Thoughts and Learnings

This post is in continuation to the previous post on auto finance business processes.  Contract servicing in Auto finance can be broadly classified into 3 Collections - All activities that involve collection of payments come under this. Based on milestones there are different process that happen.  The initial milestones involves informing the client of the missed payment through SMS, e-mail and phone sequentially.  If the client doesn't make payment even after the next milestone a home visit by the collections team to remind the customer about the money.  At the next milestone the client will be offered a restructured loan that would be a more favourable one.  The subsequent milestone requires a staff to meet the client and then try to retrieve the overdue amount.  If the client still does not pay, it would considered that the client is refusing to pay and that the client is not honouring the contract. The client would be consider...

Automobile finance is an auxiliary function of the automobile industry that finances the automobile purchase. Auto finance business processes can be classified into 2 main categories-Contract Origination/Creation and Contract Servicing. Each of these have sub processes as listed below. Contract Origination/Creation Deal creation Quotation creation Credit analysis Contract initiation/creation Contract activation Partner payments Contract Servicing Customer service related (Customer Info, Business partner updating, queries, other requests) Collection and Payment related Re-marketing and Resale Auto finance products Loan Products Retail Loan, Wholesale Loan, Balloon Loan   Leasing Products Retail Lease, Wholesale Lease, Financial Lease, Operating Lease

RACI is a matrix used to assign roles and bring in accountability to complete tasks and deliverable in projects. It is a responsibility assignment matrix. R- Responsible - This is assigned to the person who is responsible to complete the task. There can multiple people with this roles and there should be at the least one person with this role for any given task A-Accountable- This is assigned to the person who is accountable for the task and signs offs the change/task/deliverable. He/she is the one who is answerable for the task. There should only be 1 person who is accountable for any given task C- Consulted- This is assigned to those people whom the doers of the task consult in case of queries and clarifications. They are SMEs or business people in most cases. I- Informed- This is assigned to those people who should be informed of the task