Fiserv fires up new digital loan origination system
Fiserv’s new digital loan origination system has been launched with account opening functionality, including credit cards and personal loans.
Called Originate, it is integrated with other Fiserv digital solutions including the Mobiliti mobile banking and payments platform.
The first solution in the suite, Originate Deposits, features a user interface with optional ID scanning, autofill, and facial recognition to allow consumers to open an account or initiate a loan application from a mobile device, tablet, computer, or at a branch.
Maryland-based Hamilton Bank is the first bank to beta test it.
“We’ve been looking at options for a better digital account opening experience, regardless of where or how our customers choose to complete the process,” says Sherri Wilson, SVP of Hamilton Bank.
Credit Union 1 in Illinois is another early taker.
Paul Simons, CEO of Credit Union 1, says: “While we maintain a high volume of account openings, only a small percentage of our members were completing the process online. It was just too complex. The interface and flow in Originate Deposits are as intuitive as buying from a leading online retailer.”
Fiserv says additional Originate solutions will come at the end of 2018 including retail, auto and mortgage.