A leading worldwide financial services company serves nearly 400 dealers across Canada from four service centers offering retail auto financing and leasing. The company books over 150,000 new loan and lease contracts each year and has established itself as the lender of choice with its dealerships throughout Canada, with improvements to its loan and lease approval process.
Dealers know all too well that slow responses on credit applications could cost them the sale because good customers will tend to shop around or even go to the competition if they don’t get a quick response. In order to become the Lender of Choice, the financial services company recognized the need to help its dealers eliminate this threat. To meet this goal, the company needed to complement its excellent rates with the fastest turnarounds. Ultimately, faster lending decisions would bring the most important value to the company.
- Increase operational performance metrics
- Reduce the number of errors
- Increase service levels
The financial services company selected IPD Solutions and its software built on IBM’s Enterprise Content Management (ECM) to automate loan origination and processing. The client’s new eCredit and eContract solutions leverage electronic document imaging and workflow automation to simplify the application process, streamline approval, and facilitate rapid payment.
Before IPD’s solution was put in place, dealers faxed paper applications to the client for processing. Individual workers had to manually enter the data, audit the information, approve the loan, and then wait for the dealer to re-enter information on loan or lease contracts. With issues ranging from illegible handwriting to lost pages, the process was fraught with potential delays. Today, dealers access the application online, enter the data, and immediately transmit the information into the client’s automated workflow. Once in the system, requests for third-party input, such as credit reports, are made immediately. Systematic electronic auditing minimizes human intervention and speeds response. Throughout the process, the dealer benefits from frequent updates via the client’s Internet portal.
- Respond to 30% of applications within 8-10 seconds
- Increase volumes by 20% with no additional staffing
- Lowered hard costs by C$250,000 annually
- Enabled same-day funding to dealerships
- Facilitated information sharing with dealers
- Improved service to end customers
By automating and optimizing its business processes, the client dramatically speed up the loan and lease approval process. Internally, the client has seen dramatic improvements in productivity and cost reduction. The 3-4 people previously working in the file room have transitioned to customer service oriented roles, while savings in courier expenses alone are expected to exceed C$250,000 annually. After selecting IPD Solutions as its partner, the company has been able to maintain very competitive rates while improving service, making financing through the client and its dealerships that much more attractive.
Ultera utilizes Unix server P Series 615 and uses AIX 5.X operating system.
Ultera is built upon and leverages two major IBM software technologies for deployment and runtime: IBM WebSphere Application Server (WAS) and IBM Case Manager (ICM).
WAS provides the application container that manages the deployment and run-time aspects of Ultera. Application monitoring, authentication, shared libraries, logging, and scalability are leveraged by Ultera through the WAS application.
IBM Case Manager provides the foundational aspects for the Ultera application, including cases, tasks, content, and analytics. Using the IBM provided Java and REST API layer in IBM Case Manager, Ultera creates and manages all cases, associated tasks, and content inside of IBM Case Manager. Ultera provides a seamless business application for knowledge workers to perform daily work and retrieve relevant case data from ICM, via the API layer. Ultera also adds visibility for the knowledge worker, allowing them to view daily workloads and the required steps to process the work. Knowledge workers are connected to the IBM Case Manager platform through Ultera’s essential business application layer.
Ultera also utilizes these products:
- Desktops and Notebooks (all brands, including ThinkPad/ThinkCentre PCs by Lenovo)
- Non-IBM Hardware
- Thin Clients (All brands)
- IBM BladeCenter HSxx (intel processor-based)
- Dell Servers