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Canada’s Largest Credit Union Selects HCL to Automate Enterprise-wide Loan Origination & Processing
PUBLISHED DATE: Aug 17, 2011
Through this engagement Vancity is expanding its relationship with HCL that began seven years ago when CapitalStream was selected to manage all lines of business lending (small, medium and large businesses). The solution is now being extended for use at Vancity’s 59 retail banking locations thus providing a single solution to manage all of the credit union’s lending operations.
CapitalStream is HCL’s integrated software platform enabling commercial banks and finance companies to implement Straight Through Processing across lending and leasing portfolios. CapitalStream has revolutionized lending by integrating and automating sales, origination, credit, decisioning, documentation, funding, booking and account monitoring.
“One of the key drivers of the retail project is to have a single enterprise platform so our retail and business loans can be originated and processed on the same system,” commented Helen Tsatouhas, Director Customer Relationship & Lending Solutions for Vancity. “Having a single system gives us a comprehensive view of our member relationships. A deeper understanding of their needs helps us provide a better experience for our members. We can now see the whole relationship we have with the borrower, regardless of the type of products purchased”.
“CapitalStream is a successful and proven application within our organization today,” stated Garry Smith, Vice President Operations for Vancity. “We are confident that extending CapitalStream to our retail business and making it our enterprise lending platform will benefit our operational analysis and help to identify places for future growth.”
“Vancity is one of many financial organizations we see moving to a single ‘Straight Through Processing’ platform for enterprise-wide lending. This trend empowers organizations to manage numerous products, functions and lines of business in one system to eliminate redundant processes and inefficient operations,” comments Mike Pennell, Vice President, HCL CapitalStream Lending Group.
CapitalStream is a core component of HCL FinanceSolution™, a suite of software platforms, best practice methodologies and business transformation services specifically designed for lending and leasing including specialized configurations of enterprise solutions for CRM, content management, business intelligence and more.
About HCL Technologies
HCL Technologies is a leading global IT services company, working with clients in the areas that impact and redefine the core of their businesses. Since its inception into the global landscape after its IPO in 1999, HCL focuses on 'transformational outsourcing,' underlined by innovation and value creation, and offers integrated portfolio of services including software-led IT solutions, remote infrastructure management, engineering and R&D services and BPO. HCL leverages its extensive global offshore infrastructure and network of offices in 26 countries to provide holistic, multi-service delivery in key industry verticals including Financial Services, Manufacturing, Consumer Services, Public Services and Healthcare. HCL takes pride in its philosophy of 'Employees First, Customers Second' which empowers our 77,046 transformers to create a real value for the customers. HCL Technologies, along with its subsidiaries, had consolidated revenues of US$ 3.5 billion (Rs. 16,034 crores), as on 30 June 2011 (on LTM basis). For more information, please visit www.hcltech.com
HCL is a $5.9 billion leading global technology and IT enterprise comprising two companies listed in India -- HCL Technologies and HCL Infosystems. Founded in 1976, HCL is one of India's original IT garage start-ups. A pioneer of modern computing, HCL is a global transformational enterprise today. Its range of offerings includes product engineering, custom & package applications, BPO, IT infrastructure services, IT hardware, systems integration, and distribution of information and communications technology (ICT) products across a wide range of focused industry verticals. The HCL team consists of over 80,000 professionals of diverse nationalities, who operate from 31 countries including over 500 points of presence in India. HCL has partnerships with several leading global 1000 firms, including leading IT and technology firms. For more information, please visit www.hcl.com
About Blue Cross Blue Shield Association
The Blue Cross and Blue Shield Association is a national federation of 39 independent, community-based and locally-operated Blue Cross and Blue Shield companies that collectively provide healthcare coverage for more than 99 million members - one-in-three Americans. For more information on the Blue Cross and Blue Shield Association and its member companies, please visit www.BCBS.com
Certain statements in this release are forward-looking statements, which involve a number of risks, uncertainties, assumptions and other factors that could cause actual results to differ materially from those in such forward-looking statements. All statements, other than statements of historical fact are statements that could be deemed forward-looking statements, including but not limited to the statements containing the words 'planned,' 'expects,' 'believes,' 'strategy,' 'opportunity,' 'anticipates,' 'hopes' or other similar words. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding impact of pending regulatory proceedings, fluctuations in earnings, our ability to manage growth, intense competition in IT services, Business Process Outsourcing and consulting services including those factors which may affect our cost advantage, wage increases in India, customer acceptances of our services, products and fee structures, our ability to attract and retain highly skilled professionals, our ability to integrate acquired assets in a cost effective and timely manner, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, the success of our brand development efforts, liability for damages on our service contracts, the success of the companies/entities in which we have made strategic investments, withdrawal of governmental fiscal incentives, political instability, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property, other risks, uncertainties and general economic conditions affecting our industry. There can be no assurance that the forward-looking statements made herein will prove to be accurate, and issuance of such forward-looking statements should not be regarded as a representation by the Company, or any other person, that the objective and plans of the Company will be achieved. All forward-looking statements made herein are based on information presently available to the management of the Company and the Company does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the Company.
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