Taking a More Integrated Approach to Streamlining Loan Processes

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By Kevin Collins

Find Out What Fis­erv Lend­ing Solu­tions Can Do for Your Deal­er­ship

With the chang­ing econ­o­my, deal­ers and their F&I depart­ments have the task of ana­lyz­ing high­er vol­umes of buy­er infor­ma­tion dai­ly.  Because the data comes from appli­ca­tion, clos­ing and pay­ment trans­ac­tions, we’re encour­ag­ing clients to take a more inte­grat­ed approach.

In oth­er words, we rec­om­mend auto lenders more tight­ly inte­grate their loan orig­i­na­tion sys­tem with their ser­vic­ing plat­form. Not only does this mean that all the ana­lyt­i­cal infor­ma­tio­n­is cre­at­ed in one data­base and stays in one data­base, but this approach also pro­vides greater insight about the buyer’s cred­it wor­thi­ness and behav­ior. Our clients are rec­og­niz­ing that buy­er behav­ior has a huge effect on how they pro­vide financ­ing. And they’re look­ing to us as a tech­nol­o­gy provider to eval­u­ate what’s going on rel­a­tive to buy­er expec­ta­tions and trans­late those trends into sys­tem func­tion­al­i­ty.

We’re very excit­ed about a new direc­tion we’re tak­ing with our tech­nol­o­gy offer­ings across the lend­ing spec­trum. We are cur­rent­ly work­ing on an ini­tia­tive that presents a new way to think about lend­ing. Instead of mas­sive and com­plex soft­ware sys­tems, we’re devel­op­ing more com­po­nen­tized func­tion­al­i­ty with­in a scal­able frame­work. Com­mon func­tions can be shared between depart­ments.

In oth­er words, the func­tion for request­ing a cred­it report in orig­i­na­tions is the same as the func­tion used in loss mit­i­ga­tion. Our strat­e­gy is a whole new way to man­age the lend­ing process. The ulti­mate goal is to incor­po­rate all your lend­ing soft­ware into one deliv­ery mech­a­nism – even non-Fis­erv com­po­nents. This uni­ver­sal inter­face is designed to cre­ate a sub­stan­tial­ly bet­ter lend­ing expe­ri­ence. It gives our clients a tru­ly tai­lored user expe­ri­ence to meet their spe­cif­ic busi­ness needs and makes their entire lend­ing oper­a­tion more self-suf­fi­cient. Fis­erv is com­mit­ted to this direc­tion, and is invest­ing sig­nif­i­cant­ly in mak­ing it hap­pen.

For near­ly three decades, Fis­erv has pro­vid­ed com­pre­hen­sive auto­mo­tive finance soft­ware solu­tions and BPO ser­vices for cap­tive finance com­pa­nies, inde­pen­dent auto finance orga­ni­za­tions, and banks in North Amer­i­ca. The com­bined pres­sure of shrink­ing mar­gins, new reg­u­la­tions, and a slug­gish econ­o­my has made effi­cien­cy absolute­ly nec­es­sary.  And because Fis­erv offers solu­tions in the broad­er lend­ing are­na – not just auto finance – we con­tin­u­al­ly look at ways  and have strate­gi­cal­ly invest­ed  to ensure that lenders and ser­vicers are bet­ter able to bal­ance oper­a­tional effi­cien­cy with new chan­nels, prod­ucts and process­es.

Kevin Collins, Pres­i­dent, Lend­ing Solu­tions, can be reached at Kevin.collins@fiserv.com.

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