IFT to Manage First West Credit Union’s Legacy Leasing Business

BPO's services will help the lender transition to a federally regulated financial services provider

BURNABY, BC / ACCESSWIRE / January 10, 2024 / Integrated Financial Technologies (IFT), the leading business process outsourcing company for lenders, announced it was selected by First West Credit Union to manage its book of consumer automobile leases. IFT was chosen to service these contracts, enabling First West to remain compliant in its transition to become a federally regulated lender. IFT will provide intelligently outsourced customer relations, account management, and collections services on behalf of this group of First West leaseholders.

First West is one of Canada's largest credit unions, with more than 250,000 members. Through its four regional brands-Envision Financial, Valley First, Island Savings, and Enderby & District Financial-the company provides personalized banking products and services through innovative financial technology. First West's transition to a federally regulated credit union allows it to increase its loan portfolio over time and accelerate profitability. Canadian laws, however, mandate that federally regulated lenders cannot provide or manage consumer leases. IFT will remove this burden from First West, managing the lender's $200 million automotive and equipment leasing portfolio.

"IFT has a proven track record of delivering reliable, professional, and cost-effective outsourcing solutions for a wide range of lenders," said Darrin Lee, vice president of real estate at First West. "They are an ideal partner to ensure that our legacy customers are properly serviced as we pivot to meet exacting federal regulations."

IFT provides next-generation outsourcing services that go beyond the typical contact center and customer service-oriented tasks, combining highly skilled agents that can facilitate back- and front-office tasks like marketing campaigns, collections, asset management, sales, prospect outreach, and fulfillment using AI-based automation features. Known as smartsourcing, these services allow lenders to strategically allocate human resources, manage costs, and grow their businesses without expanding their in-house headcount. IFT's agents have a wealth of knowledge of the lending industry in Canada and the U.S., and leverage the acclaimed Ignite lending services platform to automate tasks and seamlessly manage projects.

"Our roots come from the lending industry, so we have a deep understanding of the specific services companies like First West need in order to deliver superior customer experiences while minimizing costs," said Tod Chisholm, president at IFT. "We have invested in superior agent training, and outstanding technology that makes workflows as efficient as possible. We are confident that First West's legacy leaseholders will be serviced to the full satisfaction of the company."

For more on how IFT's smartsourcing teams can support lending organizations across the financial services sectors in both the U.S. and Canada, visit www.iftsolutions.com.

About Integrated Financial Technologies

Integrated Financial Technologies (IFT) is a market leader in delivering efficient, reliable, and secure back-office solutions to lenders across North America. Based in Vancouver, IFT's unique combination of deep lending expertise and robust technology enables the company to provide a multitude of services in sales, collections, reporting, and customer care. IFT's highly trained North American-based agents are fully trained in all lending and financial services processes, and adhere to strict data privacy and security mandates. IFT's services enable lenders to increase revenue, lower operating costs, and improve customer service-without incurring added overhead. For more information, please visit www.iftsolutions.com.

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SOURCE: Integrated Financial Technologies