Read: how one lender streamlined operations and grew their portfolio

18 February 2021 Posted by: Centrix Business Case Studies News
How one lender streamlined operations and grew their portfolio

Process automated, time saved, portfolio expanded

In finance, success comes down to balancing risk, reward and efficiency – and maintaining that balance has never been more important.

With Covid disrupting people, businesses and whole industries, lenders are turning to more reliable, more accessible data to find new ways of getting ahead.

We spoke to one national lender that found moving to Centrix gave them such an edge they needed to remain anonymous. Here’s their story.

Searching for that edge

With a new management team at the helm, the lender, serving clients and partners nationwide, were looking across the business to find gains in efficiency and profitability.

Their first big goal was to move away from their day-to-day reliance on paper. The next focus was on improving how they managed their AML/CFT requirements. While achieving both these ambitions would have delivered significant improvements in business, it wasn’t until they turned to Centrix that they uncovered true business gold – Centrix CCR data and credit reporting, which has been, in their words, transformational.

Automation and confidence enabled by Centrix CCR data

Shifting to an automated, paperless system was always on the cards for the company – it would streamline their operations, while boosting service for their partners and their customers. When the lender looked into Centrix, they learnt that Centrix thrived on innovation and their paperless office might be possible.

“We were looking to try and resolve AML/CFT regulations more easily. We thought Centrix’s SmartID would work for us, and while we were reviewing that product, we realised their credit reporting would also improve things.”

They told us that Centrix’s data was simply more comprehensive ­– the credit score gave the constant and the CCR data layered over top added the all-important customer understanding.

“Centrix gives us more confidence in the data, by being built around CCR and being NZ focussed it as enabled us to move into a stronger reliance on a credit score, rather than lender experience.

“Because of Centrix, we can use more automation, which has saved us 15 minutes per assessment”.

“We kicked all the paper out in November 2019 – and thank goodness, because when Covid hit we were all set up for it”.

Value add features transform the business and enable growth

Value adds are always welcome in any business. The lender described to us how Centrix proactively reaches out with beneficial changes and new features – one of which has dramatically changed the way the lender does business, without any change to their contract.

The Centrix Portfolio Healthcheck service have given the lender access to new, real-time data, with deeper insights that let them capitalise on customers that may not have fit the mould before – increasing reward and reducing risk.

“It also lets us capitalise on understanding our clients better by identifying who has had issues in the past, but have displayed good payment histories. With CCR you can see who’s doing ok, but also early indicators of who’s about to fall off the cliff. The net result is a healthier ledger.”

Since they began receiving our Portfolio Healthcheck they’ve seen significant business growth and have had to move premises to find space for their ever-growing team.

Service strengthens relationships

For many businesses, the strength of business partnerships can mean the difference between thriving or just surviving. This lender told us that the customer service from Centrix has been invaluable – it lets the lender deliver better support to their partner network.

Centrix “is easier to contact and more personable” – even well after they’d won the lender’s business.

“They have the exact dedication now as they did when they were trying to bring us in.”

“When we’ve had partners query a seeming discrepancy, Centrix will double-check and provide a more in-depth reason to relay back. They have a brilliant attitude. They care about the relationship they’ve built with us.”

Time, efficiency and more rewards

Your lending business can better juggle risk, reward and efficiency by working with Centrix. Save time and make smarter decisions with the confidence of knowing our team has got your back.

Talk to us about how we can help today.