In an effort to better serve its dealers, Regions Bank has hired Fiserv LeMans to manage the day-to-day administration of its vehicle leasing portfolio.
The long-term deal calls for Fiserv to provide Regions with a full suite of services, including complete account management and collections, back-office systems and support. The bank began using the Fiserv LeMans system in June.
Regions Bank, a major participant in the indirect automotive loan and lease segment in the Sunbelt for years, has until recently been able to manage the day-to-day administration of the portfolio internally. Faced with a rapidly expanding leasing portfolio, however, company officials concluded that outsourcing was the answer.
Regions has become a true believer in the value of outsourcing. By allowing Fiserv to manage the day-to-day administration of its lease portfolio, it can now concentrate on further developing its dealer relationships. Equally important, the transition to Fiserv LeMans was completely seamless for the bank's clients. "The expertise and professionalism of their people was unparalleled," said Ron Luth, senior vice president at $45 billion Regions Bank.
The decision to go with Fiserv was easy, according to Jerry Coley, the bank's leasing specialist.
"We like the fact that Fiserv LeMans provides services to over 90 percent of the industry and that its technology is superior. They have expeditious payment programs and excellent customer service," he said.
Regions Bank can now focus on its core competencies of developing and nurturing dealer relationships and creating sales and marketing strategies to build its business.
"The resulting business expansion can readily be absorbed within our outsourced services environment, with the knowledge that best practices are being utilized," said Kevin Collins, president and CEO of Fiserv LeMans.