With Argyle, Regional Finance automated verification of income and employment (VOIE), significantly boosting operational efficiency and the borrower experience
Established in 1987, Regional Finance is committed to providing accessible personal lending that goes beyond traditional credit scores. With more than 340 branches across 19 states (and counting), Regional Finance empowers its customers with better financial options tailored to their unique needs and situations. In other words, the organization is a lifeline for underserved borrowers across the country.
Challenge
Before Argyle, Regional Finance performed all income and employment verifications by hand—a common process in lending. That means, borrowers have to scan and submit their paystubs and other income and employment documentation via email or in person, which Regional Finance’s staff then reviews manually to calculate borrowers’ income.
Recognizing the opportunity to elevate the borrower experience, Regional Finance sought to automate the verification process for a significant subset of applicants, so branch associates could focus on addressing borrowers’ financial needs instead of administrative work.
Solution
Largely drawn by Argyle’s extensive coverage network, industry-leading conversion rate, and exceptional customer service during the sales and implementation process, Regional Finance turned to Argyle’s Income & Employment Verification solution.
With Argyle’s direct connections to borrowers’ income and employment data, Regional Finance is now able to offer a faster, easier, and largely automated VOIE process for many borrowers, eliminating the need for manual documentation collection and review, and freeing up Regional Finance’s resources for more high-impact work.
Notably, Argyle’s hands-on customer service continues post implementation. According to Chris Martin, Regional Finance’s head of digital product, Argyle works closely with his team to identify ways to innovate and improve Regional Finance’s processes. And together, they regularly reviewed funnel reports to continuously optimize conversion.
In the end, working with Argyle has resulted in a better VOIE experience for both Regional Finance and borrowers alike.
Outcome
Reduced application processing time by 10 to 15 minutes
With Argyle, Regional Finance automates VOIE for 8,000 to 9,000 accounts each month, saving 10 to 15 minutes per application in the process.
Less risk exposure
Argyle reduces the chances of income calculation errors, improving compliance and facilitating more accurate credit decisions.
Impressive initial conversion rate
Within a few months, Regional Finance saw 30% of invited borrowers using Argyle for VOIE, ultimately improving the borrower experience.
“In the wider world of open banking, consumers clearly prefer solutions that let them control who gets to access their data. Argyle taps into this need with its consumer-centric approach, making it easier for lenders like Regional Finance to automate the verification process, validate the data quickly, and, ultimately, make life easier for borrowers. It’s truly been a great strategic partnership for us.”
