How a Renowned Lending Entity Streamlined their Change Management Controls and Compliance Witnessing 2x Increase in Process EfficiencyCompliance Management

Faster Legal Claims Process Drives More Revenue

A leading financial lending entity that operates in 36 states, is helping underbanked and subprime consumers with short-term loans or emergency funding like online installment loans. They partnered with Provana to improve the change management controls that support their niche compliance and audit requirements, enabling business operations to run seamlessly.

Challenge

Faced with increasing regulatory requirements and operational challenges, the lender required a compliance solution that would meet the demands of regulators and deliver significant business value. Their existing internal compliance program was cumbersome and needed to have a lot of processes done manually.

Prior to using Provana’s compliance management solution, they used disparate systems like spreadsheets and shared drives for managing and tracking policies, complaints, and vendor compliance workflows. Without a centralized and automated system, for every modification they would need to download the documents, make changes, upload, and then start a new workflow followed by email trails, making the approval process inefficient and time-consuming. Without a single location to house all the complaints and disputes from multiple sources, their team found it hard to monitor that feedback and provide fast resolution.

They were looking for a unified compliance solution to address their policy and procedure management, complaints and dispute management, vendor oversight, audits, non-conformities, and seamless reporting across the organization.

Solution

Provana’s IPACS, best-in-class automated compliance management solution (CMS), helps the lender centralize policy, procedures, vendor compliance processes, complaints, and disputes integrating their siloed systems. Tailored to their specific requirements, Provana’s solution has brought flexibility and ease of use with notable improvements.

Utilizing IPACS, they can store all the policies within the CMS for the staff to easily search and access up-to-date documents when needed. A centralized system provides continuous control over the process workflows, and automated alerts and reminders are useful to notify employees about changes in policy and procedures. Onboarding training of new agents went smoothly with a built-in learning management system (LMS). All these enhancements enable the lending entity to maintain adherence to policy and procedures and report on organizational compliance.

Provana’s fully integrated capabilities help them manage indirect disputes with alerts and improved data accuracy leading to faster resolution. With all the complaints accessible from a single location, their agents can analyze the root causes and respond quickly to customer grievances with appropriate remediation workflows.

The lender leverages Provana’s platform to improve vendor compliance workflows, from performing, and tracking vendor audits with alerts for upcoming audits and maintaining vendor oversight to onboarding new vendors.

“A lot of vendors will say they listen.” said the Director of Contact Centers at the company. “The Provana team listens to us, they hear us, and they act on what we tell them. Their product has been tailored to our needs and it’s been a great experience for our teams.”

Results

Working with Provana helped the lender streamline their internal compliance processes, reduce their manual efforts in workflow management and increase their efficiency in handling complaints without juggling multiple systems. Some of the impacts are the following:

  • Reduced approval process timing for policy management
  • Improved customer experience as agents have easier access to policies and documents, reducing Average Handle time (AHT)
  • Enhanced the complaints remediation process
  • Centralized dashboard ensured better visibility of operations and customized reporting for multiple stakeholders across the organization

2x

Increase in efficiency with policy management

Timely

Resolution of disputes and complaints

100%

Streamlined and automated management of internal compliance

Why Provana? Clean user interface. Targeted insights. Easy to Operationalize.

Chris Schumacher
Chris Schumacher
President & CEO, Optio Solutions