Fifth Third Bank Launches Consumer Lending Online Channel

Cincinnati-based Fifth Third Bank has launched a direct-to-consumer lending web application that will serve as a multi-functional self-service channel where customers can initiate contact with the bank, according to a press release. Customers can use the web app to identify immediate loan fit, find and apply for appropriate lending products, and utilize Fifth Third Bank's supporting content, calculators and valuation tools.

Fifth Third collaborated with Tavent Technologies, a Santa Clara, Calif.-based provider of IT solutions and services in the consumer lending space, on the project. "We are very excited to offer our customers a new, functionality-rich online loan application," Marilyn Mocilnikar, senior vice president and director of retail lending products and services at Fifth Third Bank, said in the press release. "Tavant's expertise and direct lending platform allows us to better compete in the online channel and offer our customers a positive application experience."

At present, the application allows customers to directly apply for home equity and vehicle loans. It also features tools for the end-user such as a home value estimator and a calculator that lets borrowers determine rates, APRs and monthly payments.

"The practical success of these front-end channels relies upon leveraging forward Fifth Third's robust capabilities and expertise while simultaneously interjecting a net-new customer experience," Matthew Wood, head of consumer lending practice at Tavant Technologies, said in the release. "To our client's customers, this web-channel places into their hands useful real-time information."