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:
- Third-party collaboration to offer seamless services
- eContracting and other digital lending initiatives
- 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.