BROOKFIELD, Wis.--(BUSINESS WIRE)--Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, announced today that its LoanServ™ platform earned a “best-in-class” distinction in three of four categories in the recent CEB TowerGroup analysts’ “Loan Servicing Systems Technology Analysis” report. LoanServ was recognized in the areas of core servicing functions, shared systems and enterprise support.
The report cited LoanServ from Fiserv as one of the most comprehensive enterprise loan servicing systems available for small, medium, and large loan servicers. It further noted that Fiserv has invested to extend LoanServ over the last decade from a mortgage-only system into a comprehensive enterprise loan servicing system that can be used to manage consumer, auto and equity loans and lines. This helps servicers consolidate systems, lower costs, and improve customer service.
The CEB TowerGroup analysts’ technology analysis aims to provide a customer-driven, transparent and unbiased review designed to drive informed business decisions. Its product rankings highlight best-in-class attributes and show a comparative perspective of leading products. The report assessed nine loan servicing systems in the U.S.
“Modern loan servicing technology can improve customer service and reduce costs for servicers,” said CEB TowerGroup research director, Craig Focardi. “Provider rankings are based on our five-point rating system for each of the 24 attributes in our loan servicing systems diagnostic anatomy.”
In its analysis, CEB TowerGroup analysts cited LoanServ for providing self-service options for borrowers to access and update their information online in real-time, make payments, request payoffs, and print payment histories. The solution has also been enhanced to help borrowers avoid delinquency and default, and to help loan servicers meet regulatory requirements. Further, LoanServ allows customer service scripting guidance to be embedded in the loan servicing process, facilitating the remediation of customer problems and helping to improve customer satisfaction.
“The LoanServ solution is key to our strategy of offering technology systems that focus on the servicer and borrower experience,” said Kevin Collins, president, Lending Solutions, Fiserv. “The best-in-class ratings achieved in the CEB TowerGroup analyst’s report are another indicator of our deep understanding of market dynamics and the expectations of the loan servicing community across all servicing product lines.”
CEB TowerGroup analysts also acknowledged that in light of the increased emphasis on digital banking, Fiserv has added numerous back office and customer-facing enhancements to the product. These include on-demand reporting and dashboard creation along with improved self-service options for borrowers to interact with servicers more efficiently.
Technology Assessment Disclaimer
CEB does not endorse any vendor, product or service depicted in our CEB TowerGroup publications and does not advise technology users to select only those vendors rated “best in class.” CEB TowerGroup research publications consist of the opinions of CEB TowerGroup’s analysts and should not be construed as statements of fact. CEB disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
Fiserv, Inc. (NASDAQ: FISV) is a leader in financial services technology and one of FORTUNE® magazine's World's Most Admired Companies. Fiserv enables clients to achieve best-in-class results by driving quality and innovation in payments, processing services, risk and compliance, customer and channel management, and business insights and optimization. For more information, visit www.fiserv.com.