Captive Auto Lender slashes eContracting time in half and achieves 99% eSignature completion rate with Lightico
Challenge
Slow, Cumbersome Processes
A leading Captive auto lender* had been using their a number of eSignature solutions to complete eContracting for 16 years. But it just wasn’t enough. As a lender for premium vehicles, the company needed to provide a premium level of customer experience that exceeded the basics, and found existing processes lacking.
On the eContracting side, customer journeys with dealerships were clunky. With previous solutions, customers needed to scribble their eSignature over and over multiple pages at every section of the contract that required consent. The company was in the market for a faster, smarter, mobile-friendly eSignature solution that would support the remote signing of contracts.
On the lease assumption side, the company was still sending paper documents back and forth through the mail. This process took a brutal three weeks, and was in need of a significant digital boost.
Solution
Instant, Digital Completion & eSignatures
After considering different solutions, the captive auto lender decided to partner with Lightico. The financial services provider was immediately sold by Lightico’s Digital Completion Platform’s ease of use and customizability. With Lightico, the lender was able to complete fully compliant eContracting with dealers at unprecedented speed and scale. Unlike other providers, Lightico was flexible and able to adapt its solution to the lender’s specific needs.
With Lightico, the lender can easily complete eContracting with remote customers. It enjoys a feature called “click to sign,” which allows customers to sign once and tap their device to add the same signature to all contract sections. Customers and dealers save significant time as a result.
The captive auto lender also uses Lightico for lease assumptions, allowing call centers to forgo time-consuming snail mail and digitally transfer customers’ car lease terms.
Furthermore, the lender found Lightico could be used for more than just eSignatures. To that end, the lender harnesses supporting features such as customer consent to a session, shared review, document requests, eSignatures for multiple users, and more. Used together as part of an automated workflow, these features increase the lender’s efficiency and compliance.
“Since switching to Lightico’s Digital Completion Platform, eContracting is completed in minutes rather than days. Lightico is a truly agile and flexible company, working closely with the us as a real technology partner from implementation to support. We are also enjoying Lightico’s workflow product — it’s super simple to use, making the completion experience even more efficient for both our customers and agents.”
Tim Smith*, Customer and Digital Interface Manager
Results
Completed Loan Processes in Just 4 Minutes
The captive auto lender saw instant results after switching to Lightico, both for eContracting and lease assumptions. On the eContracting side, signing time decreased by 50%, allowing customers to get funding faster. 97% of eSignature session requests are opened, and of those, 99% are completed. The median eSignature completion time is just 4 minutes straight from their mobile phones.
The time it takes to assume a lease went from three weeks to just four days thanks to the purely digital process. 90% of lease assumption requests are opened, and of those, 83% are completed.
By adopting Lightico, the lender has significantly digitally transformed its operations — improving efficiencies without compromising on compliance. As a result, the financial services company is actively considering Lightico for expanded use cases across the organization.
*Company name and client name have been changed for privacy reasons.