Getting a loan? Quickly? Yes, it is possible!
PROJECT AT LARGE BANK
Challenge
- Car loan sales close to 0 despite strong market position, really good product features, and competitive pricing.
- Good product + very bad process = high commission costs.
Solution
- Walk through the process and observe at GEMBA.
- Value Stream Mapping to identify the bottlenecks focusing on building team engagement.
- Process redesign to truly meet customer needs.
- Radical simplification of loan application (~45% of fields), incl. persuading the Risk Department to work with less data but of much better quality.
- Significant process improvement achieved together with product owner and process participants
- Time to Yes for 75% of Customers in 30 minutes.
- Time to Cash for 75% of Customers in 30 minutes.
Results
- STABLE TOP 10 IN THE CAR LOAN MARKET (INCLUDING THE AUTOMOTIVE BANKS!)
- >20% AVERAGE COMMISSION COSTS DECREASE
- CAR SELLERS STARTED QUEUING TO SELL BANK CAR LOANS
CLIENT REVIEWS
- I couldn’t believe it was possible to simplify the loan application so much. When we had tried ourselves we ended nowhere.
- Finally car dealers like to sell our product, because we have the simplest and fastest process on the market.
- End-customer at Dealer:
„Coffee, no thank you. I am in a hurry. Please call me when you have credit decision.”
***
„What? Just in twenty minutes you will know if I get the loan? Well, could I have a coffee then? I will wait with pleasure.”
