Document Mangement System - An Auto Finance Company
Challenges
An auto-finance company with the niche market base for automobile sector was having challenges in customer enrolling process of individuals. They did not have enough human resources to manage the flow, neither the expertise to carry out the process.
Poor Document Audit
No proper document audit and maintenance of audit data, causing a lot of non-compliance issues as per policy.
Poor Customer Engagement
On boarding process was not done as per policy and created dissatisfied customers.
Storage of Documents
Improper and unscientific method of document storage created a lot of problems in storage and retrieval.
Lower Registrations of Mandates
Improper management of registration process resulted in lower registrations and repetition of work.
Poor Performance Measurement
Since the data was not managed properly the process was not adhered to performance measurement was an issue.
Targets Set
For the Monthly volume between 5000 to 10,000 cases
Document processing
Turn Around Time (TAT) was agreed for following processes -
- For Document Audit
- For Sending Acknowledgement
- For Dispatching to Warehouse
- For Retrieval
National Automated Clearing House (NACH) Processing
- Turn Around Time (TAT) was agreed for receiving of mandates to their submission for registration.
- 97% of NACH registration target was set.
Solution – Team deployed
4
Document Auditors
Deployed for verification and validation of authenticity of the customers document as per company’s guideline.
2
Agents
Deployed for Scanning Documents and uploading on DMS server, and dispatching document bunch for warehousing.
2
Agents
For Dispatching ‘Welcome Letter’ to the customer for confirmation.
4
Agents
For NACH processing like data entry, scanning, printing, curing, and warehousing team.
Software Developed and Deployed
The Software was implemented to maintain and determine the TAT for -
- Acknowledgement
- Dispatches from branches
- Sending Letters and other information.
- Warehousing & Logistic etc.
This gave broader attention and in detailed resolution for client’s problems.
- Barcoding to each Agreement and NACH mandate. This gave easy tracking and fast retrieval of the documents.
- Providing NACH mandate printed forms made mandate registration faster and accurate
Outcome of the Solution
- Entire end to end Document Audit and Management handled with excellent compliance standards.
- Communicating and acknowledging customer at every stage of enrollment process brought a high level of engagement, and transparency, which leads to the higher customer satisfaction.
- All the timeframe and TAT was followed accurately, which resulted in more disbursals and happy hassle-free consumers.
- NACH process managed with high efficiency of registration process resulted in maximum registrations and negligible repetition of work.
- Printed NACH mandate successfully registered at 98% success ratio on an average. This has given the highest collection of money and minimal expense to collect it.
- Every process had an administrative view from the client side, and real time reports gave them total control over the process and performance measurement.
- All the documents were stored as per RBI compliance and was available for quick retrieval as and when required for statutory audit.
Additional Initiatives
Tracking software provided to check the each and every case’s progress. And also summarised the report for all process-flow and TAT.
Certain BI initiatives taken, helped client in addressing -
- Certain cost leakages through couriers
- Also helped to manage the performances of not only their employees, but their partners and dealers as well.
In-house Quality and Training: This helped us to ensure consistent knowledge and information across the team ensuring constant high level service.
- Rewards and recognition are awarded to best performer.
- Monthly gifts and certification rewards are given to keep team highly motivated.
- Attractive Incentive structures are designed for team’s efforts and outcome.