The pandemic and historically low interest rates boosted Republic Finance’s consumer loan products. But the organization encountered obstacles due to its aging on-premises data center and legacy applications, hindering its ability to fully keep up with the rapidly evolving market. This was affecting loan origination times and the overall customer experience, ultimately impeding its growth trajectory.
Recognizing the need for a comprehensive solution, Republic Finance embarked on a mission to tap into the robust market demand and expand its reach from 6 to 15 US states. Their strategy hinged on a commitment to digital transformation, aimed at modernizing their business processes and tooling. This pivotal shift was crucial for Republic Finance to not only catch up with the market but also to position itself as a leader in the consumer loan industry.
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Aligning with our Azure Modernization Strategy Framework, 3Cloud strategically partnered with Microsoft’s Solution Assessment and Account teams to guide Republic Finance through a carefully planned series of Solution Assessments. These assessments, enhanced by 3Cloud’s IP Co-Sell offerings, aimed to instill Republic Finance’s confidence in Azure and modernization techniques for their operations.
In this transformative initiative, we led the creation of a new Azure Foundation (Landing Zone) and designed an advanced data platform. We also migrated vital on-premises apps into a scalable Azure Kubernetes setup, boosting flexibility and efficiency. Additionally, to address connectivity issues for overseas users, we set up an Azure Virtual Desktop (AVD) environment, ensuring quick problem resolution and improved user experiences.
As Republic Finance embraced its digital transformation journey on the Azure platform, they unlocked substantial business value across multiple dimensions. Initially, the Azure migration and modernization efforts led to a significant transformation in loan origination times. What once took weeks was now completed in days, resulting in a remarkable four-fold increase in loan volume. This efficiency surge not only met market demand but surpassed it, establishing Republic Finance as a dynamic industry player.
Furthermore, the adoption of modern, scalable applications, along with process improvements, enabled Republic Finance to expand from 6 US states to 15 states. This geographical expansion, supported by technology, strengthened their market presence.
Financially, Republic Finance’s achievements were impressive, with a 25% year-over-year revenue increase, showcasing the tangible benefits of their digital transformation. Looking ahead, they have ambitious goals, aiming to triple their annual net income from $700 million to an impressive $2 billion within just two years.
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