Let’s face it: managing customer delinquencies, loan extension requests, and other modifications can be unpleasant and time-consuming. Chasing customers for supporting documents and eSignatures and fielding calls — especially about sensitive financial issues — can burden employees and their managers. With Lightico’s Digital Completion platform, auto lenders can streamline and digitize loan servicing journeys. The platform allows lenders to process more borrowers in less time. Read on to learn how. Challenge: Inefficiencies and Complex Paperwork Lenders today are plagued by inefficiencies and s ..read more

Auto loan originations tends to be a cumbersome, messy process. Lenders find themselves chasing dealers or borrowers for stips and forms, resulting in wasted time and overhead costs. With Lightico’s Digital Completion platform, auto lenders can quickly and seamlessly complete the customer-facing originations process. Challenge: Slow Loan Originations Processes Slow loan originations processes are a pain — and costly. Lenders waste time chasing borrowers and dealer for missing documents and signatures. Most consumers do not carry proofs and stipulated documents with them, which delays the time ..read more

Financial institutions are currently dealing with increasing borrower defaults and delinquencies due to the economic downturn. Yet many responsible consumers prefer to take a proactive approach and request a loan extension when they’ve fallen on hard times. Here, we’ll discuss how banks and auto lenders can use automated workflows to streamline and expedite the loan extension request process. The Problem With a Choppy Loan Extension Process Consumers who proactively request a loan extension should be rewarded with a low-effort, seamless process. Instead of forcing the lender to chase delinquen ..read more

High inflation and interest rate hikes mean it’s only a matter of time before financial institutions can expect to see an influx of loan modification and deferment requests. As months of financial pressure will accumulate, it’s inevitable that more Americans will seek relief. If that’s the case, banks, credit unions, and auto lenders will want to do everything in their power to ensure speedy, seamless loan modification requests. The Peril of Cumbersome Loan Modification Processes Financial institutions need to gear up for a potential flood of loan modification requests. Clumsy and manual proce ..read more

eSignatures play a mission-critical role in the lifecycle of an auto lender. It’s the essential consent that allows loan applications, modifications, and collections actions to take place in an efficient manner. Here, we’ll take a look at how the auto finance industry can harness eSignatures to enable instant customer consent from any location. eSignatures Are Indispensable for Auto Lenders Given how much time auto lenders spend collecting customer documents and forms, as well as underwriting and presenting approvals, every minute counts. And the best way of ensuring speedy turnaround times f ..read more

Do you need to create a form that is based on certain criteria? If so, then conditional logic is the answer. With conditional logic, you can create online forms that are easy to use and understand. There are a few different ways that you can create conditional logic. In this guide, we will show you how to use the IF and THEN functions in Excel. We will also provide tips for using conditional logic in your forms! IF and THEN Functions in Excel The IF and THEN functions are two of the most popular functions in Excel. They can be used to create, smart forms, or conditional logic in your forms. Th ..read more

What is Conditional Logic? How fast does your business need to turn around a customer’s request? In the old world of physical paperwork, it was considered the best practice to only include pages that are relevant to the customer. Conditional logic applies this same reasoning to electronic forms. By using conditional logic in your eforms, you can speed up the process by hiding irrelevant fields and only displaying the ones that are necessary. This will improve the user experience and make it easier for your customers to fill out your forms. The different types of Conditional Logic available in ..read more

If you’re in the market for a new car, you know that getting a loan can be a pain. You have to go from bank to bank, filling out application after application, just to see if you even qualify for a loan. Then, if you do qualify, you have to go through the entire process again with each bank. Thankfully, technology has made the auto loan process much easier. eForm tools allow lenders to prequalify borrowers online, and online auto loan applications make it easy for borrowers to apply for loans from the comfort of their own homes. So whether you’re looking for a new or used car, make sure to che ..read more

Innovation is about more than technology. It’s about culture and practices that help propel our entire industries forward. The auto finance industry has been blessed with the contributions and efforts of innovative leaders helping to drive digital transformation and benefits that will be reaped by lenders and their customers. Recently Lightico and our partners Auto Fin Journal were delighted to announce the first-ever Auto Finance Innovators Top 100 list. Today we’re excited to unveil the winners of the 2021 Auto Finance Innovator Awards! Our judges have announced the category winners who have ..read more

Like filing a claim for a P&C policy type, motor claims require specialized forms to be filled out. But many insurance companies still rely on clunky paper forms or only slightly-improved PDF forms during the claims process. As a result, carriers struggle with long turnaround times, customer frustration, and wasted resources. On the other hand, next-generation eForms can eliminate these issues thanks to their mobile-friendly format and automated functionalities. Here, we’ll discuss the characteristics of next-generation eForms for car insurance companies, and how to use them.  Key Functio ..read more