Fiserv Inc. has partnered with multichannel marketing solutions company ChannelNet to offer borrowers
Users of Fiserv’s LoanServ software, designed for all retail loan borrowers, can use LoanLink to launch low-cost customizable websites, a multifaceted service that until now had been available to financial institutions that use LoanServ.
LoanLink gives borrowers 24/7 online access to loan data using tools that were originally designed for financial institutions. The LoanLink borrower-specific websites provide “additional self-service features and intuitive account management tools,” Fiserv said.
Examples include enabling borrowers to make payments online, receive loan payoff information, view transaction history, and update loan-related personal and financial information. Users have access to multiple self-service tools for mortgage, installment and revolving credit accounts.
Executives expect such flexibility that puts more control in the hands of the consumer will lead to higher customer satisfaction and retention.
According to Kevin Collins, president of Fiserv’s lending solutions, the move responds to borrowers’ continuous search “for the most convenient” loan management options.
LoanLink gives borrowers access to loan data and facilitates online activity such as inquiring about escrow balances and loan modification options, he said, which in turn helps reduce mortgage servicing costs for lenders and can increase electronic payment usage from borrowers.
Banks, credit unions and other financial institutions can use the enhanced LoanLink platform separately, to integrate it with existing websites, or to brand private-label companies that are subservicing for third parties.
