Evolution Funding choose BONAFiDEE as a key software partner to deploy e-signature in an intermediated customer journey.
Evolution Funding, the UK’s leading motor finance and technology provider, chose BONAFiDEE as a key software partner to deploy e-signature in an intermediated customer journey. Already familiar with BONAFiDEE’s well-established name through some of their lenders, BONAFiDEE was chosen for their reliable, solutions-based approach.
Evolution Funding specialises in providing finance products to customers looking to fund their motor purchase via one of over 4000+ approved dealer partners and groups across the UK. However, the need for digitisation in the market coupled with the more recent Covid-19 pandemic has accelerated their need for safe, secure distance selling.
The Challenge
Evolution Funding’s customer onboarding journey was almost entirely paper-based, creating a cumbersome experience which required lots of manual process for both the customer and for them. The paper-based process also meant they were experiencing document errors, leading to re-work. All of which were the opposite of their vision for the business, as well as their goal to digitise the entire motor finance journey.
A large panel of lenders had also started using a number of different e-signature providers meaning that the resulting operational and development costs just didn’t make economic sense. Evolution wanted to package a more ‘generic’ e-signature journey to retain control of the signing experience whilst streamlining the customer journey.
Solution
Even though Evolution had hands on experience with many e-signature solutions, Evolution turned to BONAFiDEE to improve their customer sales experience and speed up the payout process for dealers.
BONAFiDEE developed a flexible and agile API that could be tailored for each customer journey uniquely creating a more streamlined, convenient and compliant process. BONAFiDEE’s solution also meant that Evolution could gain approval (sign-off) from each lender quickly and securely.
Results
Evolution now has seven funders, from across the credit spectrum, with e-signature embedded in the customer journey. It is now possible to complete a sale, from proposal to handing over the vehicle keys, in as little as 20 minutes. With less time spent on handling paperwork or re-working errors means Evolution can focus on processing applications, leading to operational efficiencies and productivity gains.
- Proposal to payout possible in as little as 20 minutes.
- Seven diverse funders
- Secure and simple online process
- Enhanced compliance and traceability
- Reduction on document errors and hold-ups
- Faster, more efficient payouts
BONAFiDEE’s solution continues to support the scalability of the business, allowing Evolution Funding to handle higher volumes of work. Evolution Funding is the largest point-of-sale motor finance intermediary in the country and is, without a doubt, the fastest growing. BONAFiDEE have been key in supporting this growth.
"Evolution Funding have integrated the BONAFiDEE electronic signature solution into two of our customer channels – consumer credit and vehicle rentals. In addition to this, within our consumer credit operation we operate with multiple lender partners who also use the BONAFiDEE system for e-sign. As such, it is critical that our customers experience a journey that is clear, transparent and easy to use whilst at the same time providing us and our lender partners with a secure, auditable and robust process. BONAFiDEE have consistently delivered on this and in addition have made the technical development cycle responsive and quick to execute. BONAFiDEE are a key third party software partner for Evolution."
Lee Streets CEO Evolution Funding
