Ensemble Enables Much Faster Loan Processing
Cambridge, Mass. – June 21, 2005 – InterSystems Corporation today announced FORUM Credit Union has reported a major leap in consumer indirect car loan volume with a new lending system built on InterSystems’ Ensemble universal integration platform.
InterSystems develops and markets Ensemble and the CACHÉ post-relational database. Ensemble-based integration projects are being rapidly deployed in scores of organizations worldwide.
With assets of $861M and currently serving about 83,000 members, Indianapolis-based FORUM is in the top two percent of credit unions nationwide. Combining the Ensemble-based Total Account Processing System (TAPS® Enterprise Lending) application from FORUM Solutions and indirect lending via www.DealerTrack.com, FORUM has achieved a dramatic increase in loan volume in just a few months, according to Doug True, FORUM Senior Vice President, Lending and Technology. “We’ve processed more than $56M in new loans through the end of May…that’s a 128 percent increase over the same period in 2004,” he said.
FORUM began receiving loans through www.DealerTrack.com, a web-based service that automates the loan application process for automobile dealers, in February. “We knew in just eight weeks that we were getting a major return on our technology investment,” True said. “Dealers are now receiving answers on loan applications in less than seven seconds compared to the several hours typically needed when the loan is processed via fax.”
Rapid Processing, Business Intelligence
“We recognized that faster car loan processing and new business intelligence would be key to significantly increasing new loan revenues and achieving major business growth,” True said. “Ensemble provides the high performance that enables TAPS® to process loans rapidly,” he continued. “In addition, Ensemble makes it possible to automate the business rules used to identify loan definition characteristics as well as trends that identify good loans versus those that may have to be written off. That gives FORUM a major competitive advantage over most competitors.”
Ensemble-based TAPS® also enhances the ability to rapidly review loans when human intervention is appropriate. “Ensemble’s workflow component routes loans to the right underwriter based on limits and special conditions and the underwriter gets back to the dealer with a decision in minutes rather than hours,” True explained. “We’re getting very positive feedback from the dealerships because of our ability to render exceptional service very quickly.”
Building on success, FORUM implemented Ensemble-based TAPS® for direct lending in early May. By month-end overall consumer loan originations grew by 68 percent over May 2004. “It’s highly gratifying to see how rapidly FORUM is realizing quantifiable benefits and quick return on their Ensemble investment,” said Trevor Matz, InterSystems Managing Director, Ensemble. “We look forward to continuing to work closely with FORUM as they leverage Ensemble’s innovative technology to reach, and surpass, their business objectives.”
Headquartered in Cambridge, Massachusetts, InterSystems Corporation (www.InterSystems.com) has served the needs of IT organizations and independent software vendors for more than two decades. InterSystems’ showcase products, the Caché post-relational database and the Ensemble universal integration platform, enable the rapid creation and fast integration of high-performance applications.
Over four million people use mission-critical applications based on InterSystems’ software. Twenty-five regional offices serve application developers and integrators around the world, and 24 x 7 support is provided for all InterSystems products.
About FORUM Solutions
Based in Indianapolis, Indiana, FORUM Solutions (www.FORUMsolutions.com), a subsidiary of FORUM Credit Union, specializes in delivering financial services applications to credit unions and banking institutions nationwide. FORUM Solutions’ flagship product is TAPS® Enterprise Lending.
Trademark Notes: Caché is a trademark of InterSystems Corporation. Other trademarks belong to their respective owners.
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