Challenge:
In 2019, a pioneering UK car finance company, experiencing rapid growth in the used car loan market, partnered with FinacPlus to support their back-end payout process.
Faced with a surge in customer finance agreements requiring review and processing, the client needed a cost-efficient way to scale their operations quickly and effectively. They required skilled manpower to handle this critical business function without compromising quality or speed.
Solution:
FinacPlus understood the client’s urgent need and swiftly mobilized a team of experienced professionals with backgrounds in the loan industry from reputable banking institutions.
The initial team of seven underwent comprehensive training in the UK on the client’s specific payout process, further solidifying the partnership and fostering strong client relationships. This offshore team quickly adapted to the client’s requirements and work culture, delivering high-quality work that rapidly built trust and confidence.
As the relationship strengthened, the client entrusted FinacPlus with migrating additional processes offshore, allowing them to focus on expanding their product line.
Simultaneously, FinacPlus built a robust corporate ecosystem encompassing hiring, onboarding, induction, performance management, employee engagement, teamwork, time management, operations control, IT logistics, and system management. This comprehensive approach ensured seamless integration and operational excellence.
Impact:
The partnership has seen remarkable growth, with the team expanding from 7 to 35 resources in just five years, reflecting the migration of multiple processes. FinacPlus’s services have enabled the client to focus on strategic growth initiatives while relying on accurate and reliable back-office support.
We have helped the client achieve significant cost savings without sacrificing quality, playing a key role in supporting their critical business processes across the entire business line.
Keywords: Virtual Process Services, Car Finance, Loan Processing, Payout Process, Back-Office Support, UK Market, Used Car Loans, Scalable Solutions, Offshore Support, Finance Agreements, Loan Industry, Banking, Operational Efficiency, Cost Savings
