8K Loan Applications Forms Processed with Precision
For a US-based auto financing company & minimized 45% of its loan processing time.
This California-based company is a leading non-prime auto financing industry, serving since 2002. By serving millions of customers with auto loans, the company is spread across 35 states in the US. Currently, the company serves auto loan services with more than 2500 dealers across the States. It has become a popular choice for quick auto loans without waiting for the processing time.
Help the Company Needed
By serving quick auto loans, the company has gained competitive advantages in the market in the recent past. However, since last year, it has been facing issues in processing loan application forms. Because the number of loan applications has increased it has become hectic for the internal team to handle everything. Thus, they were sincerely looking for an outsourcing partner that could proficiently handle loan applications.
How Auto Finance Companies Can Gain from Forms Processing Data Entry Services
Auto finance companies usually provide easy loans to customers when they buy motor vehicles. Quickly processing the application forms of the loanholders plays a crucial part in the entire process. Companies that can process files quickly would get competitive advantages in this sector. Therefore, having an efficient forms processing system is simply a need of these companies.
By opting for forms processing data entry services, these companies can have multiple benefits. These services can process the loan application form quickly and efficiently with proper measures. Besides that, auto financing companies can reduce the chances of duplicate loan applications by having these services. Moreover, these services can make the loan processing system smooth and gain more customer satisfaction.
Challenges the Company Encountered
Before approaching us, the company was facing the following challenges from the last year.
Processing a huge number of files within a few minutes is a challenging task without having a proper system. However, the company was managing and handling loan application forms with the help of the internal team. The situation changed last year when the company has been getting more applications. The marketing strategy of the company went well and they were getting a spike in the business.
However, the challenge was handling the spike in loan application forms with the help of the internal team. Therefore, the internal team could not handle the pressure and all forms were stored in the pending file.
When encountering the loan application forms, our client noticed duplicate files. These files somehow entered the database twice due to keying mistakes. However, these files have been damaged a lot by providing wrong information about the loan status. Some customers have also lodged complaints about the delay of their loan approval.
Due to the huge pressure of loan application form processing, the company has neglected the application verification process. Therefore, some faulty applications have come out that caused revenue loss for the company. Thus, they wanted to have a system that could efficiently eliminate faulty applications. So, they approached us for our efficient form processing data entry outsourcing services.
Custom Solution from AskDataEntry
When we took over the loan application data from the company we ensured that we'll cover all aspects quickly. However, our client is dealing with sensitive financial data thus we have preferred to adopt a more secure mechanism. Thus, we had several video conferences with the client to know everything about their loan application process. Thereafter, we made a comprehensive step-by-step plan to initiate our project.
The first step that we have taken is project assessment as we wanted to cover everything that our client wants. We began our process by understanding the project by studying the client's company. Here, we have deployed our professionals to observe everything about our client's loan application form approval process. Thereafter, we have provided our team with a special team on how to handle loan application forms quickly. Besides that, we have also assessed the quality measures to maintain the accuracy level of our service intact.
Our client has especially demanded to have a quick flow in their loan approval process. For that, we had to eliminate the delay-causing factors from the system. We found that the database that our client was using had not been updated on time. Majorly, they wait for the customers' data to process the file. Thus, we have created a database with updated customer data by processing forms to get a flow here.
We gained our expertise in handling cutting-edge technology so we applied our knowledge here. With the help of the latest software, we tracked structures and unstructured form data. During the process, if we encountered any mismatch then we eliminated that application form. Therefore, in this way, we have tackled faulty applications using our specialized forms processing data entry services.
We stressed more on creating a database where our clients can find all eligible loan application details. Besides that, we also created a separate database for backup by ensuring all additional security measures. We convinced our client that creating a separate database would reduce internal processing costs. However, in reality, we have minimized the loan application form processing by 45% with our service.
Our client had a huge list of loan approvals pending so we have cleared all the pending tasks. We implanted all our specialized tactics in processing loan application forms with a 99% accuracy rate. Note that, we have minimized all the pending tasks within 2 months with all our hard work and dedication. Our client has observed a drastic reduction in incomplete and duplicate forms with our specialized service.
Tim Potter
Trusting AskDataEntry for their forms processing task was the best decision ever. We encountered major issues in our loan application process for so long. But now, after delegating the process to AskDataEntry, it has gone forever. The company has adopted some special measures to eliminate all our pending loan applications. It was quick and efficient, we love the way AskDataEntry has delivered our work by keeping all premises. We, the operation team, are very happy with the forms processing service of AskDataEntry.
