Company reduces loan approval times 95% with automated forms

Situation

Instead of offering a pleasant and straightforward loan application and approval experience to its customers, an auto finance company delivered nothing but frustration. Their existing paper-based processes delayed approvals and jeopardized confidential data. The company wanted to do better. So, they went in search of a single solution that offered sophisticated workflow automation to streamline its loan approvals and improve customer satisfaction.

Challenge

The finance team needed a solution that considerably reduced the time required for approving loans and a mobile solution that allowed customers (and employees) to complete and move application forms forward. The technical team needed a flexible solution that could integrate well with other systems, enable better location accuracy and ensure absolute confidentiality of customer data.

Solution

Using Nintex's dynamic platform, the team built a mobile application process that catered to customer and employee convenience for submitting, reviewing and acting upon auto loan applications.

Nintex Workflow automates the full process, while Nintex Forms and Nintex Mobile answer critical business gaps:

  • Geotagging in Nintex Forms adds customer location data to loan applications
  • Nintex Mobile allows mobile device access, providing a seamless offline experience
  • Nintex Mobile allows reps to take a photo and to securely save it to SharePoint, which is helpful for the credit check and for maintaining the confidentiality of customer data
  • Other systems can use reporting data in business intelligence (BI) dashboards

The Nintex platform offers a solution that enables speed and efficiency so customers are happy and employees tackle increased volume with ease.

Benefits

Streamlined workflows generated dramatic results. The enhanced user experience improved efficiency, reduced costs and helped the finance team get work done, producing:

  • A return on investment (ROI) of over $800,000 per year
  • Increased efficiency: The loan approval process decreased 95% from 1 day to 1 hour
  • Improved compliance with regulations regarding customer data confidentiality
  • Decreased development time and expense due to not developing and maintaining custom apps

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