Auto Finance Provider Transforms Loan Servicing Through Strategic BPO Partnership

Process management with iQor improves auto lending perfection rates and quality scores.

Why iQor?

A prominent auto finance company, as a subsidiary of a well-established financial services corporation, ranks among the top auto lenders in the nation. It offers innovative, technology-driven solutions that simplify loan applications and account management, providing competitive rates and robust customer support. With strategic partnerships across numerous dealerships, it delivers exclusive financing deals, enhancing its market position. The company’s commitment to excellence and customer satisfaction has earned it numerous accolades and a strong industry reputation. 

For over 15 years, iQor has been the trusted partner of this leading U.S.-based automotive finance organization, working together to streamline customer service operations for efficiency and satisfaction. This case study explores the key factors that have solidified iQor’s position as our client’s preferred BPO for CX process management, a role that directly integrates iQor’s CX experts into their internal teams.

Strategic Outsourcing With iQor for Auto Finance Process Optimization

iQor delivers comprehensive back office support and training for the auto lender’s vast customer service network, encompassing both internal and external teams. The auto lender recognized iQor’s dedication to continuous improvement and proactive thought leadership that maximizes the auto finance lender’s business initiatives. 

This trust led to an additional strategic outsourcing role for iQor. Based on our extensive track record of success, the auto finance provider requested we serve in a consultative capacity, designing process management strategies to elevate customer feedback tracking and facilitate improvements to loan servicing CX.  

Read on to discover how iQor’s deep understanding of our client’s auto finance business, unwavering commitment to performance excellence, and agility in adapting to evolving needs have fueled a successful partnership with an ever-expanding scope.

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Success Snapshot

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Read on for the story that led to these exceptional results.

Background

Rapid growth after 2021 led the auto lender to outsource 95% of their entire CX operations to BPO partners like iQor. While efficient, this shift meant less direct access to customer feedback previously gathered by their internal process managers, resulting in service quality requiring realignment with customer sentiment.  

Recognizing the importance of delivering irresistible auto loan customer service to borrowers, our client selected iQor to become an integrated member of their internal process management team and execute their high standards for customer-centric care and operational process optimization.

The Unique Advantage of an Outsourced Process Management Partnership for Auto Lenders

Building on our strong 15+ year partnership and deep understanding of the auto finance industry, iQor collaborated closely with the auto lender to develop their requested process management role. The role is designed to seamlessly integrate iQor’s process manager within the auto lender’s team.  

By incorporating our program experts into our client’s internal team, we contribute iQor’s decades of accumulated CX process knowledge toward achieving the auto lender’s CX goals. This capability differentiates iQor from traditional managed service providers. Impressed by iQor’s commitment to CX excellence, which mirrors their own high standards, the client has requested our expertise in optimizing their entire customer service operation.

Business Opportunity

Initial success with this consultative role set the stage for a promising future. Given the dozens of business lines outsourced by the auto lender, a well-oiled process manager program had the potential to significantly optimize their processes from a CX standpoint.

This expansion is designed to provide invaluable insights into the diverse needs of each program, ultimately safeguarding our automotive finance client’s customer service quality. By proactively addressing potential inefficiencies and optimizing processes across all outsourced operations, iQor positioned itself as a vital partner in comprehensively improving their CX. 

Solution

iQor recognized the unique opportunity presented by the client’s situation. Utilizing our extensive experience managing a significant portion of the auto lender’s outsourced operations, we proposed a strategic solution for process optimization.

iQor’s CX Strategy for Accelerating Auto Loan Net Promoter Scores and Supercharging Lien Holder Rate Improvements

Our plan involved integrating a dedicated iQor process manager within the client’s internal team as a subject matter expert. This pilot program, initially focused on the client’s primary offshore location, aimed to identify program opportunities and pinpoint loan processing and servicing gaps.  

iQor consulted with our automotive finance client to identify performance goals, such as driving significant improvements to lien holder rates and setting net promoter scores (NPS) and customer satisfaction (CSAT) on a skyward trajectory. 

The program yielded compelling results. Here’s a breakdown of iQor’s contributions. 

Streamlining Auto Loan Servicing Workflows With iQor’s Automation Expertise

A review of critical processes uncovered over 30 loan servicing workflows where automation can drive continuous improvement and efficiency. iQor’s process manager advised the auto lender on best practices for automation informed by our digital transformation expertise, paving the way for increased agent productivity and happier customers. 

Improving Borrower Satisfaction Through Collaboration and Process Optimization

Operating seamlessly alongside the auto lender’s existing process management team, iQor’s process manager played a key role in the pilot’s outcomes. This success ultimately resulted in over a dozen additions to iQor’s process management solutions to support the auto lender’s high-volume needs.  

These collaborative efforts between iQor and our client resulted in documented processes, visualized loan servicing workflows, and proposed optimization strategies. All changes were meticulously crafted to adhere to the client’s regulatory requirements, improving CX while maintaining compliance. Specific examples include:

• Streamlining the vehicle titling process for agents and customers.  
• Implementing call analysis that ensures more accurate call routing. 
• Equipping automotive agents with timely knowledge base updates. 

Results

iQor’s initial process management pilot was a resounding success. Our automotive finance customer was pleased with the loan servicing improvements, resulting in the expansion of the program to other business lines.

These achievements increase the auto lender’s confidence in iQor’s ability to achieve their process optimization goals through consistent and sustainable performance excellence. This reflects our commitment to continuous improvement facilitated by open communication, a core value in our iQorian identity and critical for exceptional automotive finance CX.

Key Outcomes of the Strategic Outsourcing Partnership

Future Roadmap for Auto Lending CX Process Management

iQor’s footprint with the auto lender has expanded to include seven process managers across various lines of business, with plans for further growth. This expansion reflects the strategic value this program delivers, strengthening our BPO services across the client’s entire CX operation. 

iQor’s process manager program facilitated the design of a comprehensive knowledge base, empowering agents with faster and more accurate information access. A unified call flow and specialized routing profile accelerated new hire proficiency across both internal and BPO teams, boosting overall efficiency while exceeding key performance indicators.   

These improvements solidify the strength of our longstanding strategic outsourcing partnership with the automotive finance provider. Our customer’s continued trust reflects our proven track record of successfully optimizing customer service operations through high quality standards and effective CX strategies.