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Central Bancshares Improves Processing Efficiency 23% By Automating Commercial Lending with CapitalStream
PUBLISHED DATE: Jul 09, 2010
Completes On Budget Implementation in 7 Months Demonstrating how Regional Banks Can Achieve Straight Through Processing Benefits Quickly and Cost Effectively
SUNNYVALE, CA, July 9, 2010 – HCL Technologies, a leading global provider of software-led solutions, infrastructure management and BPO services, announced Central Bancshares (Central), a financial services holding company with roughly $2B in assets, is realizing significant operational benefits and improved processing efficiency by 23% in a little more than one year after implementing the CapitalStream™ straight through processing (STP) solution (www.hcltech.com/capitalstream). Central has integrated and automated their loan processing from sales, origination, credit analysis and documentation through to booking, monitoring and servicing accounts. It took seven months to complete the implementation which achieved the target "go-live" date.
Prior to implementing CapitalStream, Central’s processes were manual. The lack of automation provided minimal internal controls, offered no portfolio or pipeline management tools and created redundancy in data entry that lead to inefficiencies and errors from application entry to booking. With CapitalStream, Central’s front office team can enter, maintain, view, and analyze all customer, transaction, risk rating, credit analysis, decision and collateral information instantly and simply through a single platform.
“We now have a single system for processing loan requests and managing and generating documents. Document preparation time has been reduced by 50%. CapitalStream provides a centralized database so we have a “one stop shop” for all loan and relationship information,” stated Donna Turner, Vice President Loan Processing for Central Bancshares. “Streamlining our processes through automation means we spend less time on administrative tasks and more time and resources focusing on the areas most critical to our business including customer service, credit analysis and improving policies and compliance to reduce risk.”
CapitalStream is an integrated software platform enabling commercial banks and finance companies to implement Straight Through Processing (STP) across lending and leasing portfolios. CapitalStream has revolutionized lending by integrating and automating sales, origination, credit, decisioning, documentation, funding, booking and account monitoring. 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.
Central Bancshares implemented CapitalStream using the Best Practice Model which was developed several years ago in partnership with a group of regional banks to incorporate the best practices used throughout the industry. Leveraging HCL’s years of experience working with some of the most successful financial institutions, the Best Practice Model is delivered “Out of the Box” with a core set of workflows, checklists, business rules, documents and other components that enabled Central to install quickly and at a cost that was well within their budget . At the same time, CapitalStream provided the ability to configure the platform to meet Central’s unique requirements since most of the configurations including business rules and workflow definitions, were done through the user interface.
“For some time CapitalStream has been the leading STP solution for the top 50 financial institutions, but the industry is still not fully aware that over half our customers are midsize banks.” commented Mike Pennell, Vice President for HCL CapitalStream Lending Group. “Central Bancshares was able to quickly implement the platform and realize significant results illustrating how regional banks with limited budgets and resources can achieve high levels of automation and efficiency.”
About Central Bancshares
Central Bancshares, Inc. is a financial services holding company headquartered in Lexington, KY. The Company is the second largest financial institution chartered in the state of Kentucky, offering the personal service of a community bank combined with the broad range of financial products and expert advice expected from a regional bank. With more than 100,000 customers, Central Bancshares, Inc. serves individual consumers and small to middle market business with full-service banking, investments, mortgages, insurance and wealth management. The Company has 28 banking offices in Boone, Clark, Fayette, Jefferson, Jessamine, Kenton, Madison, Scott and Bath counties, and serves nearly one-half its customers regularly through internet banking (CentralNET) and telephone banking (Central Connection). Central Bancshares is the holding company for Central Bank & Trust Co., Central Bank, FSB, Central Bank of Jefferson County, Salt Lick Deposit Bank, Central Insurance Services and Central Investment Center, Inc.
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 ‘Employee First’ which empowers our 58,129 transformers to create a real value for the customers. HCL Technologies, along with its subsidiaries, had consolidated revenues of US$ 2.6 billion (Rs. 12,048 crores), as on 31st March 2010 (on LTM basis). For more information, please visit www.hcltech.com
HCL is a $5 billion leading global Technology and IT Enterprise that comprises two companies listed in India - HCL Technologies & HCL Infosystems. Founded in 1976, HCL is one of India's original IT garage start-ups, a pioneer of modern computing, and a global transformational enterprise today. Its range of offerings spans Product Engineering, Custom & Package Applications, BPO, IT Infrastructure Services, IT Hardware, Systems Integration, and distribution of ICT products across a wide range of focused industry verticals. The HCL team comprises over 62,000 professionals of diverse nationalities, who operate from 26 countries including over 500 points of presence in India. HCL has global partnerships with several leading Fortune 1000 firms, including leading IT and Technology firms. For more information, please visit www.hcl.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.
For details, contact:
Marketing Communications, HCL CapitalStream
Director of External Communications, HCL America
BluePoint Venture Marketing for HCL