CASE STUDIES

Background

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Auto Finance Direct is a well-established medium-sized company specialising in motor vehicle finance. With more than 15 years of experience, AFD has built an impressive customer base. Like most businesses, AFD faced challenges maintaining a mutually beneficial business partnership to keep pace with rapidly evolving technology in the finance lending landscape.

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Problem Statement​

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With the rapidly evolving lending landscape, AFD's on-boarding processes have become more costly and complex, with an element of flexibility required. Recognising the need to enhance their on-boarding processes and capabilities, the management team at AFD wanted to improve competitiveness while reducing costs with a product and partner that met these expectations.

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Methodology​

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InfoAgent’s product management team undertook a series of interviews with AFD's management team. They conducted a comprehensive analysis of the company's existing onboarding process, settlement procedures, and after-lending monitoring. This identified the underlying reasons behind the current processes and employed modelling techniques to explore alternative approaches.

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Results​

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The research highlighted key areas of opportunity to drastically improve the existing product and related process.  

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Recommendations​

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Based on the research findings, the InfoAgent team recommended that AFD prioritise the upgrading of their core platform (finPOWER, by Intersoft Systems), make necessary changes to existing data services, and continue the close collaboration with InfoAgent to ensure the achievement of agreed-upon objectives.

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Implementation​

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AFD successfully completed the platform upgrade, implemented the new data services from InfoAgent, and integrated improved processes within their operations. As a result, AFD experienced a reduction of data service costs and streamlined their manual on-boarding processes. 

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Conclusion​

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This case study underscores the significance of introspection, openness to change, and adaptation to evolving market conditions for maintaining competitiveness in the financial lending industry. Through investments in new processes, platform upgrades, and collaboration with InfoAgent, AFD successfully improved their on-boarding processes, reduced costs, and gained deeper insights into its customer base.