DataOceans Streamlines an Auto Lending Finance Company's Regulatory Letter Fulfillment Process
The Auto Finance Company's mission has been making auto financing more straightforward as the primary lender for various dealer groups. They are driven by principles that shape their company culture everyday, supporting their continued delivery of top-notch service and products.
The Challenge
An indirect auto-lending finance company located in Southern Oregon faced a pressing challenge when their previous Customer Communications Management (CCM) provider ceased services, leaving them in need of a seamless solution to produce Adverse Action and Welcome Letters. The urgency stemmed from the necessity to minimize downtime and uphold regulatory compliance.
The DataOceans Solution
To address this challenge, the company turned to DataOceans' Compliance Hub Solution. The implementation process involved close collaboration between the auto lender, their Loan Origination System (LOS) provider, and DataOceans.
DataOceans meticulously reviewed source data output and worked with the auto lender and its LOS provider to define the relevant business logic. Additionally, DataOceans managed import and layout tasks for generating essential letter output. The auto lender undertook rigorous testing and approval processes to ensure output accuracy. Moreover, DataOceans assisted in retrieving and integrating one year's historical documents from the prior vendor.
An essential feature of the solution was DataOceans' provision of the ability to self-manage letter templates and create new letter data import definitions. This streamlined operations significantly, empowering the company to efficiently implement changes and additions to templates and establish new letter data files. The result was a dramatic reduction in the time required for these tasks, from weeks or months to just a matter of days or less. Furthermore, the newfound control reduced the company's dependence on external vendors and simplified its change management process.
"We faced a critical challenge with our communication platform. Our business partners required us to make changes to our conditional approval letter promptly. Through the use of the DataOceans platform we were able to modify the source data file structure to add the new data elements. Once the data file was updated, we were able to update the letter templates to map the new variables into the correct position. Overall, this collaborative effort with DataOceans brought about efficiency, flexibility, and reduced our dependency on external resources.”
Solution Features
The implementation delivered several key results:
Self-manage Letter Templates: Greater control over letter templates through DataOceans' user interface.
Efficiency and Speed Improvements: Letter template content changes can be made in a matter of minutes.
Cost Reduction and Reduced Reliance: Changes can be managed without vendor or internal IT involvement.
Streamlined Change Management: Compliance and other content changes can be requested and made in one day whereas prior solution took weeks and involved vendor, internal IT and a full project.
Conclusion
DataOceans' Compliance Hub solutions effectively addressed the auto lender's urgent need to ensure uninterrupted Adverse Action and Welcome Letter production. The collaboration between the auto lender, LOS provider, and DataOceans yielded substantial benefits, including increased operational efficiency, reduced reliance on external resources, and improved control over their communication processes. This successful partnership not only resolved immediate challenges but also positioned the company for enhanced compliance and communication management in the long term.