Automating application processes and ensuring reliability
- A single platform replaces three
- Application processing time now halved, from 40 minutes to about 10-20 minutes
- Agent capacity for applications increased 3-5x since Go Live
Driva is an online car loan marketplace that uses a custom fintech solution to pair customers with a pool of lenders, from one location in a matter of seconds, with only one credit check enquiry.
The idea was inspired by co-Founder, Scott Montarello, who went through the painful process of trying to purchase a car through a dealership. This experience led to the discovery of separate enquiries on Scott’s credit file for lenders he wasn’t eligible for, lowering his credit score and resulting in a poor customer experience. But also an opportunity.
Scott, partnering with Will Brown, launched Driva in 2020. Drawing similarities with online platforms such as Canstar, Finder, iSelect, and Compare the Market, Driva’s difference comes from offering instant pre-approved individual loan rates for each user from a pool of over 30 lenders.
As Driva began to grow and acquire more customers, it needed a solution that managed the customer lifecycle end-to-end. They also wanted the Driva team to have visibility in a single source and drive efficiencies in managing applications.
Resonant Cloud Solutions was selected as a Salesforce Partner to implement and configure Salesforce Service Cloud, to facilitate this growth trajectory and alleviate growing pains, replacing ZenDesk and automating manual processes for finance application processing.
A single platform replaces three.
Driva needed a system that streamlined the process of creating quotes and processing applications; while also addressing customer application issues/queries arising from support cases. Service Cloud was a natural fit given Driva’s requirements for how they wanted to communicate with a customer, escalate applications, and have the ability to have individual and shared ownership of applications.
The existing process included agents jumping between different systems for each application. Data was housed in Driva’s custom system, and emails were sent from ZenDesk or ActiveCampaign, meaning there was no single source for a complete view of the customer.
Additionally, centralising all the data and engagement in a single platform resulted in greater visibility over agent tracking and reporting. This helps Scott and Will understand the business’s current position, and ultimately steer the business to drive system optimisation and efficiency, grow the team, and onboard people faster.
A bespoke solution, increasing 5x what an agent can handle – time for application, probably halved.
Key factors driving the decision to select Resonant as Driva’s implementation partner included:
- Resonant, a certified Salesforce Partner, had extensive experience in the fintech and financial services industry;
- General discussions with Resonant Cloud early on showed they knew what they were talking about.
Matt Sutton, director and founder of Resonant Cloud, was able to quickly understand the scope and the business, and also (Driva) being a small business didn’t require an expensive roll-out, thus, creating a bespoke and sensible solution that met the mark.
“The general discussions early on with Matt showed us he knew what he was talking about, and it was that common-sense approach,” said Scott Montarello. “It wasn’t burdened down in processes and a long documented proposal which we got from a couple of more expensive providers.”
“We didn’t need a big expensive solution,” Scott said. “The cost was reasonable and it was sensible in that there was a staged rollout as well.”
minutes is now taking around 10 to 20 minutes.
Automation that does the heavy lifting.
Along with the Service Cloud implementation, Resonant introduced automation which ‘pushed’ applications to agents when they need to be chased. It gave agents an easy way to see which applications had been sitting the longest without updates from the customer. Information such as supporting documentation like payslips and bank statements that were missing would be flagged for follow-up.
“The automation that we created removed manual work and does a lot of heavy lifting”, Carolynn Duthie, Salesforce Consultant at Resonant said. “We now send out automatic reminders to customers via SMS and email to remind them we need the information, and to help drive conversion at the back-end”.
“We also introduced the ability to flag cases to be chased every 24 hours, rather than requiring agents to review individual cases to see where they are at.”
“There is a lot of automation (controlled via flows) to ensure agents work on the right applications at the right time,” Carolynn said.
Increasing efficiencies increases conversions.
Driva acknowledged that these increased efficiencies were paramount to getting to a customer within a day instead of two days as the conversion rate is significantly higher.
Driva has two conversion points, customers at the front-end seeing their quotes, and filling out the form, and conversion at the back-end, which is completing the finance application and purchasing a car.