Valley National Bank is ramping up its digital offerings in an effort to streamline communication with dealers, said Fred Castrovinci, the bank’s vice president of consumer loans.
“Dealers have become so much more process-oriented than ever,” Castrovinci said. “One of the initiatives that we’re working on right now is delivering dealers better information — as much information as we possibly can — through some of our electronic platforms.” For example, a dealer can see how much commission he would earn on a loan, prior to its approval.
Valley National started to roll out automated communications this quarter; fully automated decisioning and e-contracting will follow. “The more loan decisions we can deliver back within seconds of them submitting it electronically, the better service we’re providing to the dealer, which he can then provide to his customer,” Castrovinci said.
Currently, loan decisions are made through a combination of automated and manual processes. Valley National plans to roll out e-contracting capability in stages over the next two quarters because dealers are “starting to move away from traditional paper loan contracts,” he said.
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