We Helped
The client was initially launched with a manual process of originating and servicing small-dollar unsecured loans. So when they needed help mapping out their process, optimizing it, and finding a Loan Management System (LMS) with all the features required for operations, Insight Consultants stepped in to take the firm on its transformation journey.
Insight Consultants recommended improved methods and services to be deployed in operations following an audit of the pre-existing processes and developing a process map.
Insight Consultants also thoroughly evaluated products, service providers, and vendors in the ecosystem that would improve the client’s KPIs.
The main challenge in this exercise was to align the new technology installation to the existing processes and systems. Insight Consultants was able to deliver results while keeping up business productivity in record time.
Results Delivered
Automated all lending operations using a loan management system.
The improved metrics for:
- Company KPIs: Loan Conversion, Cost per funded dollar, Loan Deployment.
- Call Center KPIs: Speed of Contact, Call Abandonment Rate, Average Time in Queue
