BROOKFIELD, Wis.--(BUSINESS WIRE)--Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, announced today the launch of Pricing Program Advantage, a first-of-its-kind solution for lenders to dynamically provide borrowers with tailored rates and financial information consistently across all channels when shopping for auto financing. The solution incorporates dealer and broker channels, providing greater visibility into the transaction to help close more applications.
More than 75 percent of consumers consider rate the most important factor when choosing a lender, according to Expectations & Experiences quarterly consumer trends survey by Fiserv. However, a majority of lenders struggle to provide consistent pricing to potential borrowers. The complexity grows for lenders when the consumer search for financing becomes increasingly omni-channel, as it has with vehicle selection. Sixty percent of car buying research is performed online with nearly half of consumers now comfortable executing a financing transaction in the same way.
“Too often borrowers show up to a dealer or broker and are presented pricing that does not match what they were previously quoted, causing confusion and frustration,” said Scott Hendriks, director of product management, Lending Solutions, Fiserv. “Pricing Program Advantage ensures a lender’s customized rates and information is shared among all constituents in the transaction.”
Pricing Program Advantage simultaneously gives lenders faster response time and greater control over their financial programs. Unlike custom built solutions, which can take months to develop, Pricing Program Advantage is an easy-to-use lender configurable tool that supports an infinite amount of criteria for lenders to create and manage market responsive offerings. A single system offering also makes reporting and adherence to change management policies easier to govern.
The solution was designed in consultation with a number of Fiserv clients, across lending verticals, to ensure it meets their needs for managing all of their loan products within an auditable, compliant and single configurable platform. Input also focused on shaping Pricing Program Advantage as a revolutionary solution to drive greater flexibility, transparency, consistency and responsiveness in the way lenders communicate rates and incentives with all of their customers, borrowers and dealers alike.
In a world moving faster than ever before, Fiserv helps clients deliver solutions in step with the way people live and work today — financial services at the speed of life. Learn more at fiserv.com.
Additional Resources:
- Pricing Program Advantage – https://www.fiserv.com/processing-services/lending-solutions/pricing-program-advantage.aspx?t=171020105345
- Meet Borrowers' Expectations With Alternative Deal Structures – https://www.fiserv.com/resources/alternative-deal-structures-pov-paper.aspx
About Fiserv
Fiserv, Inc. (NASDAQ: FISV) enables clients worldwide to create and deliver financial services experiences that are in step with the way people live and work today. For more than 30 years, Fiserv has been a trusted leader in financial services technology, helping clients achieve best-in-class results by driving quality and innovation in payments, processing services, risk and compliance, customer and channel management, and insights and optimization. Fiserv is a member of the FORTUNE® 500 and has been named among the FORTUNE Magazine World's Most Admired Companies® for four consecutive years, ranking first in its category for innovation in 2016 and 2017. For more information, visit fiserv.com.
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