Platinum Auto Finance has cut turnaround time in half since introducing messaging capabilities into its funding and servicing operations, said Director of Servicing Armando Hidalgo.
“We needed a solution instead of doing email, faxes and scans,” Hidalgo said. Since implementing Lightico’s technology in April, the subprime lender has used text messaging and mobile capabilities to obtain drivers’ licenses, stipulations and disclosures. The funding process now takes closer to four days, compared with seven to ten days, he said.
On the servicing side, Platinum uses Lightico’s platform to send and receive auto-pay and ACH authorization forms, as well as loan modification forms.
“Usually when we’d send an email out, it’d take a couple of days before they’d send it back, there was really no follow up,” Hidalgo explained. Now, borrowers can send, receive and sign documents, which can be auto-populated, through a secure link via text message, he said.
Clearwater, Fla.-based Platinum is eyeing uses for messaging technology across other customer service channels, Hidalgo said. The lender is looking to integrate messaging and video chat capabilities two years down the road, he added.