CASE STUDY: CONSUMER RESIDENTIAL FINANCE
Outsourcing to in-house control and visibility
Provider of long term lease rental financing alternative to dealers who sell HVAC, water heaters, and air filtration and equipment to their consumer customers.
Client Location, Areas Served
Eastern Canada serving primarily Ontario, Saskatchewan, Manitoba, Alberta, and British Columbia.
An outsourced system that handled new lease business bookings, securitization, billing, and collection activities by an external, independent financial services company.
Problems to Resolve
Bring the current outsourced system in-house to regain control of system and portfolio to support the longer term path for growth and lower operation costs. This would allow for the continued expansion of the core rental finance business while offering greatly improved dealer, customer, and funder services.
Stated Business Needs
✓ Track and manage the entire lease portfolio in-house versus outsourcing
✓ Automate the dealer origination of leases with specific data rules and parameters
✓ Integrate with the external energy company’s system for participating billing
✓ Gain real-time lease portfolio management and reporting
✓ Improve service to customers, dealers, and external funders
Ryznware™ Results and Benefits
Building off of the core equipment lease configuration, the final Ryznware™ software solution was tailored to specifically address the client’s current stated needs, specifically in the areas of dealer batch origination and integration with the external energy company’s billing (OBA) system requirements. The result was a solution that supports an overall task and workflow efficiency within a fully integrated and comprehensive lease portfolio origination, billing, tracking, accounting, and reporting system.
With a new Ryznware™ module specifically designed to manage all of the external energy company’s billing activities including OBA number administration, moves and disputes, the client maintained the critical external billing participation component of their lease rental billings so as not to compromise on the existing services previously in place. Data visibility, control and quality were greatly improved allowing the client to take first hand control of both operational and collection activities.
The cost savings alone from the elimination of high monthly outsourcing fees more than paid for the Ryznware™ software investment while providing the client with increased efficiencies and streamlined and automated functions for the new in-house system.