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More Loans Processed Faster
Based in Germany, VR Leasing Group is a member of FinanzVerbund, a cooperative association of financial solutions providers that serves small and medium-sized businesses in Europe. The company has close to 3,000 employees, 7 billion Euros in total assets and more than 500,000 contracts.
The group is considered a financing specialist by its sales and cooperation partners. Services cover the entire spectrum of sales and investment funding—from leasing and loans to purchase financing and factoring.
A heterogeneous IT landscape made it difficult to standardize or automate sales processes at VR Leasing. Loan application processing was particularly slow. That's because each disparate application in the process had its own address list, and data had to be entered manually and then verified. Adding to the inefficiency was an overlap in functionality between systems.
The company now seamlessly connects disparate systems with a central address administration application in SAP. It will add a Business Process Management Suite to create faster and more agile business processes.
Benefits of the solution that will incorporate BPM include:
- Faster decision-making, which improves customer and sales partner satisfaction
- Six times greater automation in processing loan applications
- Information across applications now consistent and up-to-date
Based on the motto "We finance what you do," VR Leasing has become a leading financial solutions provider in Europe. To ensure sustainable success, the company now relies on standardized, automated business processes using BPM and high-performance online tools.
Over time, the company's IT landscape had become heterogeneous, which is common in the financial sector. This disparity posed challenges, for example, when processing customer loans. That process starts when a loan application is submitted to a sales partner and ends with approval by VR Leasing.
It took an excessive effort to test and maintain application functions and interfaces that carried out similar tasks. The same was true for assuring the quality of master address data since data was not exchanged automatically between disparate applications.
Moreover, as part of the decision process, VR Leasing employees had to manually verify and add information provided by an external partner to locally stored address data. Only then could applications be scored and the process completed. This prolonged the decision-making process even more—by hours and even days outside of VR Leasing's usual office hours, explained Helmut Wißmann, Director of IT Governance.
Thus, VR Leasing set out to find a solution that would decouple business functionality from technology and progressively pave the way to optimized business processes using a Business Process Management Suite.
The project has significantly reduced manual work to assure quality control of address data. In fact, 60 to 80 percent of addresses are now verified automatically when processing a new loan. Before, only 10 percent was verified automatically.
The company looks forward to even greater benefits when using Business Process Management more fully.
About the Author
SoftwareAG's webMethods OneData is a Master Data Management (MDM) solution that reconciles, cleanses and synchronizes enterprise master data on customers, products, suppliers—whatever category you choose & webMethods Business Events is the complete Complex Event Processing (CEP) product that provides a holistic picture of what's happening in real-time across your business.