Justlease is a smart and innovative Private Lease provider. They started in 2012 with the ambition to change the world of car leasing. Their credo? "Anything repetitive you should try to automate".
We spoke to Robin Bonarius (Sr. Business Owner) and Stijn Claessens (Sales Manager) about their approach to underwriting processes based on source data.
That the solution would lie in digitization was readily apparent. In 2017, the first steps were taken to convert documents to digital data fields using document scanning technology. Expectations were high, but disappointed in practice. Only a limited portion of the documents could be processed digitally this way. The vast majority still required manual checking. No solution, therefore.
Around the same time, we are talking about 2018, the mortgage industry really began to stir up a stir around source data. Bonarius explains, "I read in the press and on LinkedIn that mortgage brokers were going to use source data to deliver this kind of data in an accelerated manner. That's when I called your Sales Manager and said, 'We need to have a talk.' And that's how we came up with source data."
For optimal customer convenience, Justlease wanted to ensure that everything could be delivered in one session. At the time of initial discussions, however, Ockto was only providing government sources, but that was not enough for Justlease.
Bonarius: "To start working with Ockto, it was important to us that the bank transactions were also available and; make sure the driver's license was included." Bank transactions were fortunately already underway and the addition of a driver's license check was put high on the agenda at Ockto.
Claessens adds: "What I'm very happy about is that the things we really need are delivered quickly. Now, for example, the income statement for self-employed workers again."
To ensure that all the necessary data could be retrieved in one session, Justlease also took a good look at their own working methods. "Our entrepreneurial spirit ensures that we looked at this creatively and pushed the limits where possible," Bonarius said.
He continues: "For example, the employer's statement, we stopped doing that. Otherwise you would still have to provide that separately, and we don't want that. We now look at the UWV history. If someone has just always had an income, that's fine."
Claessens: "Very specifically; from lead to order in 2:41 minu ut. That is from lease request on the website to signed contract. With the average leasing company that is 5 working days. Én; we do more files with fewer FTEs."
Justlease currently still works with two streets: a normal (manual) street and the Ockto street. The manual street has been fully optimized in six years. Now the focus is on optimizing the Ockto street .
"From lead to order in 2:41 minutes.... At the average leasing company, that's 5 working days"
In the current situation, the number of FTE credit acceptors has been cut in half. But that can go much further. Bonarius: "In my imaging, the dropout will eventually become so small that one-third of this remains." He continues: "And perhaps most important is the customer journey. The time savings for the customer and the convenience of not having to look for all kinds of data anymore."
For Justlease, the value of source data lies mainly in the fact that everything is delivered in one go. Claessens: "In my opinion, what needs to be improved in the customer journey is that when a data source is down, we have to let the customer take a left or right turn so that everything is still delivered. We don't want to have to call the customer later because something still needs to be delivered."
"We not only want to be the first Private Lease company to use source data, but also to put down a super-fast process."
It doesn't make much of a difference, but Justlease is just short of STP (Straight Through Processing). Claessens: "The only thing stopping us now are the residential charges from bank transactions. That categorization is not yet good enough to always allow automatic throughput, so those are still manually retrieved by the credit approver from the supplied data. Steps still need to be taken there."
"And maximum efficiency" Bonarius adds, keeping in mind the competition. "We not only want to be the first Private Lease company to use source data, but also to establish a super-fast process."
Wondering how Ockto can work for you?
Are you curious how source data can help you collect and process customer data more efficiently? Or are you curious how your organization can gain competitive advantage with source data?
Interested in a brainstorm to see what source data can do for your process? Don’t hesitate to get in touch with us.