The continued proliferation of eContracting was a hot topic at the 2017 Auto Finance Summit in Las Vegas. This was my third consecutive year representing eOriginal at the event and I instantly noticed that conversations surrounding digital momentum, eContracting and electronic assets have increased in frequency, making it clear that transitioning from paper is not a matter of if, but when, for the industry.
Vehicle finance leaders that have transitioned to eContracting are experiencing incredible returns, including improved customer satisfaction, speed to funding and reduced costs for shipping and storage. Additionally, the digital financial ecosystem has expanded dramatically enabling the ability to start digital and stay digital.
For companies that have yet to move to a digital instance, the positive impact of an eContracting solution is validated and there is an abundance of information and partners available to ease the transition.
Streamlining eContracting Processes
In the exhibit hall we were side-by-side with our partner, Carleton, a leading provider of compliant loan calculation and document generation software solutions.
Our joint solution for loan origination systems (LOS) streamlines the loan closing process and speeds funding cycles through fully digital record transfers and securitizations– that integrates CarletonCalcs, CarletonDocs and eoriginal’s eAsset® Management platform. Referencing the joint solution, eOriginal’s President Stephen Bisbee noted, “LOS providers utilizing the Carleton and eOriginal integration will empower lenders to better address regulatory compliance and optimize lenders’ flexibility to move assets on to the secondary market.”
Enacting Operational Changes
Carleton’s Director of Client and Channel Engagement Pete Radike jokingly mentioned knowing some people in the industry for 10, 20 and even 30+ years, which reminded me what a close-knit group it is in the auto finance sector.
Change is difficult, especially when it involves operational processes that are core to a business or industry. There’s no doubt that auto finance processes are going digital, and that companies that don’t shift away from paper will be left behind. From the dealership to the lenders to securitization—all players involved in the process benefit greatly from enacting digital processes and an eContracting solution.
Until Next Time, Vegas
Typically, I look forward to the bright lights of The Strip to welcome me to Sin City. However, this year, Mandalay Bay’s #VegasStrong sign, referencing the October 1 tragedy, is what will stand out in my mind. It was clear during my visit that the tourist town was emphasizing strength and resilience more so than its typical “What Happens in Vegas, Stays in Vegas” angle.
Similar to the strength and resilience of Vegas, the strength of the digital transaction ecosystem in vehicle finance can’t be ignored. If you would like to learn more about the benefits of eContracting, please review our latest Westlake Financial Services Client Success Story.