Pent-up consumer demand and favorable rates helped Fiserv Inc.process more than 10.8 million loan applications in 2012, thecompany said this week.
|The Brookfield, Wis.-based financial services technologyprovider said the 10.8 million loan applications and 3.7 million contracts processed throughits Automotive Loan Origination System set a record last year andmarked a 31% and 33% year-over-year increase for applications andcontracts, respectively.
|“We are seeing continued growth in the sector due to favorableinterest rates and pent-up consumer demand, which contributedsignificantly to the record-setting volumes being supported by ourAutomotive Loan Origination System,” said Kevin Collins, presidentof lending solutions for Fiserv.
|The three key elements that are currently driving the use ofauto finance technology are third-party collaboration andintegration of applications that offer seamless services,eContracting and other digital initiatives that eliminate paper andreduce costs, and business process outsourcing, Collins saidThursday.
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