Improving Efficiencies in Consumer Finance Underwriting for an International Provider
Problem
A UK-based provider of consumer finance origination, residential mortgages, car finance, equipment leases and personal loans was looking to improve processing time, decrease errors, and drive down overall servicing costs. The existing systems involved manual processes and procedures that are adversely impacting time, quality, and cost.
Approach
The Synteractive team helped the organization design and build a collaborative system that linked together mortgage administrator, litigation and conveyancing solicitors, estate agents, asset managers, valuers, contractors and insurers. Based on the Team’s direct industry experience, process redesign skills, and deep technology knowledge they were able to develop a solution, using SharePoint as the core platform that addressed the specific needs of the organization and end users for improvements in usability, quality, and cost.
Result
The solution provides a common platform to enable sharing of data and documents as well as automated workflows and integration with a centralized data warehouse. The system combines automated as well as manual underwriting decisions capabilities and use all available knowledge across the partner network. The custom workflows now help to automate processes and lead to increases in productivity and accuracy in decision making.