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The focus for LOM then is in turning the one-off loan request specifically including a differing rate or structure into a competitive advantage by quickly being able to fulfill it. The use of automated special pricing requests applications and techniques as defined by Columbus (2003) are strong competitive tools that could be used as part of FlashQuote and BFOT overall.
FlashQuote Use Case Analysis
Identifier: FlashQuote Use Case Analysis
Name: BFOT System component that includes quoting, pricing, loan interest rates and the ability to electronically upload the loan, once approved, to the LOS.
Purpose: To more accurately and completely capture the quotes given to prospects over the telephone, the Web, and in person, the FlashQuote system is critical for creating a sustained and consistent response across all of LOM.
Overview: The FlashQuote system includes options for customizing a loan depending on its use by a client, including refinancing, valuing of properties, defining of term and rate levels, and any contingencies as well. Also included is the ability to quickly define a probable loan closing date based on the specifics of the loan.
Actors: The sales representatives; business development; prospects and customers are all actors using the system.
Categorization: The categorization of the FlashQuote system is actually multi-disciplinary as it impacts the following departments: Sales; Customer Service; Pricing; Loan Approval and Credit; Loan Fulfillment; and Underwriting.
Triggers: The most common triggering event will be when a prospect either calls a sales representative or visits the LOM web site and requests a quote.
Pre-conditions: The FlashQuote system will be actively tracking previous quotes and responding back to the LOS for real-time updates on pricing and loan rates.
Typical Course of Events
Input Steps
User logs in with a corporate customer ID number.
User selects the quoting system to create a quote for customized LOM products.
Quoting tool gives the user the option of configuring LOM services and loan products to their specific needs.
The user then asks for a price on the quote.
The quote comes back with the price and the user either accepts or rejects the quote.
If rejected, the user is given the option to save it.
If accepted, the user is given a confirmation number and an order tracking number.
Processing Steps
Approved quote is transferred from FlashQuote to LOS for tracking
The Quote gets transformed into a preliminary loan document and gets saved in the LOS
Quote is sent on to credit verification
Quote leaves credit verification and goes to underwriting
Once underwriting is complete, the BFOT tracks the finished loan through sign-off and delivery to customer
Post-Conditions: Loan is either approved or denied, and the history of the entire loan is tracked.
Alternative Courses: The quotes are completed manually and either faxed or mailed to the prospect.
Associated Use Cases: Loan Capture; Loan Pricing; Loan Tracking; Loan Fulfillment.
Associated Requirements: Integration between pricing, loan origination, loan tracking, and loan fulfillment including underwriting.
Multi-System Integration Use Case Analysis
Identifier: Integration between BFOT, FlashQuote and LOS.
Name: Real-time pricing, loan interest rate, and loan uploading from the BFOT to the LOS.
Purpose: Provide real-time data integration for pricing, loan interest rates and loan origination fees; real-time uploading of loan applications and quotes for further tracking and follow-up; real-time support for the BFOL data requirements.
Overview: The intent of this integration is to provide a competitive advantage to sales representatives as they complete quotes online or on the telephone with potential prospects. Real-time integration is a requirement as the rates and fees in the markets that LOM competes in change quickly over time, and can mean the difference between winning or losing a loan and winning a customer or not.
Actors: Sales representatives; marketing business development managers; prospects and customers; loan...
It is a critical component in long-term competitive advantage.
Triggers: Loan requests; loan discounting; new program and loan development; loan price and rate reductions; integration of new pricing and loan applications.
Pre-conditions: Loan is approved or denied, and the history of quotes is saved in the LOS. Pricing and loan terms are also tracked to see their impact on winning new business.
Typical Course of Events
1. Input Steps
User logs in with a corporate customer ID number.
User selects the quoting system to create a quote for customized LOM products.
Pricing and rate are delivered via real-time integration directly to the quote screen
Prospect either accepts or rejects the quote
If accepted the quote is then forwarded through real-time integration links to the sales department for follow-up
If rejected, the quote is still stored in the LOS specifically for analysis of pricing and loan interest rate attractiveness ratings
Processing Steps
Approved quote is transferred from FlashQuote to LOS for tracking
The Quote gets transformed into a preliminary loan document and gets saved in the LOS
Real-time integration links for credit verification is used for validating the client is a good credit risk.
Quote leaves credit verification and goes to underwriting
Once underwriting is complete, the BFOT tracks the finished loan through sign-off and delivery to customer
Post-Conditions: Loan is either approved or denied, and the history of the entire loan is tracked just as with the FlashQuote system. Real-time integration ensures the quote will be recorded and quickly transferred to sales for further activity, and that the pricing and loan interest rates are correct.
Alternative Courses: Batch-oriented integration slow the entire process down significantly, creating bottlenecks and lost sales as a result of not being able to deliver accurate quotes in real-time when the prospects need them.
Associated Use Cases: Loan Capture; Loan Pricing; Loan Tracking; Loan Fulfillment; pricing systems integration; loan interest rate analysis systems; Sales systems integration; Accounts Receivable integration for tracking existing customers' payment histories; credit verification systems integration to ensure low credit risk.
Associated Requirements: Just as with FlashQuote, real-time integration requires pricing, loan origination, loan tracking, and loan fulfillment in addition to credit analysis and credit tracking. This real-time integration projects' associated requirements also requires real-time links to the analytics applications in BFOL so reports can be created that show the performance of quoting as a business strategy over time.
References
AMR Research (2003) - Configuration is the Heart of Customer Fulfillment for Complex Product Manufacturers. AMR Research Report. Monday March 31, 2003. Retreived from the Internet on July 21, 2006 at http://lwcresearch.com/filesfordownloads/ConfigurationIstheHeartofCustomerFulfillmentforComplexProductManufacturers.pdf
Askegar and Columbus (2002) - Channel Management Best Practices: It's All About Orders. AMR Research Report. Monday September 9, 2002. Retrieved from the Internet on July 21, 2006:
http://lwcresearch.com/filesfordownloads/SqueezetheRevenueOutofSPRs.pdf
Columbus (2002) - The Sell-Side E-Commerce Market: It's All About Integration. AMR Research Report. Monday April 1, 2002. Retreived from the Internet on July 21, 2006:
http://lwcresearch.com/filesfordownloads/SellSideECommerceMarketIsAllAboutIntegration.pdf
http://lwcresearch.com/filesfordownloads/SqueezetheRevenueOutofSPRs.pdf
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