Orchard Credit

Taking the pain out of car finance

The digital transformation of Orchard Credit's car loans process reduced application turn around from 1 week to a few hours.

Challenge

Orchard Credit's loan application system was based on paper forms and spreadsheets for tracking and reporting. Applicants would fill in paper application forms, and then information from them would be manually typed into spreadsheets to track the application. Approvals took a long time as Orchard Credit needed to wait for paper applications to arrive from dealerships before they could process them and repayments were difficult to track as they were managed in an Excel file for each customer.

Calculated repayments options

Solution

The end result was a platform that consisted of 3 portals:

A front-facing website where consumers and businesses could complete and track an online application.

A dealership portal so dealerships could apply on behalf of their customers and manage all their applications.

An administration portal for Orchard Credit staff to process applications according to business rules, and track repayments

Vehicle details

Result

Time to turn around a direct loan application was reduced from 5 days to 3 hours, and a dealer application from 8 days to 1 day, resulting in much higher customer satisfaction. This includes waiting time for approval from banks. Time spent on individual applications with waiting time excluded went from 3 hours to 35 minutes. Management time spent on producing reports went from 30 hours per month to an instantaneous live view of key metrics on the dashboard.

Onboarding process

The process was reduced from 5 days to 3hrs

Loan calculator

FinTech car financing