FIS has expanded its auto market presence with a cloud-based asset finance solution that enables the FIS Asset Finance platform to support a wide spectrum of finance operations globally.
Following this announcement, the solution is expected to additionally support key US consumer auto finance capabilities, delivering end-to-end functionality in order to support the full lifecycle of loans and leases across consumer auto, wholesale, and equipment finance.
In addition, this initiative is expected to improve the process of broadening the solution’s value for lenders and enable smoother transactions. The company will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
Key benefits of FIS’s expansion of its auto market presence
According to the official press release, the FIS Asset Finance solution is expected to bring together origination, servicing, collections, and remarketing into a single, SaaS-based cloud-native platform. At the same time, the SaaS-based cloud approach will provide optimised scalability, improved operational efficiency while also supporting compliance efforts and optimising financial flexibility in order to help banks, captives, and independent lenders better serve borrowers.
Through the process of improving the way consumers finance vehicles more easily and enabling lenders to streamline operations, FIS is expected to deliver on its goal to modernise lending infrastructure and support evolving market demands.
Included in the key benefits for lenders and borrowers is operational efficiency (the platform is expected to automate traditionally manual workflows through the use of a highly configurable system, reducing operational overhead and enabling faster time to value), end-to-end lifecycle management (the solution supports the full loan and lease lifecycle within a single, integrated platform), personalised borrower experiences (with API-enabled configurability and digital-first design, lenders will be given the possibility to deliver self-service experiences across channels more securely, while allowing borrowers to have 24/7 access and tailored interactions), rapid development with low-code tools (this will provide built-in extensibility and no/low-code configuration tools in order to allow clients to adapt quickly to market changes without the need to rely on vendor development cycles), and continuous improvement (the initiative is expected to continue with platform updates which will aim to enable clients benefit from ongoing development and performance improvements — whilst also minimising disruption).
