Tackling Car Loan Automation: Volume, Variety, and Velocity
Auto loans reached record high levels in 2019 as high-tech features and low interest boosted buyer interest. For vehicle loan processors, this creates both market opportunity and increased competition. If credit providers can’t keep pace with increasing complexity and evolving consumer expectations, it’s a hard road to revenue. To deliver market-leading lending, companies must tackle car loan automation: volume, variety, and velocity.
Accounting for Volume
Data volumes are on the rise: 2.5 quintillion bytes of data are now generated every day, and this number is only increasing as connection speeds increase and mobile technology streamlines the process of creating, consuming, and communicating information.
What does this mean for vehicle credit application processors? That loan applications can easily get off track as staff spend time first sourcing the key data from clients and then finding software tools capable of viewing individual assets within their application. Accurate car loan calculation requires everything from credit score data to mortgage information, employment histories, W2s, pay stubs, banking histories, and current vehicle details. But with disparate data sources for each, it’s easy for auto loans to stall out.
Accusoft’s PrizmDoc Viewer streamlines the process. This HTML5 document viewer lets users view, convert, and annotate dozens of file types directly from your loan application software. The embedded functionality means you don’t need to download special tools or add another step to your car loan process.
Adapting to Variety
Data variety is also on the rise. For example, digital pay stubs now come in multiple formats including XLS or PDF, and potential clients may also send them as JPG or TIFF images. Word documents remain common for basic loan agreements and eSignatures, while many loan processors still require applicants to fill out forms by hand.
The result? Loan providers need a way to consolidate this data and produce information-rich templates without wasting customer time or increasing IT complexity. ImageGear for .NET, C/C++, or Java easily integrates with existing applications and makes it possible to convert multiple document types into a single PDF. Even better, ImageGear’s OCR add-on empowers users to quickly search for and identify data within PDFs.
Speed matters, but with the volume and variety of data increasing, it’s easy for credit processors to go down under the deluge. Plus, with consumer choice increasing, clients aren’t willing to wait on slow loan processors. As noted by PWC, “A fast end-to-end application process is the largest differentiator in auto loan financing.” If buyers can get loan approval from the competition in 48 hours when you take a week, your sales won’t leave the starting line.
FormSuite for Structured Forms makes it easy for users to identity structured forms from predefined templates. This enables users to quickly capture data from forms. This embeddable SDK helps your financial application capture key data fields, enabling your developers to build a custom route for this information to secure databases.
In addition, solutions like OnTask empower your team to create feature-rich forms at scale. Key data fields can be auto-populated with customized client information to reduce error rates, clients can complete remaining fields online, staff can make track the progress of form completion, and all parties can provide verified digital signatures to align processing speed with consumer expectations.