Fiserv Inc. has announced the availability of a new module that gives lenders the ability to offer borrowers two high-demand self-service channels, which can help lenders enhance customer relationships and realize efficiencies. Through the new module, LoanServ: LoanLink from Fiserv, consumers are able to access and update their loan information in real-time via the Internet or an Apple iPhone or iPad application.
“Oftentimes, a mortgage is the anchor relationship that a customer has with their financial institution, so as consumer habits shift it is vital for lenders to provide the options that will keep those borrowers happy,” said Thomas Gorman, chief operating officer, Lending Solutions, Fiserv. “At Fiserv, we have made significant investments to build out our loan servicing solution so that our clients can create the best possible customer experience for their borrowers. No matter how the borrower chooses to interact with their institution, we are driving a common experience that gives borrowers real-time access to their accounts.”
Providing borrowers with self-service channels gives lenders the ability to cater to customer expectation, while managing costs, as the self-service portal can help reduce the volume on other, more expensive channels. Additionally, with LoanLink, lenders can customize the module to address the specific needs of their borrowers choosing from services such as:
►Account cross referencing
►Address and contact information updates
►Customer financial information
►Information about loan modification and alternate options.
One of the most compelling components of the LoanLink module is the application, which gives borrowers a way to view their lending life from an iPhone or iPad. Consumer demand for banking services on a mobile device has grown rapidly over the past few years as the prevalence of smart phones has steadily increased. According to a study conducted by Fiserv in 2010, the number of mobile phone users who conducted one or more banking services via their mobile phone increased from 23 percent in 2008 to 30 percent in 2010. In the same study, Fiserv found that 43 percent of all consumers were interested in conducting a financial transaction on their mobile phone; and interest was greatest (60 percent) among Gen Y consumers. The LoanLink iPhone/iPad application from Fiserv enables lenders to take advantage of this new high-demand channel that can help improve customer acquisition and retention rates.
LoanLink allows lenders to offer customers 24/7 access to their loan records and pulls information directly from the LoanServ platform in real time, avoiding the typical data-sync issues associated with batch processing.
For more information, visit www.fiserv.com.