Heron Data has partnered with TFS Financial to automate the broker desk operations for the equipment finance and leasing provider. This collaboration enables TFS to streamline its document-heavy workflows, processing over 4,000 decisions each month and eliminating the need for manual data entry. As a result, TFS can make credit decisions in real-time, effectively saving the workload equivalent of two full-time employees every month.
Based in New York, TFS Financial’s broker desk handles thousands of finance applications monthly, connecting these requests to a network of potential lenders. By leveraging Heron’s intelligent document-processing platform, TFS has automated its entire decision-making process, freeing its team to concentrate on enhancing customer service and strengthening lender relationships.
Addressing Operational Challenges
The broker desk at TFS faced significant challenges due to repetitive administrative tasks. Employees spent valuable time copying and pasting decision details from emails into their customer relationship management (CRM) system, uploading files, and monitoring inboxes. This tedious process resulted in up to five minutes of manual work for each decision, leading to inefficiencies and delays.
On average, TFS processed approximately 200 decisions per day, resulting in a backlog of low-value activities that detracted from their primary focus on customer approvals. Sydney Stewart, Manager of Broker Desk at TFS, highlighted the issue, stating, “Rather than uploading decisions all day, my team can now focus on making sure the right applications get to the right lenders — and that we’re getting approvals back faster for our customers.”
Transformative Impact of Automation
With Heron Data’s automation technology in place, TFS has experienced a significant transformation. The decision process now operates end-to-end automatically, allowing decisions to be processed without delay. This efficiency has resulted in near real-time turnaround times for customers, ensuring that applications are handled swiftly.
The results since integrating Heron are notable. TFS has achieved measurable outcomes, such as:
- Automating 4,000 decisions each month
- Reducing administrative workload equivalent to two full-time employees
- Streamlining operations, leading to organized inboxes and cleaner workflows
- Increased employee engagement as staff can focus on high-value strategic work
The benefits extend beyond operational efficiency; customers now receive answers faster, enhancing their experience and satisfaction. The automation provided by Heron allows TFS to prioritize critical activities that drive revenue growth, including building stronger lender relationships and improving approval processes.
As TFS Financial continues to roll out Heron’s capabilities across its full lender network, the focus remains on not just meeting but exceeding customer expectations. For brokers, timely and accurate processing is essential, and Heron’s technology allows finance companies to concentrate on the core elements that truly matter: approvals and customer satisfaction.
With the successful implementation of Heron Data’s solutions, TFS Financial sets a precedent for the financial services industry, demonstrating how automation can lead to significant operational improvement and enhanced customer service.
