AR Finance provides consumer credit to around 280 clients. The Consumer Credit Association (CCA) member business is operated by Andrew Hunt, a consumer credit veteran with 40 years in the industry.
Cautious of computerisation, Andrew had always used CCA-approved forms for loan authorisation. This meant carrying large amounts of documentation with him on client visits.
On a typical day, Andrew would have to manage numerous vital client paper-based documents at a time, running the risk of losing or damaging vital consumer credit forms.
However, when the coronavirus pandemic struck it was clear that Andrew would no longer be able to visit clients in-person to deliver and collect the paperwork.
While wondering how he would be able to keep his business afloat, he recalled seeing an advert for a paperless document delivery application in the CCA newsletter, so using the contact details he connected with Sdx.
The Sdx solution
The Association’s CCA Digital application is powered by Sdx secure messaging technology and provides a digital wallet for all loan documents.
It allows CCA members to send clients a mobile text message with a link to the wallet, instead of having to deliver documents by hand. A customer can check the paperwork and sign it in seconds.
CCA Digital is offered on a per-wallet basis with fees including the cost of CCA documentation. There is no setup cost, and any loan customer with a computer or smartphone can use the service.
Andrew found it easy to start using CCA Digital, and so did his customers. Around 95% of them have switched to the technology. “I never looked back,” Andrew says.
“I always believed in face-to-face, but the client’s needs have changed and they don’t necessarily want that anymore. They just don’t want the paperwork.”
Moving to digital means Andrew never has to worry about losing paper documents, but more importantly it has allowed him to operate much more efficiently.
Before, he was stretched in dealing with all his clients, whereas now “if I wanted to expand to another 100 clients, I could do it simply and easily.”
But, rather than growing the business, what Andrew values is the spare time and freedom he gets with CCA Digital. As an avid golfer, he is now able to affordably have more time on the green.
And, he can do so while offering a superior service, since he can deal with loan requests remotely from anywhere, at any time—even, he says, while on holiday.
“I could get a client ring me on the golf course and say, ‘I need £1,000—is there any chance you could get it to me tomorrow?’” says Andrew. “I’ll just pull the system up… and done. It takes two minutes to prep. That’s the difference.”