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Consumer Finance   

Improved Content Production with DataOceans Letter Management*

A global vehicle manufacturer's consumer finance company eliminated outdated audit and compliance practices with DataOceans.

*Formerly known as Compliance Hub

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30

Days to Implementation

90%

Reduction in Risk

60

Days until Proven ROI

5

Automated Workflows


"Working with DataOceans allowed us to feel confident that we could make a switch we needed to make. Our team was stuck in complex vendor processes, limiting our ability to impact change at our pace or give our clients the experience we wanted to provide."  

Our client is a North American consumer finance company affiliated with a global vehicle manufacturer that is constantly under audit and regulatory oversight. The consumer finance company sought a partner to improve how compliance and regulations were managed to reduce exposure to risk.

The Challenge

As a consumer finance company affiliated with a large vehicle manufacturer, our client faced increased risk because they could not update content as needed due to their print vendor not meeting expectations or contractual terms. The vendor had failed to meet service needs (in some cases failing to respond to simple change requests for over 12 months), SLAs, and had entered bankruptcy filing for an extended period.

To reduce the risk of compliance failure, our client needed a partner to help them transition letter production without impacting their daily operations and existing internal processing. Further, our client required a partner with deep experience in this space who could help them:

  • Improve the design and functionality of their communications
  • Minimize the impact on their existing IT processes
  • Build a system that feeds their existing archive of records
  • Empower business users to make needed changes to regulated letters in real-time

The Solution

After two focused requirements documentation meetings and the exchange of existing source data and document output, DataOceans configured their solution in 30 days. This proof of production process included redesigning and updating desired letters, enabling self-service content management capabilities for business users, producing print and electronic versions of all letters, and building integration-ready letters and index files for our client’s existing archive of record.  

After seeing results in a matter of weeks — which had been needed from the legacy vendors for months — our client approved a full-scale transition effort. Working with our client, we were successful in deploying this new system, including:

  • Importing client data with the self-service import tool
  • Deploying 13 letter templates inside DataOceans Letter Management solution with mapping to client data
  • Integrating our client’s archive of record — minimizing changes to existing processes
  • Conducting comprehensive testing, cutover, and monitoring service transition support to ensure a seamless migration to DataOceans Letter Management


"Before our engagement, we did not realize how much our previous provider was holding us back. DataOceans helped us transition to a solution that works and automates tasks we never thought possible."  

The Conclusion

Within 30 days of full implementation, the client had eliminated the regulatory and audit risk introduced by their legacy print vendor’s inability to meet client needs. With DataOceans Letter Management, the client could now utilize a collaborative online platform to author, manage, and operate all their everyday correspondence. Using their new scalable solution, our client was able to:

  • Reduce time to market for letter changes from months to hours/days
  • Automate five manual correspondence tasks
  • Centralize compliance letters to a single system, reducing overhead and the risk of non-compliant letters being sent to customers by over 90%
  • Increase operational efficiencies to improve profitability
From discovery to proof of production process and full implementation, we worked with our client to implement DataOceans Letter Management without modifying their existing processes for LMS (Loan Management System), LOS (Loan Origination System), or archive of record. This limited the time and effort involved by internal IT and SMEs, allowing for a faster outcome with less overall risk and complexity than traditional approaches.