Centric

Situation:

A well known financial lending business partnered with Centric Consulting to assist them in developing the strategy and operating model for their online payday lending business channel.

Vision:

Develop a scalable and cost effective operating model and market strategy to support significant (5x to 10x) growth in their online business channel.

Solution:

Centric worked closely with the client to complete a competitive benchmark of key competitors and other online financial and insurance operations , an overall market opportunity analysis, and an operational assessment of the current business processes. Based on the findings, Centric built an operating vision and model for supporting the potential growth of the online business. The operating model included establishment of a core process model to support lead acquisition, processing, loan servicing, and debt collection. In support of business growth within the operating model’s core processes, key opportunities were initiated which included a redesign of the online website, an insourcing/outsourcing strategy, a future organization model, and an application architecture. The application architecture included assessment of CRM, BPM and loan processing technology solutions to support online business model. Upon the completion of the operating model and strategy, Centric assisted the client in implementing the first wave of changes to support their initial growth targets.

Result:

The assessment and development of the operating model and strategy is complete and the rollout plan is established. Projects are currently underway to put in place the infrastructure and business processes to support their future online business strategy. The initiative is viewed as very successful and will enable the client to reach its yearly growth objectives.