FIS has expanded its presence in the auto market by introducing a cloud-based asset finance solution. This advancement allows the FIS Asset Finance platform to cater to diverse financial operations globally.
The new solution is anticipated to enhance US consumer auto finance capabilities, providing comprehensive functionality that covers various stages of loans and leases within consumer auto, wholesale, and equipment finance sectors.
This move also aims to streamline processes, thereby increasing the value for lenders and facilitating smoother transactions. FIS will continue to adapt to clients’ needs while ensuring compliance with industry regulations.
Main advantages of FIS’s expansion into the auto market
The FIS Asset Finance solution is projected to integrate origination, servicing, collections, and remarketing into a unified SaaS cloud platform. The cloud approach offers scalable capabilities, enhanced operational efficiency, and regulatory compliance support, which can help financial institutions serve borrowers more effectively.
This initiative seeks to modernize lending infrastructure by making vehicle financing more accessible for consumers while improving lender operations. It is designed to achieve these goals through several key benefits:
- Operational Efficiency: By automating routine tasks with a highly configurable system, it reduces overhead and expedites value realization.
- Full Lifecycle Management: The platform supports the entire loan and lease lifecycle in one cohesive system, ensuring seamless operations from start to finish.
- Personalized Experiences: Through API-enabled customization and digital-first design, lenders can create secure self-service platforms for borrowers with 24/7 accessibility and tailored interactions.
- Rapid Development: Low-code tools enable quick adaptation to market changes without waiting for vendor development cycles.
- Ongoing Improvement: Continuous updates are expected to ensure clients benefit from ongoing performance enhancements while minimizing disruption.
