This vehicle financing company believes everyone deserves the opportunity to attain loans, regardless of credit history. Ranked as one of the 100 best companies to work for by Fortune, the company has connected millions of customers with auto financing.

Network:

~15,000 dealers
Customers:

~5 million financed

Summary

Challenges

Needed to decide on customer loan applications faster while complying with stringent regulations.
Manual processes delayed thousands of monthly documents sent via mail, fax, and email.

Solution

Streamlined loan processing with automated document capture.
Leveraged expert support from OpenText™ Professional Services.
Prepared for cloud transformation.

Results

Cut loan approval time from days to hours
Saved ~$425,000 a year in resource hours
Enabled better customer journeys with AI innovation

Challenges

Thousands of pages are processed each month via mail, fax, and email
Repetitive manual document tasks increased loan processing lead time
Complex and evolving regulatory landscape

This vehicle financing company is built on the belief that everyone deserves the opportunity to finance a vehicle. Headquartered in the Midwest United States, the company is on a mission to improve the wellbeing of credit-challenged Americans by helping dealers offer customers the financing they need.

The company’s software engineering manager emphasized, “We want to be a force for good in people’s lives—from helping dealers who are struggling to keep their businesses going to enabling customers to get the vehicle they need to go to work.”

To date, the company has helped more than four million customers attain financing. Their document-intensive business handles thousands of pages monthly, making secure and efficient processing critical to their operations.

“We engage with a wide range of stakeholders, including dealers, lawyers, and customers,” continued the software engineering manager. “The financial services industry moves very rapidly, and we must respond quickly to evolving regulatory requirements and customer expectations.”

A key goal is to deliver the fastest possible turnaround for financing offers while also maintaining compliance with regulatory requirements. The company knew that manual processes were a significant source of friction on the customer journey and looked for a way to accelerate and streamline its content-driven workflows.

“We have a constant flow of documents coming into the business via email, mail, and fax,” explained the software engineering manager. “To enhance our efficiency, we aimed to cut document-related, repetitive manual tasks as much as we could—for example, by automatically extracting key data and bringing it into our systems of record.”

A person signing documents at a desk with an advisor

Before we started working with OpenText, it took days to approve a loan. Today, we can approve loans within as little as two hours.

Software engineering manager
Vehicle financing company

Solution

For over a decade, the company’s streamlined operations using intelligent document processing from OpenText. This integrated solution combines OpenText™ Capture with OpenText™ Fax2Mail and content management capabilities to automate repetitive tasks.

Products deployed

OpenText™ Capture

Harness AI to accelerate business with intelligent capture software
OpenText™ AppEnhancer

Digitally manage, store, and retrieve data from a centralized business content management system

Services provided

OpenText™ Professional Services

Modernize your information management with certified experts

Jumpstarting intelligent document processing with information capture

By partnering with OpenText, the company streamlines and enhances content-dependent processes. Using OpenText Capture, the company extracts information from paper and digital records and uses that information to facilitate intelligent automation workflows. The company stores the data securely in its OpenText content management system.

“We use OpenText Capture to automatically process all incoming documents across the business, from financing contracts to vendor communications,” said the software engineering manager. “OpenText Capture enables us to classify documents and extract metadata. We make this actionable data available to our line-of-business systems—helping us to drive financing applications forward.”

For many auto dealers, fax remains the preferred method of communication. To integrate fax into its digital workflows, the company uses OpenText Fax2Mail, which enables teams to send and receive faxes via email.

The software engineering manager commented, “OpenText Fax2Mail empowers us to collaborate with our dealers via their preferred communication method, without the cost and complexity of managing and maintaining our own fax infrastructure.”

Leveraging trusted expert support

From the initial implementation to the present day, the vehicle financing company considers OpenText Professional Services an invaluable resource.

“Over the years, we’ve called on OpenText Professional Services to assist us with several projects, including a recent upgrade of our OpenText Capture solution,” recalled the software engineering manager. “We are now very self-sufficient with day-to-day management; however, the ability to call on experts from OpenText Professional Services to answer specific technical questions and provide guidance on implementation best practices continues to be extremely useful.”

Preparing for cloud transformation

As it moves forward with a cloud-first transformation project, the company will take advantage of the solution’s flexibility, a major advantage in the shift to cloud.

“Across the business, we’re looking at whether it makes sense to deploy software on-premises or leverage off-the-shelf cloud apps,” the software engineering manager elaborated. “Moving our OpenText solution to the cloud will unlock many benefits, including reduced management workloads, faster access to new versions and features, and lower IT infrastructure costs.”

Smiling person hugging their car joyfully

OpenText is one of our most trusted partners, and we look forward to working together to bring game-changing AI capabilities to our business workflows.

Software engineering manager
Vehicle financing company

Results

Through its partnership with OpenText, the vehicle financing company has accelerated loan processing from days to hours and unlocked hundreds of thousands of dollars in operational cost-savings—enabling it to deliver faster, better customer services.

Approved loans faster

By leveraging information capture, AI, and process automation capabilities from OpenText, the company is driving continuous improvements to core business processes. As a result, they offer customers faster and better services.

“We are constantly communicating with our customers and dealers, and we rely on OpenText to help us streamline the back-and-forth flow of documents throughout the loan origination process,” commented the software engineering manager. “When we started working with OpenText, it took days to approve a loan. Today, we can approve loans within as little as two hours. Looking to the future, we see the potential to reduce that time down to minutes, allowing us to offer even more responsive services to our customers.”

Saved ~$425,000 a year in resource hours

As the company refines and enhances its capture capabilities and content-driven workflows, it is achieving higher levels of accuracy and automation for key process areas.

“OpenText is always innovating, and their improvements to OpenText Capture have enabled us to take more and more repetitive tasks off our people’s shoulders,” confirmed the software engineering manager. “We want to empower our teams to focus on value-added work, not manual data entry—and with intelligent document capture, we don’t have to involve them in tasks that a machine can do. This year alone, we’ve saved almost $425,000 in resource hours, and we see great potential to unlock further efficiencies with OpenText capture and intelligent document processing solutions.”

Enabled better customer journeys with AI innovation

Looking ahead, the company is preparing to deploy further enhancements to its document capture workflows. In addition to enabling customers and dealers to submit photos of documents from their smartphones, the company plans to embrace cutting-edge AI and machine learning capabilities to help its teams serve customers faster.

“We want to help our customers achieve their potential, and anything that we can do to make that loan processing journey faster is a great result for them and a big competitive advantage for our business,” concluded the software engineering manager. “OpenText is one of our most trusted partners, and we look forward to working together to bring game-changing AI capabilities to our business workflows.”

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