Outsourcing certain back-office processes can give auto lenders a considerable edge. However, not all service providers are made equal. When looking externally for bankruptcy process management support, it's essential to find a servicing partner that understands the operational and compliance challenges associated with the bankruptcy system. Here's what to look for:
1. Experience and Track Record
Years in Service: An established provider, like AIS, that boasts over 20 years of experience, can provide you the assurance of a tried and tested partnership.
2. Comprehensive Service Offerings
Wide-Ranging Services: A provider should be well-versed in end-to-end servicing—from notification of new filings to court document preparation and filing to legal support and post-bankruptcy- services.
3. Technological Capabilities
Automation: Modern service providers should leverage bankruptcy servicing technology to enhance their offerings. By developing RPA and workflow automation tools, AIS has significantly increased efficiencies with account onboarding, proof of claim filing, litigation management and account closings.
Innovation: A forward-thinking provider will have systems that transform legacy processes, leading to better compliance controls.
4. Cost-Effective Solutions
Affordable yet Quality Service: Reducing operating costs without compromising quality is crucial. Providers like AIS blends technical automation with low-cost, high-quality labor maximize your return on investment.
Efficiency Optimization: Look for firms that not only manage tasks but also actively seek ways to optimize efficiency, giving you more bang for your buck.
5. Commitment to Compliance
Risk Mitigation: Especially in the realm of bankruptcy, mitigating risk is front and center. Ensure that the provider is equipped with tools and expertise to enhance compliance.
Quality Control: The best service providers will always prioritize quality control and compliance to adhere to client-required service levels and critical-to-quality metrics.
6. Flexibility and Adaptability
Customized Solutions: Each auto finance organization has its own unique needs. A bankruptcy servicing partner should be able to tailor its processes, procedures and performance to mirror those of the client.
Take the time to vet potential partners and ensure they align with your needs and values. Leaning on the guidance and expertise of the right bankruptcy service provider can give you peace of mind that your operations are in compliance and costs are controlled.