The Benefits of a Loan Servicing Platform That Delivers on Consumer Expectations

The Benefits of a Loan Servicing Platform That Delivers on Consumer Expectations

The Benefits of a Loan Servicing Platform That Delivers on Consumer Expectations

As Amazon redefines expectations for a frictionless digital experience and on-demand results, consumers are beginning to demand the same level of service from other products and services. Auto loan servicing is no exception.

To keep pace with the evolving digital marketplace, auto lenders need to ensure they are meeting consumers where they are—online. This can’t be done efficiently or effectively by stitching together a patchwork of loan servicing solutions. Instead, you need an integrated platform that can meet your cradle-to-grave servicing needs while delivering a meaningful user experience.

Consolidating your loan servicing functions to create one workforce and workflow will save you time and money. It will also up your game in the customer service arena. To achieve this, lenders should take the following benefits into account when evaluating their options:

 

Digital integration

Digital integration is a service that consumers expect, and it is essential for operating cost effectively. Sagent’s Auto Account Servicing platform delivers by offering direct access to a single source of truth. There’s no need to sacrifice quality or security in exchange for cost savings. You can improve your operational efficiencies and regulatory compliance, as well as your borrowers’ overall experience—all while containing your costs. With one platform, you can:

• Administer accounts
• Manage collateral
• Oversee customer care
• Manage defaults

 

Efficiencies

Sagent offers you the hassle-free options you need to stay on top. With all borrower information housed in one location, you can streamline operations—and borrower access to their account information.

Moreover, Sagent’s Auto Account Servicing platform seamlessly integrates with third-party solutions, such as deceased borrower monitoring, bankruptcy monitoring, event monitoring, and asset recovery. This reduces manual touch points, enhances customer service, increases compliance with federal and state laws, and improves your chances of asset recovery.

 

Consumer Self-Service

Much has been made of the millennial generation’s demands for online experiences. But the truth is, borrowers across generations are coming to expect immediate, personalized and responsive access to information. Lenders that can’t deliver that risk being outmuscled by more digitally-savvy competitors.

Intelligent, digital self-service tools can also benefit your bottom line. Empowering your borrower with more control over access to their accounts will reduce calls into your customer service center.

With Sagent’s Account Connect, you can give your borrowers the ability to:

• Manage multiple lease or loan accounts with a single sign-on
• Access payment history
• Review payment information, including payoff quoting
• View vehicle information
• Update contact details
• Obtain downloadable forms
• Download and view statements
• Handle recurring ACH enrollment and one-time ACH payments

To be effective, lenders must offer secure on-the-go management capabilities that work across all devices for borrowers. All portals need to pull from a single data source as well so that users—borrowers, staff, or customer service—are all operating with the same snapshot of data.

 

Competitive 

Automation creates a more cost-effective operation. But it doesn’t always deliver the higher level of service that borrowers demand, nor can it guarantee long-term cost savings. To fully embrace the digital transformation of auto lending, you need an account servicing solution that is scalable, configurable, and capable of delivering high-quality customer care.

Sagent’s account servicing platform is built to be “future-ready” with workflow routing that eliminates manual user handoffs, a rule-based workflow to mitigate compliance risks, and automation to boost your overall efficiency.

To be competitive you need to stay nimble with modern solutions that can scale to meet your needs.