Marsh Finance chooses BONAFiDEE’s digital engagement solutions to deliver first-class customer experience.
Marsh Finance, a leading lender within the near prime car finance market, has partnered with BONAFiDEE to digitally transform their processes resulting in a first-class customer experience.
Marsh Finance provide motor finance solutions for car dealerships, brokers and manufacturers, working with some of the largest motor dealer groups in the country. To enhance and strengthen their customer relationships, they approached award-winning BONAFiDEE to integrate their advanced e-signature and digital engagement solutions seamlessly into their customer journey.
The Challenge
Marsh Finance’s procedures were antiquated in proposition and improving the customer journey was key. Their processes were entirely paper driven and trends in the industry meant they had to quickly adapt and shift to a fully automated system. Marsh didn’t have e-sign and relied on paper printouts and copies of driving licences for ID verification. Changes had to be made to not only improve their customer journey and reduce admin errors but to also build a fully automated process that was secure, efficient and quick. The process was to consist of three main parts. Firstly, to be able to conduct soft searches, secondly to incorporate e-signature and thirdly to enable open banking. Marsh needed to digitally engage with their customers with access to real time data to make accurate lending decisions whilst mitigating the risk of fraud.
Solution
BONAFiDEE completely transformed Marsh’s customer online experience by developing a flexible and agile API that could be tailored for each customer journey. BONAFiDEE;’s advanced e-signature solution was incorporated into their new fully automated process MAUS (Marsh Automated Underwriting System) enabling customers to execute contracts from any web-enabled device whenever and wherever they liked.
BONAFiDEE’s Visual Biometric Checks removed the need for Marsh Finance to undertake additional manual verification streamlining the process considerably. In one digital engagement, Marsh could now compare a real time image with an ID document to verify the identification of an individual. This not only created a better user experience but gives March Finance peace of mind that they are satisfying their KYC/AML requirements.
Results
Simple to use, entirely paperless, secure, compliant, more efficient and more convenient, BONAFiDEE has assisted in completely transforming Marsh’s business operations. E-sign penetration has now increased from 30% to 85% meaning less customer abandonment, improved customer relations and an increase in productivity gains.
Their decision to digitally transform their processes has resulted in Marsh Finance now being one of the most forward-thinking businesses in their field giving them competitive advantage by offering a faster, more convenient signing method for their users. Partnering with BONAFiDEE has allowed Marsh to adapt and be more flexible as the industry changes now and in the future.
- Improved customer experience and reduced abandonment
- Secure, efficient and quick processing
- Accelerated customer due diligence checks
- Enhanced digital authentication for KYC/AML requirements
- Captured documents included in tamper-proof evidence pack
"We at Marsh Finance, have formed a strong partnership with BONAFiDEE and have been really impressed with their speed and innovation during the integration process into our MAUS (Marsh Automated Underwriting System). The improvement in the customer and introducer e-sign journey around the Visual Biometric checks has been tangible for all parties, seeing our e-sign penetration increase from 30% up to 85%. This in itself ensures Marsh provide speed, increased accuracy and higher efficiencies right across the customer journey, making us easier to do business with."
Andy McMorine Head of Field Sales Marsh Finance Ltd
