On Wednesday, Constant announced its Zero Processing Skip-a-Pay and related loan servicing solutions are now accessible through the Jack Henry digital banking platform.
In an effort to expand digital services, Constant said many financial institutions have added online applications that are fulfilled in the back office. When consumers can’t solve their issues via self-service, they resort to live customer service calls in order to solve their problem — thereby driving up operating costs.
To help mitigate some costs, the self-service loan management software provider is working with Jack Henry’s Banno Digital Platform to create seamless access so consumers can complete transactions without engaging more expensive live channels.
Constant leveraged the Banno Digital Toolkit — the same set of APIs the Banno Digital Platform is built on — to embed its technology into the digital experiences offered by community and regional financial institutions.
Access to Jack Henry’s API, design, and authenticated frameworks has enabled Constant to directly integrate into the digital banking platform, providing a seamless banking experience.
This integration contributes to Jack Henry’s growing ecosystem of more than 850 fintechs, providing approximately 8,000 financial institutions with relevant financial products and services for their account holders.
“According to Gartner, only 9% of customer service experiences are fully resolved by self-service,” Constant chief executive officer Catherine York Powers said. “By prioritizing resolution, we reduce the borrowers’ effort to complete transactions which builds confidence in the self-service channel rather than reaching out to a live rep.
“Our integration with the Banno Digital Platform and Episys through the Symitar Vendor Integration Program (VIP) enables Constant to offer our Zero Processing Skip-a-Pay and other high volume loan servicing solutions. We’re thrilled about this integration with Jack Henry and the Banno Digital Platform,” York Powers went on to say.
Auto Financial Group (AFG), announced on Tuesday that it has signed an integration agreement with MeridianLink, which provides software platforms for financial institutions and consumer reporting agencies.
AFG said this partnership further reinforces its mission to pursue innovative solutions that help clients streamline their workflows.
With this integration, AFG said its Balloon Lending Program will be even easier to implement for financial institutions using MeridianLink’s loan origination system (LOS).
AFG explained the origination process will be more efficient, and users will not need to toggle between two platforms, increasing productivity and minimizing errors. Information will be updated automatically between both systems, keeping all documentation in sync and up to date, according to a news release.
“With this integration, financial institutions using MeridianLink will be able to originate AFG loans seamlessly, providing a responsive and straightforward solution for customers,” Auto Financial Group CEO Richard Epley said in the news release.
To learn more about AFG’s programs, go to https://www.autofinancialgroup.com/products.
VINData, a provider of trusted vehicle history and remarketing information, recently announced a partnership with Inovatec, a leader in cloud-based loan origination and loan management solutions for the automotive sector.
Through this relationship, VINData will integrate its offerings into Inovatec’s platforms, giving finance companies across the United States and Canada “unprecedented” visibility into the histories of specific inventory to identify potential risks, and improve the management of their collateral portfolios.
The integration into the Inovatec LOS can enable finance companies to seamlessly access VINData information at the time of contract decisioning to quickly and easily evaluate used vehicle collateral risk.
Furthermore, the LMS integration can allows Inovatec clients to monitor the health of their collateral portfolio and identify potential risks before they become financially detrimental.
VINData provides DMV title and brand information, along with data from the National Motor Vehicle Title Information System (NMVTIS) regarding insurance loss and salvage and junk information.
Other data includes active and issued recall data, open liens, active thefts, and vehicle values from leading value guide providers Black Book and NADAGuides/J.D. Power and Manheim Market Report® (MMR).
“We are delighted to work with VINData and provide the company’s vehicle history and associated data to our lenders in a way that makes it easy for them to use,” Inovatec chief executive officer and co-founder of Vlad Kovacevic said in a news release.
“VINData’s highly customizable approach lets us tailor the data to meet specific lender requirements, and we anticipate that the offerings from VINData will be an important source of information to lenders who book multiple vehicle types, both in the U.S. and Canada,” Kovacevic continued.
VINData president Adam Siner added, “Inovatec is exactly the type of integration partner we look for.
“The company’s platform is the perfect conduit to deliver the real-time vehicle history and decisioning information that lenders need to optimize profits and reduce risk. We are very proud to partner with Inovatec and join their efforts to provide world-class services,” Siner went on to say.
CUDL is broadening the reach of its credit union financing network to go beyond vehicles.
Integrated Dealer Systems (IDS), a leading RV, marine and trailer dealership management software provider, recently launched a new integration with CUDL.
According to a news release, this integration will cut down the time it takes dealerships to process F&I requests, while connecting them with an extensive pool of credit unions.
The integration with the CUDL platform allows IDS dealership partners to connect with a network of more than 1,100 local and national credit unions and their more than 64 million members.
By integrating CUDL with the IDS dealer management system, dealers can:
• Save time on double entry by transferring your F&I data from IDS to CUDL and back automatically
• Streamline the pre-approval process and see statuses of your loans in real-time
• Leverage a simple, modern, and easy to use interface
“With today’s ever-changing lending landscape, we recognize the value and need for delivering a simplified, streamlined application process for dealers and their customers,” CUDL product director Marty Simons said in the news release. “We’re excited to partner with IDS to provide dealers with a simplified financing process, and an improved overall experience for their customers.”
