Packaged approach accelerates ramp-up time and keeps costs down
BROOKFIELD, Wis.--(BUSINESS WIRE)--
Fiserv,
Inc. (NASDAQ:FISV), a leading global provider of financial services
technology solutions, announced today the launch of a multi-tier
implementation model for its Auto Loan Origination System (LOS) and
Automotive Account Servicing solutions to help new entrants expand into
auto financing and growing lenders to improve their efficiencies.
According to credit bureaus, an estimated 114 million new loans and
leases are expected over the next three years, and auto loans now make
up 9.6 percent of the consumer wallet. With this increased demand for
financing, new and established lenders alike want to capitalize on auto
financing that requires little ramp-up time and low upfront costs
without the need for dedicated resources to implement and manage.
Loan Advantage from Fiserv is designed to address the needs of new
entrants and growing lenders with a packaged approach to loan
configuration and implementation, through business process outsourcing
(BPO) services. These services include credit processing, contract
funding, dealer integrations, accounting and cash management, default
management, collateral management and customer care, which enable
lenders to use a single partner for their origination, accounting and
servicing needs.
"Lenders typically work with multiple vendors to tie a full solution
together; they struggle with scalability and automation with limited
technology, and often end up servicing accounts through manual
processes," said Bret Leech, president, Lending Solutions, Fiserv. "With
Loan Advantage from Fiserv, the implementation is unique, as we
establish key customizations upfront and then stand up the servicing,
accounting and originations together, thereby shortening and
streamlining the entire process of purchasing and leasing a vehicle."
This right-sized approach to the Fiserv end-to-end solution allows for a
more specialized configured or customized solution that support a
lender's individual needs. For those lenders that only need to replace
certain components of their technology, Fiserv can also provide
originations or servicing solutions independently in either
preconfigured or specialized configuration implementation models.
"Additionally, where lenders would need their own internal team for
ongoing maintenance, minor system configuration changes, and to make
adjustments based on the market ebb and flow," added Leech, "the Fiserv
approach builds in time to make these changes on the lender's behalf,
enabling the company to focus less on technology configurations and more
on car buyers. The servicing portion is offered through BPO and can
easily scale as a lender's portfolio grows."
In a world that is moving faster than ever before, Fiserv helps clients
deliver solutions that are in step with the way people live and work
today - financial services at the speed of life. Learn more at TheSpeedofLife.com.
Additional Resources:
About Fiserv
Fiserv, Inc. (NASDAQ:FISV) enables clients to achieve best-in-class
results by driving quality and innovation in payments, processing
services, risk and compliance, customer and channel management, and
business insights and optimization. For more than 30 years, Fiserv has
been a global leader in financial services technology. Fiserv is a
FORTUNE 500 company and this year was honored to be named a FORTUNE
magazine's World'sMost Admired Company for the third consecutive year.
In 2015 the company was recognized among Forbes magazine's America's
Best Employers. For more information, visit Fiserv.com.
FISV-G
View source version on businesswire.com: http://www.businesswire.com/news/home/20160926005737/en/
Media Relations:
Elizabeth McMillan, APR
Director, Corporate
Communications
Fiserv, Inc.
678-231-3443
elizabeth.mcmillan@fiserv.com
Additional
Contact:
Mark Jelfs
Manager, Public Relations
Fiserv, Inc.
414-218-4019
mark.jelfs@fiserv.com
Source: Fiserv, Inc.
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