News Feature | December 2, 2014

Process Management Platform Improves Visibility While Reducing Labor

By Karla Paris

Cyber Security Labor Shortages Means Some Turn To Alternative Routes For Hiring

OpenText solution helps educational loan servicing company focus on its customers, resulting in better overall customer service experience and higher customer satisfaction levels.

An article in the Wall Street Journal outlined remarks made by Deputy Treasury Secretary Sarah Bloom Raskin, speaking in early November to a consumer advocacy group’s conference in Florida concerning “poor servicing tactics.” Companies that handle student-loan payments aren’t doing enough to help troubled borrowers, ramping up pressure on the loan-servicing industry to improve how it treats consumers.

One loan-servicing company is facing this challenge from the Deputy Treasury Secretary head-on as it looks to better serve its customers. Nelnet announced it has implemented OpenText Process Suite to, according to Mike Randash, executive director at Nelnet Diversified Solutions, “Focus on what's important, removing the barriers and challenges associated with servicing student loans today. The OpenText solution helps us to focus on the customer, prioritizing work quickly and accurately, resulting in a better overall customer service experience and higher customer satisfaction levels.”

Headquartered in Lincoln, NE, with other offices around the U.S. and Canada, Nelnet employs more than 2,250 associates who serve customers throughout the education life cycle. Nelnet assists more than 5 million borrowers each year with their student loans, administers tuition payment plans for approximately 5,500 K-12 schools, colleges, and universities, and processes 6 million student inquiries regarding colleges annually.

Nelnet operates as four distinct business segments, with additional affiliated companies:

  • Nelnet Diversified Solutions (NDS)
  • Nelnet Business Solutions (NBS)
  • Nelnet Enrollment Solutions (NES)
  • Asset Management

When you consider the volume of customers, educational institutions, and inquiries Nelnet deals with each day, it’s easy to understand why the company needed a better business process management solution. Nelnet selected OpenText Process Suite to drive an automated process, allowing for more control and consistency when dealing with customers, better end-to-end visibility of the process, digital data capture, and the ability to continually improve processes, something that was becoming increasingly difficult with the old paper-based processes.

Nelnet's deployment of Process Suite has benefited the organization in a number of distinct ways:

  • Student Loan information received through the mailroom is now 100 percent digital – allowing for improved information quality and traceability.
  • Digitizing the information allows Nelnet to assign more appropriate and effective task categories, leading to quicker and more accurate decision making, better workflow, and automatic assignment of tasks.
  • Sophisticated case management approach which allows work to be routed to properly qualified team members.
  • Access to much improved reporting and analytics data, enabling better management, and monitoring of ongoing tasks, up-to-the minute information on completed vs. outstanding tasks, and improved visibility to customers on application progress.

SOURCE: PRNewswire