IDS product manager Pelumi Ogedengbe added, “F&I is a major profit center for many of our dealers, and we’ve worked closely with CUDL to make the entire application process seamless for dealers to process and obtain loan approvals. Now dealers can process loans with access to over 1000 credit unions.”
To learn more about the IDS-CUDL integration, reach out to the IDS support team at support@ids-astra.com or call at (800) 962-7872.
For the latest episode of the Auto Remarketing Podcast focused on fraud, Point Predictive’s Frank McKenna and Justin Davis explore how technology is developed to keep fraud from infiltrating dealerships and finance companies.
McKenna and Davis also touched on the successes that germinate from Hackathons as well as when two service providers integrate their solutions.
To listen to the conversation, click on the link available below, or visit the Auto Remarketing Podcast page.
Download and subscribe to the Auto Remarketing Podcast on iTunes or on Google Play.
Two service providers teamed up last week to bring credit unions and dealers together.
DriveCentric, a robust CRM, artificial intelligence (AI) and conversational engagement platform for automotive retailers, announce an integration and partnership with CUDL, one of the nation’s largest credit union financing networks.
They’re collaborating to provide a more simplified and streamlined credit application and financing process for today’s customer-focused dealerships.
According to a news release, the new integration not only allows dealers to tap into CUDL’s credit union network — which, collectively, represents one of the industry’s top auto finance sources — it is designed to create a seamless workflow within DriveCentric’s CRM that streamlines the credit application process for dealers and ultimately improves the experience for their customers.
The companies went on to mention this integration can allow DriveCentric dealership partners to connect with one a network of more than 1,100 local and national credit unions and their more than 64 million members.
The CUDL auto finance network helped credit unions fund a record $46.9 billion in auto paper in 2021, while CUDL credit unions, as an aggregate, were the largest auto finance company in the nation in 2021, experiencing 13% growth over 2020.
“The landscape of lending is evolving, and we recognize the value and need for delivering a simplified, streamlined application process for dealers and their customers,” CUDL product director Marty Simons said in the news release.
“We’re excited to join forces with DriveCentric to provide dealers with the ability to easily send deals to credit unions, paving the way for an improved customer experience,” Simons continued.
Both DriveCentric and CUDL noted that they are focused on delivering solutions their users find valuable and efficient.
“At DriveCentric, we know that time equals money for our dealer partners,” DriveCentric director of operations Drew Adler said in the news release. “The integration with CUDL will allow our mutual dealer partners to provide their customers with a more streamlined experience that will ultimately lead to a more efficient sales process.
“We are very excited for dealers and consumers to reap the benefits of this partnership,” Adler went on to say.
Current CUDL dealers are invited to reach out to their CUDL dealer experience representatives to start the process of enabling the integration today. Current DriveCentric dealers who do not use CUDL, but would like to, can learn more about CUDL's full suite of solutions at CUDL.com.
In an effort to help banks and credit unions, Abrigo and RouteOne announced on Tuesday how they’re now working together.
Abrigo, a provider of compliance, credit risk and lending solutions for financial institutions, is now integrated RouteOne, which helps to facilitate indirect auto financing. The companies said their integration is designed to ensure community financial institutions can create a streamlined and efficient buying experience for their customers at a dealership.
RouteOne’s indirect auto financing software can create efficiencies in data collection and credit applications by leveraging web-based technologies and electronic application processes. The result is a faster vehicle financing process.
By collaborating with Abrigo and creating an integration with the Sageworks Loan Origination Software, banks and credit unions using Abrigo’s Sageworks lending software can support their customers and members in the auto-finance process.
The companies said that having a streamlined system from the dealership and continuing through to the financial institution ensures data integrity, efficiency, and, most importantly, a faster consumer lending process.
With critical features like direct import into the application, instant decisioning and direct communication between the financial institution and the dealership, Abrigo president Jay Blandford said the Abrigo LOS system can give banks and credit unions a flexible and powerful tool for indirect auto financing.
“Community banks and credit unions are always looking for ways to support their customers and members. At Abrigo, we never lose sight of that goal, making sure every feature, every function of our products drives toward a better customer experience,” Blandford said in a news release.
Amber Haseley is director of customer relationships at RouteOne.
“RouteOne is pleased to announce the availability of Abrigo with our platform. We have a shared interest in continually streamlining the vehicle financing process and serving our dealer customers with innovation and efficiency,” Haseley said in the news release.
“In addition, this integration builds an infrastructure that will make it easy for any of Abrigo’s participating financial institutions to harness the power of RouteOne’s technology and best serve their dealer customers,” she went on to say.
Tekion recently finalized an integration with Dealertrack F&I. Now the automotive retail cloud platform has an integration with RouteOne, too.
The service providers recently announced the integration of their automotive retailing platforms to better serve dealers and improve the digital workflow for consumers.
