Case Studies
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The Challenge
A leading financial institution that develops innovative consumer education loan products was looking to replace their existing lending system because it was hard to change and difficult to use. They needed a scalable lending system that would enable them to quickly respond to changes in the market and was intuitive for business users as well as customers. The current system comprised a combination of proprietary .NET system with a 3rd party credit decisioning system and no longer met their present and future technical and business needs.
The institution’s management wanted to bring the entire system in house and gracefully sunset their existing loan origination platform without disruptions. The new system had to ease the previously cumbersome task of adding partners or schools, and simplify branding in PDF templates. They also wanted to replace their call center applications and reduce the replication of business logic between the lending and call center systems. The management team was also looking for a system that would enable future expansion to school-certified loans and to private consolidation loans.
The Solution
To meet its operational and business challenges the educational finance institution selected the Provenir Platform for customer lifecycle management.
The visual configuration features of the Platform allowed them to quickly deploy their new system which included the ability to accept loan applications from multiple internet sites, automate credit decisioning and queuing, pricing and loan closing. The new system also supports prospect and customer data management for originations and call center processing, thereby eliminating redundant code. The Provenir Platform enabled them to support the unique branding requirements for their partner’s websites and PDF documents, and provided the flexibility to quickly add new partners. It also allowed them to easily expand their product offerings by leveraging existing channels and business logic.
The Benefits
The Provenir Platform provided the educational finance institution with the flexible software tool that they needed for their present and future operations. The platform provided the business agility to quickly add new partners and respond to changes in the market. They were able to roll-out the new system without disrupting their business and provide improved service to their prospects, customers and partners. A few of the immediate benefits the education finance institution realized by using the Provenir Platform:
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ImpImproving Business Agility in Education Lending
The Challenge
A leading financial institution that develops innovative consumer education loan products was looking to replace their existing lending system because it was hard to change and difficult to use. They needed a scalable lending system that would enable them to quickly respond to changes in the market and was intuitive for business users as well as customers. The current system comprised a combination of proprietary .NET system with a 3rd party credit decisioning system and no longer met their present and future technical and business needs.
The institution’s management wanted to bring the entire system in house and gracefully sunset their existing loan origination platform without disruptions. The new system had to ease the previously cumbersome task of adding partners or schools, and simplify branding in PDF templates. They also wanted to replace their call center applications and reduce the replication of business logic between the lending and call center systems. The management team was also looking for a system that would enable future expansion to school-certified loans and to private consolidation loans.
The Solution
To meet its operational and business challenges the educational finance institution selected the Provenir Platform for customer lifecycle management.
The visual configuration features of the Platform allowed them to quickly deploy their new system which included the ability to accept loan applications from multiple internet sites, automate credit decisioning and queuing, pricing and loan closing. The new system also supports prospect and customer data management for originations and call center processing, thereby eliminating redundant code. The Provenir Platform enabled them to support the unique branding requirements for their partner’s websites and PDF documents, and provided the flexibility to quickly add new partners. It also allowed them to easily expand their product offerings by leveraging existing channels and business logic.
The Benefits
The Provenir Platform provided the educational finance institution with the flexible software tool that they needed for their present and future operations. The platform provided the business agility to quickly add new partners and respond to changes in the market. They were able to roll-out the new system without disrupting their business and provide improved service to their prospects, customers and partners. A few of the immediate benefits the education finance institution realized by using the Provenir Platform:
- Lower gap between requested and approved applications
- Higher application closing rate
- Reduced cost per booked loans due to higher closing rate and reduced applicant communications
- Increased control over credit policy and decisioning
- Reduced code replication
- Easier addition of partners and schools
- Easier branding for partners/schools
- Improved customer service
- Increased call center efficiency
- More intuitive application entry process
- Consolidated customer communications from hundreds of email messages and PDFs into a few dozens
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