Improving our Business

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Our business is constantly a work-in-progress. We are never satisfied with the way things are and always want to improve our process, program, and service for our contractors. This isn’t necessarily a unique position—most companies, when asked, would claim to strive to be “better”. Several weeks ago, we asked ourselves if we were only talking about improving, and not actually taking measures to do so. We decided to set certain “customer experience” expectations for ourselves, and worked to meet them in creative ways.

For example, each of our contractors has a personal Account Executive to act as their facilitator within Medallion Bank. To avoid interfering with that relationship, we decided to have a neutral party within our organization contact our contractors and determine whether we’re living up to our promises. When we’re not, we will actively take steps to fix the problem.

Some problems are more complicated to fix. When a contractor is used to using a financing program that requires little or no documentation on behalf of the consumer, they may perceive our program as “too complicated” or “not easy enough”. In this example, our job is to balance the contractor’s wish for less documentation with offsetting valuable services and consumer protection. While we can’t eliminate ALL of our paperwork (and still sleep at night), we have worked to make this process as simple as possible with electronic documents, advanced customer service, and training resources to provide greater clarification.

We also recently wrote about discovering a rogue contractor forging loan documents. Our checks and balances exist to protect our business from this type of behavior, the consumer from unknowingly signing up for a loan, and the contractor from certain legal ramifications. Improving our business means improving our contractor experience, but we must also take risks into consideration. We like this constructive tension. It drives us to grow and develop our business the right way.

 

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