According to a news release, Tekion’s native platform is now integrated to RouteOne’s credit application and eContracting solutions.
The companies explained this integration can allow dealers to push customer data from Tekion to RouteOne seamlessly so they can continue to work their deal through the F&I process, including validation of the eContract with their selected finance source.
“This integration serves as the foundation for future, modern consumer experiences,” the companies said in the news release.
RouteOne has one of the largest networks of eContracting finance sources in the industry and is now available through Tekion for retail installment and lease contracts.
Dealers can meet the expectations of the modern consumer with RouteOne’s online credit application and remote eSigning platform integrated through Tekion. The companies noted that this functionality can allow dealers to present F&I options and capture a digital signature for sales contracts in-store on a tablet or 100% remote via Tekion’s Zero-Contact Digital Sales application.
The companies went on to say that consumers now have more flexibility to complete as much of the process online as they wish, prior to coming into the store for delivery.
“We are delighted to bring the power of Tekion as an integrated partner to our dealer network,” stated John Earles, director of major accounts at RouteOne. “We have a shared dedication to innovate the automotive retail experience for our dealers and their consumers.”
Tekion chief financial officer and vice president of operations Guru Sankararaman added, “We’re thrilled to partner with RouteOne to simplify and modernize the consumer buying experience.
“Our integrated technologies will bring new digital capabilities to dealers, enabling improved efficiencies and providing convenience for all users,” Sankararaman went on to say.
The companies also said they plan to further their relationship with additional integrations that will drive continued innovation in digital retailing.
Dealers interested in connecting their RouteOne and Tekion solutions can contact their RouteOne business development manager at (866) 768-8301 or http://www.routeone.com/salesteam.
Budco Financial last week announced the integration of its 0% payment plan services into RouteOne’s menu powered by MaximTrak.
Budco Financial highlighted that its addition to RouteOne’s F&I platform can provide dealerships the ability to seamlessly present, rate and remit F&I products electronically with an interest-free financing option to deliver a personalized, effective customer experience.
According to a news release, dealerships using the RouteOne Menu powered by MaximTrak can now immediately present and sell vehicle service contracts using Budco Financial’s interest-free financing option without having to enter duplicate information in multiple sites, thereby saving time and reducing errors.
“RouteOne’s goal as an open integration platform is to support dealer choice and provide technology solutions that enhance the F&I process for all of our customers,” RouteOne chief revenue officer Jeff Belanger said in the news release. “We are pleased to welcome Budco Financial as an option within our menu solution.
“F&I Managers can present a menu with a vehicle service contract included and provide customers with an easy, flexible option by presenting Budco Financial’s interest-free financing solution for their aftermarket products,” Belanger continued.
Budco Financial vice president of sales and marketing Mark Pierret elaborated on this integration means for the company.
“We are excited to have the RouteOne Menu powered by MaximTrak as an F&I menu integration partner. By integrating with RouteOne, we are able to provide a streamlined, customer-focused vehicle service contract selling solution that creates efficiency for our joint dealership clients and helps them generate incremental profit,” Pierret said
“As an integrated partner, the entire RouteOne team is dedicated to providing the highest level of service, while maintaining a leading-edge retailing experience for F&I products,” Pierret went on to say.
Belanger also represented RouteOne during a recent episode of the Auto Remarketing Podcast, discussing how the pandemic has influenced F&I activities and more. The episode is available through the window below.
Financial institutions that leverage Origence, a CU Direct brand, now have better access to CARFAX data through a new partnership between the companies announced on Thursday.
The expanding network of financial institutions using the Origence consumer loan origination system (LOS) for indirect auto financing now can get CARFAX Vehicle History Reports with just one mouse click.
The Origence consumer LOS is a comprehensive loan origination system designed to improve the lending experience for both consumers and lenders for a variety of loan products, including indirect auto financing largely driven by its connection to the CUDL network.
“The landscape of auto finance is changing, and we recognize the value and need for delivering a simplified, streamlined lending process for credit unions and their members,” Origence vice president of strategic alliances Aleks Bogoeski said in a news release.
“As a result, we’ve joined forces with CARFAX to provide auto lenders with the ability to easily access vehicle history information, paving the way for an improved lending experience,” Bogoeski continued about this development that arrived about a month after Origence finalized integration with Black Book.
Meanwhile for CARFAX, this new integration follows partnerships between the company and other LOS providers, enabling scores of auto finance companies to seamlessly access CARFAX Vehicle History Reports and the VIN-specific CARFAX History-Based Value within their LOS for use in underwriting, title research, skip-tracing, remarketing and more. The information is all derived from robust database of more than 25 billion vehicle history records
“For more than 35 years, CARFAX has been helping auto lenders and their customers more accurately assess a specific vehicle’s value based on its installed equipment and unique history,” CARFAX banking and insurance group general manager David Lackey said
“Getting an accurate value is important for risk management and avoiding fraud. Working with partners like Origence, we’re transforming the way lenders approach the loan approval process,” Lackey went on to say.
