Pent-up consumer demand and favorable rates helped Fiserv Inc. process more than 10.8 million loan applications in 2012, the company said this week.

The Brookfield, Wis.-based financial services technology provider said the 10.8 million loan applications and 3.7 million contracts processed through its Automotive Loan Origination System set a record last year and marked a 31% and 33% year-over-year increase for applications and contracts, respectively.

“We are seeing continued growth in the sector due to favorable interest rates and pent-up consumer demand, which contributed significantly to the record-setting volumes being supported by our Automotive Loan Origination System,” said Kevin Collins, president of lending solutions for Fiserv.

The three key elements that are currently driving the use of auto finance technology are third-party collaboration and integration of applications that offer seamless services, eContracting and other digital initiatives that eliminate paper and reduce costs, and business process outsourcing, Collins said Thursday.