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Modernize your information management with certified experts
Unlock the full potential of your information management solution
Turn support into your strategic advantage
Extend IT teams with certified OpenText application experts
Discover training options to help users of all skill levels effectively adopt and use OpenText products
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Financial technology leader drives 300% growth in its student loan servicing technology business with OpenText™ Documentum™
This leading fintech company helps financial organizations, businesses, and retail banking customers to move money securely and efficiently. To expand its offering, the company aimed to deliver technology services to support servicing student loans.
A spokesperson for the fintech company said, “The U.S. student loan space has evolved dramatically in the last decade. Rising tuition fees, combined with a reduction in the availability of government-backed student loans, have driven significant growth and consolidation in the private lending sector. Increasingly, the government issues contracts to private lenders to service student loans.”
He continued, “As the private lending space has grown, so have the regulatory requirements surrounding student loan servicing. Our objective is to give servicers the capabilities they need to meet these requirements, so they can focus on offering excellent services to borrowers.”
Document management is a key requirement for loan servicers. Companies must ensure that their document management systems and processes adhere to stringent security standards and have the scalability to retain hundreds of thousands of loan-related documents. To deliver these capabilities and more, the company provides a purpose-built platform for student loan servicers.
Over the last three years, we’ve grown our servicing business by 300%. Our OpenText solutions have played an important part in that success.
For more than a decade, OpenText technology has been at the heart of the fintech company’s student loan platform. Powered by digital workflow automation from OpenText, the platform streamlines key business processes for student loan servicers.
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With Documentum acting as the enterprise content management engine for the student loan servicing platform, the company can apply strict governance and audit controls to vast quantities of lending-related documents.
“We chose Documentum to underpin our platform because it is versatile, scalable, and secure,” the spokesperson explained. “With the OpenText solution, we can shape highly automated digital workflows that help our clients to manage lending documentation and communicate effectively with their borrowers.”
The spokesperson added, “One of the reasons that Documentum continues to be the right choice for us is the fact that OpenText is committed to developing and enhancing the platform. For example, we now make extensive use of a Documentum development framework that helps us rapidly deploy new case-management apps for our clients.”
Today, the fintech uses Documentum to automate document management processes for loan servicers across the country. Clients send student loan documents to the platform as digital documents or raw image files. The solution automatically processes these files and routes them to the appropriate departments for processing.
The spokesperson commented, “We have created dynamic forms in Documentum to help our clients accelerate their document processing activities. For example, if the solution identifies a document as a photo of a driving license, it displays the image next to digital forms including the holder’s name, address, and date of birth. Once the servicing team has entered the necessary data from the photo into the forms, the solution advances the case to the next stage. For our clients, this approach streamlines these business processes dramatically.”
Over the years, the company has found OpenText Professional Services to be a valuable, trusted partner.
“Of all the technology vendors I have worked with, OpenText Professional Services offers the best customer service by far,” confirmed the spokesperson. “The OpenText team is always ready to jump in and help us when we need it—from tracking down performance issues to finding better ways to improve and scale our services. Because we have been working together for so long, OpenText has excellent knowledge of our systems. For me, the peace of mind we get from working with an expert partner like OpenText Professional Services is priceless.”
With Documentum as the rock-solid foundation for our student loan servicing platform, we’re in a strong position to bring even more clients on board in the years ahead.
As it continues to grow its loan servicing technology business, the fintech company relies on its OpenText solutions to securely and reliably process documents on its clients’ behalf—24 hours a day, seven days a week.
The company offers its student loan servicing platform as a managed service, hosted in the private cloud. Straightforward scalability and robust security capabilities enable the fintech to grow its student loan servicing business rapidly.
“With Documentum, we can provision isolated document management repositories for each new client that share the same underlying infrastructure, which means we can scale out very quickly without compromising on information security,” explained the spokesperson.
“For servicing companies, we offer a compelling value proposition: let us handle the technology, while you focus on customer service. Over the last three years, we’ve grown our servicing business by 300%. Our OpenText solutions have played an important part in that success.”
Student loan servicers have the option to either retain copies of key documents themselves or to leverage long-term archiving services via the company’s platform.
The spokesperson elaborated, “We see document retention as an important area where we can add value. That’s because large servicers receive thousands of documents a day, which must be processed, categorized, and retained in accordance with regulatory requirements. Many of our clients want to avoid the cost, complexity, and risk of handling document retention themselves. We now archive millions of documents in our Documentum platform—a testament to the scalability of the solution.”
The fintech plans to continue its fast-paced growth while enhancing its student loan servicing platform. To support these goals, the company is exploring ways to leverage OpenText solutions to enhance its customer communications management (CCM) capabilities.
“We currently use multiple CCM systems, including some legacy and custom-developed tools,” said the spokesperson. “By working with OpenText to consolidate these solutions, we could offer our clients deeper insight into recent communications—helping them to deliver faster and more personalized services when borrowers call the contact center.”
The spokesperson concluded, “Through our partnership with OpenText, we’re rapidly growing our student loan servicing technology business. With Documentum as the rock-solid foundation for our student loan servicing platform, we’re in a strong position to bring even more clients on board in the years ahead.”