Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, today announced the successful conversion of a large portfolio of Fairstone Financial Inc.’s consumer loans to LoanServ from Fiserv.
For Fairstone, Canada’s leading non-bank provider of loan solutions and consumer financing programs, the transition to LoanServ helps improve current borrowers’ experiences, and enables new growth opportunities.
Consolidating multiple servicing systems into LoanServ enables Fairstone to operate from a single system of record, which improves system response times and data quality, and continues to modernize the business. Because LoanServ is a real-time servicing platform, Fairstone is also able to eliminate lengthy batch updates and focus on seamless customer service.
The importance of quality customer service is underscored by Expectations & Experiences: Borrowing and Wealth Management, a recent Fiserv quarterly consumer trends survey. When asked how much influence prior loan experience has when choosing a lender for subsequent loans, 74 percent of consumers with at least one loan said it had a moderate to great influence.
“Fairstone serves hundreds of thousands of borrowers across Canada. We are focused on providing a modern, frictionless experience both for our customers and our Lending Specialists in over 225 branches coast to coast,” said Scott Wood, President and CEO, Fairstone Financial Inc. “With LoanServ, we are continuing our commitment to delivering the best borrowing experience. Its ability to integrate with our existing interface at the branch was key to our success, as it allowed employees to not just maintain but to enhance the experience they deliver to our customers.”
“LoanServ offers Fairstone the flexibility to explore new growth opportunities,” said Shaimaa Elk, EVP, CIO, Lending Solutions, Fiserv. “Our LoanServ solution supports all loan portfolio types, and provides a single, consistent view of borrower information. Fairstone’s large branch network is ideally suited for LoanServ as it provides a holistic view of account information in real-time to all locations.”