FIS, a provider of banking and payments technology to automotive finance industry, announced it has been selected to deliver call center services to Motor Funding Services, a new auto finance company that provides high-end vehicle leases through automotive dealer groups nationwide.
Auto sales in 2014 are forecasted to exceed 16 million cars for the first time since 2007, according to CEB TowerGroup. As a result, lenders will originate an estimated 11.4 million new auto loans to finance these sales. This has resulted in sudden demand for outsourcing of back office needs.
By outsourcing all the back office needs to call center service providers like FIS, these organizations can focus their efforts on growing business and better control their operational costs, says Anthony Jabbour, EVP, North American Financial Institutions, FIS.
Motor Funding Services selected FIS because of the cost-effective yet customizable nature of its AutoSuite Virtual Back Office solution, company officials said.
"As a start-up and entrepreneurially driven venture, we needed comprehensive support that took into account our unique needs," said Doug McAllister, founder, Motor Funding Services, in a statement. "FIS demonstrated its ability to understand those needs and work with us as we make Motor Funding Services a success."
The contract between FIS and Motor Funding Services aims to deliver comprehensive BPO and processing services ranging from loan origination and back office servicing to call center and collection services. Motor Funding Services will also leverage FIS’ AutoSuite Virtual Back Office solution for IT support.
AutoSuite Virtual Back Office from FIS provides Motor Funding Services with a cost-effective way to maintain focus on serving clients and rapidly building its innovative business, FIS said. Many financial institutions already use this feature to service loan, lease and deposit accounts, call center, collections and account origination.
"As Motor Funding Services works to build its business nationwide, it required an end-to-end back office solution with the flexibility to meet its business expansion needs,” Jabbour added. “FIS' proven BPO expertise, coupled with our deep knowledge of the automotive finance industry, made the difference as we were able to demonstrate strength and adaptability."
Edited by Stefania Viscusi