By Kevin Collins
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.