MINNEAPOLIS, USA: Dealers’ Financial Services (DFS), provider of consumer financing, has deployed Daybreak, a loan origination, servicing and collections platform from banking technology provider i-flex solutions.
Daybreak is DFS’ new platform for servicing new loans under the company’s Military Installment Loan and Educational Services (MILES) program, established in 2001 to assist and protect active duty military personnel when purchasing an automobile.
A company release said that DFS deployed Daybreak as its origination, servicing and collections platform to help drive down the cost per loan and improve overall operational efficiency by automating core processes and enabling greater visibility into the loans it manages.
DFS’ primary business is lending to the military.
It developed the MILES program to assist junior enlisted service members with no credit history, limited income and worldwide mobility.
Many military personnel find it difficult to access loans from banks and credit unions, leaving them with high rates for vehicles of questionable quality.
“Compared to other major software vendors, the enterprise-wide solution provided by Daybreak helped speed the replacement of our legacy systems to enhance efficiency and ease of operations. It will increase the speed of our funding, the diversity of our products and our ability to provide better customer service,” said Sherri L Helmond, senior vice president, DFS.
“Deployment of Daybreak at Dealers’ Financial Services will help advance the company’s mission of providing quality products, affordable financing and personalized service to active military personnel,” George Thomas, vice president, Lending Solutions at i-flex solutions said.