Implementing Collections System for Canada’s leading online lender, Spring Financial
Spring Financial is a leading financial technology company that provides all Canadians with simplified money solutions to help build credit, save money, and borrow responsibly. Its industry-leading product set—including signature credit-building products and personal lending has allowed hundreds of thousands of Canadians to access financing online, via text, or over the phone – all from the comfort of their home.
Since its launch in 2014, Spring Financial has become one of the largest fintech companies in Canada, with over a million applicants and 250,000 product originations.
Creating a Streamlined Collections Solution
Spring uses a Salesforce-based loan servicing solution to drive its consumer loan operation. As the number of customers grew, Spring reached a crossroads. To provide its customers with a superior service experience and more flexibility in collection cure options while ensuring lower delinquency rates at the institution, it needed a modern loan collections system to augment its existing loan servicing software.
Delivering on Time and Within Budget
After evaluating various options, Spring chose Finexus’s offering, FX Collections, to implement its loan collections system project. Finexus moved immediately to document Spring’s business requirements and then implemented the system within the time frame, with three primary project goals driving progress:
- Work as a single-point solution for all loan collection activities
- Flexibility to easily add new lending products to support growth goals
- Plug-and-play real-time integration with Spring’s loan servicing solution.
The project was completed on time and within budget, enabling Spring to continue delivering a superior customer-friendly experience while maintaining its best-of-breed position as an online consumer lender in Canada.
Finexus Inc. offers Salesforce-based lending management solutions that help lenders streamline operations, improve efficiency, and enhance customer experience.
A Platform for All Collections Processes and Workflows
All the collections cure actions, approval processes, related loan actions, and integrations are consolidated onto a single, Salesforce-based platform to enable a scalable loan collection solution throughout the organization. Spring is now able to offer more customer-friendly collection actions to its customers. With automated communications, dialer integration, and strategy-based collector assignment, Spring can streamline collections function, improving overall organizational efficiency and decreasing average loan delinquency rates.
FX Collections improves collections management for all sizes of financial institutions
Contact us today to learn more about how we can help your organization achieve its collections management objectives.
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