Combine loan servicing functions and make one debt solution procedure minus the restrictions imposed by legacy systems.
Today’s survival-of-the-fittest environment is pushing banking institutions to assess how to refine procedures in their companies. Duplicating effort across numerous items and handling the cost of supporting and integrating disparate platforms hurts the businesses when it comes to profitability, functional effectiveness, and conformity and danger mitigation – ultimately jeopardizing debtor relationships.
Most of the time, the technology landscape within the economic solutions industry includes redundant, ineffective and incompatible systems which can be increasingly expensive to steadfastly keep up. The efficiency improvements, possible FTE reassignments and power to support an even more diverse loan profile caused by consolidating loans can dramatically counterbalance the price of transforming to technology that is new.
The Fiserv loan servicing solution supports all retail loan items – mortgages, house equity loans and personal lines of credit, signature loans and credit lines, and installment loans – for a solitary platform. Many servicing solutions are loan-centric, this means the details about a borrower lives from the loan record it self. The Fiserv solution shops borrower information within one central destination. Harnessing the effectiveness of that consolidated information permits loan servicers to accomplish a better work of handling danger, supplying customer support, and handling default administration challenges. You will end up better positioned to comprehend debtor credit capability, recognize credit risk, efficiently support loss mitigation initiatives, and satisfy regulatory conformity demands.