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The Challenge

Our client is an established online financial institution devoted to providing hardworking Americans with fair, timely access to capital.

To do this, they created a loan with non-traditional underwriting methods and a convenient, affordable repayment structure.

Potential borrowers can apply for a loan in just 5 to 10 minutes by uploading their documents to our client’s secure website, and a decision is typically made in 24 hours. Loans are approved by processors once applicants successfully provide their Personal Identifiable Information (PII).

Due to their rapid growth, our client no longer had the capacity to manage the large volume of applications being submitted. They needed a partner that had the resources available to help manage the process as well as the expertise to remain compliant with the financial industry’s strict regulations. That’s where our team at Radius Global Solutions stepped in.

financial services outsourcing

The Solution

Radius Global Solutions was chosen as this financial institution’s trusted outsourcing partner to:

 

  • Review and validate applicants’ PII data, including bank details, employment, and income details.
  • Process applications and decide an appropriate outcome, whether it be ‘Approved’ or ‘Denied.’ If more information is needed to make a decision, the applicant is emailed and asked to provide additional documentation.
  • Ensure the documents received are correct and compliant.
  • Cross-verify and validate the information from the documents with the application details.
  • Examine and process the loan applications for different types of income groups (Self Employed/Salaried/Retired).
customer service experts

The Results

Radius Global Solutions currently has 20 full-time equivalent (FTE) employees who work in our Mumbai, India office. With these employees working on staggered schedules, we are able to ensure the 24/7 service required to keep the process moving.

 

Since project inception, Radius Global Solutions has:

  • Maximized revenue generation for the client.
  • Ensured the service-level agreement (SLA) of 24 hours was met with 100% quality and accuracy.
  • Provided the flexibility needed to meet increased FTE demands on short notice.
  • Demonstrated continuous improvement in performance, leading to higher target attainment and new performance benchmarks being set.
  • Improved the overall customer service experience.