Customer Success Story
Specialized financial provider goes live with Solifi’s wholesale finance & originations solutions
Solifi is supporting the North American bank to reshape its Wholesale and Retail specialty lending division.
Background
The specialty lending arm of a North American bank offering specialized financing for manufacturers, was established two decades ago as a result of local manufacturers needing floorplan and retail finance. The department now services thousands of retail dealers nationwide, providing installment loans for tractors, trailers, boats, powersports, motorcycles, lawn and farm equipment.
It was essential that the bank implemented a new software solution after challenges outside of its control, providing the opportunity to streamline its operations and upgrade to software that better aligned with its targets.
Challenge
The specialty lending arm required a new software solution after disruption caused by an incumbent technology provider becoming a lender, resulting in it becoming a competitor. The bank wanted to take the chance to pledge long-term commitment to the line of business, searching for a software solution that could play a key role in the growth and operational maturation of the business. A scalable, configurable solution that could meet the lending needs of the bank was critical.
Solution
The Solifi team demonstrated industry expertise and a clear product vision through a multi-faceted evaluation to assure the specialty lending arm’s stakeholder group that Solifi could deliver a high-quality product in a reasonable time frame. Solifi Wholesale Finance and Originations experts worked closely with the bank to provide the confidence to partner with Solifi on this transformative project.
Expanding the scope from wholesale finance to incorporate the benefit of originations capabilities, Solifi presented a unique value proposition. The powerful loan origination technology would assist them in reducing risk and improving customer service with end-to-end workflow management, giving them added functionality that would facilitate its long-term goals.
Results
The value-added commercial teaching and deep industry knowledge proved Solifi’s commitment to becoming the right solution for the company.
Some of the features that the company now benefits from are:
- Customer self-service – Manual tasks are much quicker with dealer and supplier control. From loan onboarding to payments and dealer trades.
- Scalability – With a system that grows when the business grows, they can acquire new portfolios, introduce new product lines, or implement new products without being held back by the system.
- Workflow management – Connected end-to-end workflows to reduce risk, accelerate transactions, and improve customer service.
- Digital processing – With e-sign and e-ID integration, processing and payments are much faster, cutting down the time it takes to create, share, and approve customer documentation.
