Revamping the auto loan servicing market: Harnessing EarlyResolution for a smoother customer experience

Jul 7, 2023 by Hunter Stair



In brief

  • In an era of digital transformation, Luxoft’s Lending Product Lead, Hunter Stair, explains how EarlyResolution, an SaaS tool, promises a seamless, customer-focused approach to revamping the auto loan industry
  • EarlyResolution bridges the tech gap in banking systems, creating a unified platform to enhance efficiency and provide an unparalleled customer experience
  • Highlighting the importance of self-service in 2023, the tool presents user-friendly, AI-backed solutions for customers to navigate their financial needs


In a landscape punctuated by fast-paced digital evolution, the auto loan industry is steering its way through a multitude of transformations. Yet, amid this flux, one constant remains: The future of the industry hinges on enhancing the customer experience. This principle is at the heart of EarlyResolution, a Software as-a-Service (SaaS) tool designed to transform loan servicing, setting a new industry standard, and helping banks meet their customers where they are. 


Navigating changing customer expectations


The present reality reveals a seismic shift in customer expectations. Today's modern customer engages with their bank through a digital channel around 3-4 times per month, making physical branches seem increasingly obsolete. More than ever, customers crave a seamless, digital-first experience. This digital preference necessitates innovative, customer-focused solutions in the auto loan servicing space. Enter EarlyResolution. 


Bridging the gap: Introducing EarlyResolution


Designed to assist all types of loans, from auto loans to credit cards to mortgages, EarlyResolution is purpose-built to help servicers meet regulatory, credit risk, and investor compliance requirements while markedly improving the borrower experience. It introduces an era where streamlined, customer-centric approaches are the norm, rather than the exception. 

EarlyResolution offers a comprehensive toolset for default management, covering the entire process from initial contact through underwriting and settlement. It integrates collections, workflow management, underwriting and decisioning, and dedicated borrower portals, streamlining operations and making life easier for both servicers and customers. 


Breaking down silos: The power of integration


One of the greatest challenges banks face in their modernization journey is dealing with a multitude of systems that do not interact seamlessly. It's not uncommon for staff to juggle between 8-9 different pieces of tech - a fragmented approach that's ripe for errors and inconsistencies. This can lead to customer frustration, tarnishing the reputation of the bank. EarlyResolution tackles this issue head-on, orchestrating disparate systems into a unified platform, enhancing efficiency, and eliminating potential customer service missteps. 

In the face of regulatory pressure and ever-increasing expectations from customers, banks are looking for solutions that ensure consistency and accuracy. EarlyResolution marries multiple systems into one, providing a single version of the truth that auditors can easily follow. 


Driving customer satisfaction: EarlyResolution’s self-service tools


Understanding that in 2023, customers prefer self-service over lengthy phone conversations, EarlyResolution brings a slew of customer-facing tools. From self-service portals to advanced AI chatbots, it enables customers to access services on their own terms. By answering a few simple questions, they can seek help, negotiate a payment plan or even arrange a payment holiday. This reduces the pressure on call centers and equips banks to provide superior service, cultivating a satisfied and loyal customer base. 


The future of auto loan servicing: A forward-looking mission


EarlyResolution's effectiveness is evidenced in its 15-year history of driving tangible results at client firms. It stands as a market leader, consistently outperforming competitors. By providing a platform that integrates all major systems of record and industry third parties, EarlyResolution offers an unparalleled, user-friendly experience. 

Looking to revamp your auto loan servicing experience? Get in touch today to explore how EarlyResolution can elevate your bank's performance and customer satisfaction. 


Hunter Stair , Lending Solutions Lead

Hunter Stair author linkedin

Lending Solutions Lead

As product lead for the global Luxoft lending product suite, Hunter blends market and business trends with technology innovation to help both servicers and investors better manage their borrowers. He has over 20 years’ hybrid experience in consulting, product management, sales and technical development.