Challenge: A cumbersome loan approval process was too slow to meet the needs of this Midwestern bank’s preferred auto dealers and their customers. The bank received auto loan applications directly from car dealers by fax for review. A dealer would fax the two-page application with cover sheet to the bank, and a loan specialist would review the application for critical field completion and signature. Upon successful review, a data entry operator would key the data directly into the bank’s system. The process from review through data entry took 35 minutes — not fast enough for the car dealers. The bank needed a way to speed the process for its client dealers.

Solution: In 2002, this bank outsourced its auto loan data capture process to TDEC, which agreed to process loan applications in 15 minutes or less — daily except Sunday — and maintain a 98% accuracy rate on a field-level basis. TDEC received the faxed applications through one of two T-1 lines, then reviewed, keyed, and indexed the faxed images within the bank’s system. As the bank’s auto loan program evolved and technologies changed, TDEC adapted its processes to meet the bank’s needs.

Results: Across the engagement, TDEC has processed over 3 million applications for this bank. Average processing time per batch (comprised of multiple applications) is 6 minutes — easily surpassing the 15-minute turnaround requirement per application.