Custom loan management software provides respected industry player with significant time and cost savings as well as double digit customer growth.
Estone is a family-run Home Collected Credit Company that has 18 years’ experience in lending to consumers with cash loans. Set up to provide a fairer service to customers, Estone enjoys an excellent reputation among its customers and the credit industry as a whole.
Estone had been using an off-the-shelf home credit software for several years but had grown increasingly frustrated that it wasn’t suited to the way that they work.
The team at Estone had considered asking for adaptations but dismissed the idea as any changes made would be available for everyone using the software, including competitors.
The firm’s efficiency was also ‘taking a hit’. A confusing tangle of additional software and systems was needed to provide functionality that the core system didn’t offer. All this ‘chopping and changing’ from one system to another was taking up a lot of staff time.
Usage costs were also a pain-point. The software’s per-agent-per-month pricing model was costing the company a five figure sum per year.
These deficiencies prompted Estone to look for alternatives. Another off-the-shelf system was briefly considered but dismissed due to concerns that the firm behind it didn’t have sufficient resources to keep it up to date.
With off-the-shelf off-the-table, the team at Estone decided custom software was the way to go. Having read reviews of software companies in the region and met key members of the bluebox team in-person, they selected us.
We created a fully bespoke credit loan management system that allows Estone to seamlessly manage their loan process. Everything – from initial loan application, customer management, credit checks, underwriting, approval and payment collection - is now handled by the one system.
Prior to the new system’s launch in order to ensure Estone’s business continuity, we transferred 7 years’ worth & 3 million rows of data from the old system over to the new system.
Much of Estone’s work, including loan applications and payment collection, is done by staff in their homes of their customers. This home-centric working practice is at the heart of the system we have built.
Out has gone the reams of paper application documents that staff used to complete with customers. In their place has come online forms which staff and customer complete using iPads. Also gone is the need to use separate software to scan customers proof of ID and address. Instead, a quick photo taken on the iPad is uploaded direct to the system.
We’re now generating revenue, not paperwork and useless Excel spreadsheets
Being in customer houses inevitably means sometimes the staff can’t get an internet signal. We’ve designed the system so that staff can still do loan applications without an internet connection.
The new system, christened Loop, has brought with it a host of other benefits.
With the old system, office staff spent two days a week data processing. All of that manual processing is now done automatically, meaning staff can focus on more valuable tasks.
The time and effort it takes to get credit checks has been reduced dramatically. What was previously a manual task is now done automatically via an integration with the Company’s credit risk partner TransUnion.
With data processing now automated, staff have regained 40% of their working week to spend on more valuable work.
Thinking outside with Jay & Charlotte Langley
General Managers, Estone
What was fun?
The most enjoyable part for me was the sit down with Richard at the beginning where we did the original specification document. It was great to see our business through the lens of somebody else. He brought a lot of ideas that we may have never fully been able to capture with us only seeing what we see on a day-to-day basis.
What surprised you?
What we've ended up with at the end - it's gone way beyond what we expected it to be - both what it’s got currently and its potential moving forwards. It’s not just one piece of static software.
We’ve got additional development work we want to embark on. At the moment, for internal communications, all our staff have an off-the-shelf chat system on their phones. But we want to get away from having extra systems and instead centralise it within the software so that the office can go onto loop and they’ve got a chat channel to speak with individual agents and agents can reply back.
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