Iron Mountain launches Digital Auto Lending solution to streamline auto loan funding process

October 8, 2024

Highlights

• Iron Mountain’s Digital Auto Lending solution, built on the company’s newly released InSight Digital Experience Platform (DXP), transforms the auto loan funding process for car financiers by leveraging automation and digitization - improving efficiency and reducing operational costs
• Digitizing and automating the financier’s workflow reduces errors as well as time and money spent on the loan funding process
• Workflow automation also improves data integrity through cross-validated processes for accurate regulatory and investor reporting

Iron Mountain is excited to announce the launch of our Digital Auto Lending solution, designed to transform the auto loan funding process for car financiers. Through faster processing and funding more accurate loans, financiers can increase profit margins and enjoy a better bank or dealer experience while effectively managing risk.

We are thrilled to offer our customers the Iron Mountain Digital Auto Lending solution, which transforms the auto loan process between the dealership and the financier. Built on our recently released Iron Mountain InSight® Digital Experience Platform (DXP), you can access, manage, govern, and monetize your physical and digital assets on a unified, automated, and secure platform. Financiers can reduce costs and improve efficiency with intelligent automation, giving them more visibility into the funding process. Better visibility leads to more informed decisions that positively impact the bottom line and customer relationships.

Auto financiers currently face high operational costs, elongated funding cycles, and increased processing errors resulting from manual handling. Iron Mountain's innovative solution addresses these challenges by providing a unified, secure platform for automating and standardizing the processing of auto loan documents and digital records.

An Iron Mountain customer, a national leader in auto financing, experienced a 70% reduction in funding time from 10 days to 3 days with InSight Intelligent Document Processing. Beyond the accelerated funding cycle time, the customer eliminated manual processes that consumed 1.75 hours per file, saving them more than $2.7 million annually.

The advanced solution integrates document ingestion, automated classification, and workflow validation to reduce the time, cost, and degree of manual intervention required to fund an auto loan. Becoming a car dealership’s bank of choice due to faster and more accurate funding positions the financier to attain additional market share. Banks that offer auto financing can outsource the receipt, scanning, and digitization of physical loan packages. Once the Digital Auto Lending solution has ingested a loan package, InSight DXP’s Intelligent Document Processing (IDP) module leverages machine learning to extract and index critical data, enabling users to review and update metadata as needed.

After data extraction, InSight DXP’s robust rules engine analyzes data in the auto finance package for compliance with the bank’s loan submission standards. Documents that do not meet these standards are routed to an exception queue for further review, reducing costs, increasing efficiency, and minimizing errors.

Saving time and costs, improving efficiency, and reducing errors with a streamlined process simplifies compliance

In Forrester's Total Economic Impact™ of Iron Mountain InSight Financial Services Spotlight, an Iron Mountain InSight customer who is a COO of a financial services firm states,

“InSight is the one master system for us. We’re in the business of making loans and handling deposits. With InSight, we have visibility into what’s going on with our portfolios. From an effectiveness and efficiency standpoint, there is definitely a gain for both customer service as well as internal review.”

Iron Mountain's solution is a testament to our company’s 70+ year reputation for securing and protecting information. By addressing the complexities of costly and inefficient legacy systems and processes, Iron Mountain offers a world-class managed service that banks and auto financiers can trust.

Additional resources

• Digital Auto Lending solution web page
• InSight DXP web page
• Total Economic Impact™ of Iron Mountain InSight