Byrider remains on tech push with Lightico partnership
Byrider used technology recently to upgrade the capabilities of its service department. The network of more than 150 buy-here, pay-here dealership locations also leveraged technology to enhance its collections.
While a partnership with Shopmonkey was for the service department, Byrider aligned with Lightico as its digitalization partner for front-end and back-end finance activities.
According to a news release, Byrider’s related finance company, CNAC, struggled to manage a part of its automotive account collections process efficiently. After switching to Lightico’s streamlined document request and eSignature solution, executive said CNAC saw immediate ROI, including:
• 84% of documents were returned by the customer (40% increase from previous solution)
• Turnaround time (TAT) shrank by 86%.
• TAT went from one week to less than one day
“The switch to Lightico has assisted us in lowering operating costs, improving associate productivity, and provided a more positive experience for our customers,” Byrider regional collection manager Timothy Brown said in the news release.
“With Lightico, our agents are able to focus on helping our customers at every stage of the journey in a fast and efficient way. This is key to providing a great customer experience to help them keep their accounts in good standing,” Brown continued.
Lightico’s Digital Completion Cloud is a no-code, mobile-first solution for companies that can enable completion of high-friction interactions with customers including originations and servicing.
Upon receiving the message, customers are able to sign forms and upload documents to a secure mobile (or desktop) session while on the phone with an agent.
“In 2022, it should come as no surprise that customers demand quick, easy and mobile interactions with every process they complete, including their car financing,”, at Lightico chief executive officer and co-founder Zviki Ben Ishay said. “Byrider has digitally advanced its processes significantly and the significant improvements in bottom-line results, efficiency and customer satisfaction are clear.”