DEARBORN — The Dearborn digital marketing firm ChannelNet announced that it helped develop a website that allows borrowers facing hardship the power to restructure their installment loan or mortgage payment.
The site was developed in partnership with Brookfield, Wis.-based Fiserv Inc. (Nasdaq: FISV), a provider of technology to the financial services energy.
The restructuring feature is one of several aspects of the newly enriched LoanLink offering from Fiserv.
In addition to modifying their loan repayment, borrowers also are able to make payments online, receive loan payoff information, view transaction history and update personal and financial information related to their loans.
LoanLink, built on ChannelNet’s patented SiteBuilder software, enables Fiserv lending institution clients to provide their borrowers with self-service tools for mortgage, installment and revolving credit accounts. The consumer adoption rate for one Fiserv client is higher than average, with 42 percent of its customers actively using LoanLink within two months.
“The two most important things to serving consumers are understanding a person’s total financial needs and getting the design of online offerings right,” said ChannelNet founder and CEO Paula Tompkins. “Collaborating with Fiserv, we evaluated every design decision, from functionality to visual design, in terms of what best serves the consumer.”
Added Monica Ourluk, director of sales engineering for Fiserv’s Lending Solutions business line: “For lenders, LoanLink provides complete control over their content and delivers a number of efficiencies, but it’s what the solution lets consumers do for themselves that sets it apart. Overall delinquency rates are improving, but many people are still experiencing financial hardship due to underemployment and other factors. Since most consumers do banking, bill paying, shopping, and more online, it makes sense to let them manage their own financial hardships online too.”
According to Fiserv data, when consumers modify their loans online, the average work-out time is reduced to three weeks instead of the typical two months. There are cost justifications as well. “Just in postage, lenders save an estimated $22 per modification,” Orluk said.
More at https://www.fiserv.com/processing-services/lending-solutions/loanserv.aspx or www.channelnet.com.
ChannelNet specializes in digital marketing and sales services for corporations with retail outlets. Using software-as-a-service, its experts connect leading automotive, financial services, home improvement and retail companies with their customers to sell products and services through local channels, including personalized microsites.