Automotive Lenders: Use Technology to Make Every Transaction Count

By Kevin Collins

Because con­sumers can use more than one chan­nel to find their next car – or their next car loan – we must con­tin­ue to have a sense of urgency about mak­ing sure that every trans­ac­tion counts.

Three key oppor­tu­ni­ties impact the mar­ket­place and allow the best use of lend­ing tech­nol­o­gy:

  1. Third-par­ty col­lab­o­ra­tion to offer seam­less ser­vices
  2. eCon­tract­ing and oth­er dig­i­tal lend­ing ini­tia­tives
  3. Busi­ness process out­sourc­ing

Here are some of the Fis­erv advan­tages:

  • Web ser­vices incor­po­rat­ed into Fis­erv plat­forms lever­age the Inter­net for real-time infor­ma­tion from vir­tu­al­ly any appli­ca­tion, using our Auto­mo­tive Loan Orig­i­na­tion Sys­tem or Loan­Mas­ter and Lease­Mas­ter Account­ing Sys­tems as sin­gle points of access. These pow­er­ful engines inte­grate oth­er appli­ca­tions – for exam­ple, the deal­er por­tals, the cred­it bureaus, Lex­is­Nex­is, Kel­ley Blue Book – so they com­mu­ni­cate with each oth­er.
  • We use ser­vices from our part­ners and make the appli­ca­tions work togeth­er to help dri­ve the lend­ing process. And we don’t have to write new code to cre­ate these ser­vices.
  • Besides that, we’re see­ing some progress with paper­less ini­tia­tives in the auto finance mar­ket­place, but are still hop­ing for greater adop­tion of eCon­tract­ing.
  • Some clients aren’t ready to take the plunge but have at least start­ed to roll out eVal­i­da­tion. That paper­less com­po­nent uti­lizes a deal­er por­tal to auto­mate con­tract data analy­sis, and it can be a good first step into eCon­tract­ing. Even this sin­gle piece great­ly reduces the time need­ed for loans to be approved and fund­ed.
  • The deal­er net­work is a big win­ner with this too. While it can take as long as a week for a deal to be fund­ed with a paper con­tract, deal­ers are real­iz­ing same-day or next-day fund­ing due to the eVal­i­da­tion work­flow.
  • Fis­erv also has the unique abil­i­ty to offer auto finance prod­ucts and ser­vices through var­i­ous deliv­ery chan­nels – com­bin­ing deep domain exper­tise with many years of IT and ser­vic­ing expe­ri­ence to deliv­er high-qual­i­ty ser­vices as a seam­less exten­sion of a lender’s busi­ness.
  • For instance, our vehi­cle remar­ket­ing ser­vices help clients strate­gi­cal­ly remar­ket returned and repos­sessed vehi­cles by mov­ing inven­to­ry quick­ly; obtain­ing high returns in short amounts of time; and ensur­ing on-site rep­re­sen­ta­tion at the auc­tions or vis­i­bil­i­ty in numer­ous Inter­net sell­ing chan­nels.

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

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