As financial technology has become more advanced, consumer expectations have risen in lockstep. Today’s customers, who drive much of this innovation, expect essential financial processes like loan repayments to be quick, flexible, and accessible. For lenders, meeting these high expectations is essential; customers now seek both transparency and the convenience of making payments through multiple channels, whether in-person or online.
However, this is easier said than done, as lenders struggle to integrate the latest payment innovations into their processes, creating a disconnect with customers who seek a streamlined experience. Lenders unable to offer diverse, convenient payment options risk falling behind competitors that can provide cutting-edge, customer-friendly technology.
In addition to these technological demands, community banks and credit unions have the additional responsibility of serving their surrounding community, including low- to moderate-income (LMI) populations. Under the Community Reinvestment Act (CRA), financial institutions are mandated to provide services to meet the needs of their LMI neighbors, which can present a new challenge for community banks and credit unions that have historically served higher-income clients and may lack the infrastructure to reach underserved segments. Financial institutions need solutions that facilitate not only seamless transactions but also accessibility for LMI customers.
OmniaPay, Vergent’s latest solution in lending management technology, is crafted to enhance the loan repayment experience by simplifying processes and providing lenders with the flexibility and tools to expand their reach. OmniaPay brings a holistic suite of features that streamline repayment workflows, enable various payment types, and allow lenders to better serve diverse communities with convenient, accessible options.
OmniaPay supports ACH, credit, and debit card transactions, allowing payments through both in-person and mobile channels via the Vergent LMS Customer Portal. This flexibility ensures that lenders can meet customers where they are, empowering a broader range of customers—including those from LMI backgrounds—to access essential financial services.
OmniaPay provides key benefits for community banks and credit unions:
- Seamless Payment Handling: OmniaPay’s user-friendly transaction system simplifies the payment process for both lenders and borrowers.
- Flexible Loan Funding Options: Tailor funding solutions to meet the specific needs of your institution, creating a more personalized experience for borrowers.
- Specialized Loan Repayment Expertise: Gain access to tailored advice on repayment options that best suit the needs of your bank or credit union, ensuring each institution can create a smooth payment experience.
- Robust Chargeback Support: Receive support through every stage of the chargeback or dispute process, reducing risks associated with transaction disputes.
- In-Depth Transaction Reporting: OmniaPay provides comprehensive transaction insights, empowering lenders to make data-driven lending decisions with confidence.
- Live Support with No Automation: Users have access to live, human support without automated responses, ensuring quality customer care for every interaction.
By integrating these features, OmniaPay makes loan repayments easier for borrowers, providing the flexibility that customers value and the operational efficiencies that lenders need. For lenders, OmniaPay presents a clear advantage—enabling these institutions to not only stay competitive but also outpace competitors who still use antiquated payment technology to serve their communities.
With Vergent’s OmniaPay, lenders are equipped to enhance customer experience and streamline operations while confidently fulfilling their CRA requirements. Contact the Vergent team to learn how OmniaPay can improve your financial institution.
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Bradley Tompkins, Chief Information Officer at Vergent LMS
Brad Tompkins is Chief Information Officer at Vergent LMS, where he oversees the company’s product and technology initiatives. In this role, he supervises customer implementations and vendor integrations to ensure that Vergent’s platform is consistently performing at a high level for all users and partners. Tompkins has been with Vergent for nearly 10 years. Before his role as CIO, he served as VP of Strategic Planning and Development, where he was responsible for product initiatives, key customer relationships, service-delivery processes, key vendor relationships and business alliances. Before joining Vergent, Tompkins already had years of financial industry experience from various audit and accounting roles he held with firms such as Horne LLP; Eubank Betts Hirn Wood, PLLC and Weaver. Tompkins is a graduate of the University of Southern Mississippi, where he studied Accounting and Business Management.
