- Case study
Driving toward $26 million in business impact
How one auto finance provider fast-tracked its business transformation
One of the largest auto finance providers in the US, which offers financing through more than 15,000 car dealerships nationwide.
Identified opportunities for improvement in underwriting and contract processing, created the future-state vision for best-in-class operations, and recommended effective solutions to transform the business.
To improve the performance of its underwriting and contract processing operations in order to grow revenue, lower risk exposure, enhance consumer and dealer satisfaction, and reduce expenses.
Better. Faster. Smarter. That's how today's businesses are expected to perform. It's no wonder, then, that business transformation is a key priority for Genpact's client, a large financial services institution with a focus on auto lending.
The company already had some ideas about how to improve its operations. But its transformation project was large and complex, and it required funding and resources to ensure its success. Before moving forward, the company needed a deeper understanding of its current processes and the root causes of problems within its operations.
The client selected Genpact, its existing partner of 10 years, to evaluate its operations across the front, middle, and back office within underwriting and contract processing.
Processes cannot be changed, much less improved, before they are fully understood. So Genpact began with a comprehensive review of the lender's underwriting and contract processing operations. This included gathering information from automobile dealerships and internal stakeholders across the enterprise representing operations, technology, business intelligence, product management, risk, and finance.
During a 10-week assessment, we:
Through this assessment, we identified several areas for improvement in the company's existing operations, including:
To address these challenges, Genpact made a number of recommendations, including:
Genpact delivered a comprehensive assessment of the lender's existing underwriting and contract processing operations as well as recommendations for future state improvements.
Then, we went one step further by identifying 16 areas of improvement that would enhance the dealer experience and internal operations. We prioritized our recommendations and demonstrated that 62% of them could be implemented in six months or less.
Overall, Genpact identified 169,000 hours in potential productivity improvements and $26 million in business impact over three years.
The client is now engaged in next-step conversations around implementation and execution. And Genpact has effectively put this auto lender's transformation journey on the fast track to success.