Fiserv Inc. (FISV) recently announced that it has expanded its partnership with Dollar Bank, an independent mutual savings bank in the US, by combining all of Dollar Bank's consumer loans onto the LoanServ platform. The financial terms of the deal were not disclosed.
LoanServ is a single-platform, real-time solution that consolidates mortgage loans, consumer loans, indirect financing, home equity loans and lines-of-credit and distressed-loan functionality into one core system.
With this contract, the company expects that Dollar Bank will realize cost savings and also provide improved services to customers. Additionally, Fiserv’s LoanServ will offer services including rate locks and credit card access on home equity lines of credit.
Hitherto Dollar Bank has been using LoanServ from Fiserv to service its mortgage loans.
Fiserv has primarily focused on meeting the needs of the industry by streamlining technologies and enhancing efficiency throughout the loan servicing process.
The company continues to emphasize long-term client relationships and recurring, transaction-oriented products and services, which, in turn help it combat the pressure from the consolidation of financial institutions.
Furthermore, Fiserv enters into multi-year agreements with its customers to lock in the contribution to the top-line for a stipulated period of time.
Going forward, the company intends to focus on growth, especially high-quality revenue growth and innovative products. Management stated that the company’s investments in new technology solutions, such as ZashPay and Mobile Money will fuel organic revenue later this year.
Fiserv assists financial institutions and health plan administrators in managing their information systems, thus helping them deliver services to their customers efficiently. The company competes with Fidelity National Information Services Inc. (FIS), Accenture plc (ACN), Total System Services Inc. (TSS).
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