Yorkshire Building Society wins customers in new markets following launch of end-to-end internet mortgage-processing application
Dublin, 11 June 2002 – Eontec, the global leader in the development and delivery of Enterprise Java™ Banking solutions, today announces the successful live implementation of its Lending Module at UK-based Yorkshire Building Society. The fully transactional website, based on J2EE™ Financial Components enables the Society’s customers to undertake full mortgage application processing online, from initial enquiry and quotation to online approval. Online credit bureau checking and an automated rules engine means the ‘approval in principle’ decision can now be delivered in seconds.
In the first ten days of operation, the site generated business potentially worth £20m to the Building Society. It has enabled the company to tap into a higher net worth customer niche with statistics showing that the average value of a mortgage requested over the internet is almost double when compared to its branches. The Society has also been able to expand its geographical reach beyond regional areas serviced by the branches.
The application also provides a secure XML based business-to-business channel for lending partners. Agents such as Legal and General are using the site to process new mortgage business, further expanding the Building Society’s Mortgage Broker revenue stream.
Linda Will, head of eCommerce at Yorkshire Building Society, comments: “The volume and value of business generated by the deployment of Eontec’s Lending Module has been impressive. The comprehensive web functionality and full transactional capability, including automated application, upfront quotation and approval in principle, has transformed our mortgage processing capabilities. The improvements in efficiency mean a massive reduction in operating costs, the benefits of which can now be passed on to our customers.”
The online service has been built using the Lending Module of the Eontec solution. Based on J2EE™ open standards, the Lending Module consists of Financial Components that can be reused across the enterprise, enabling a consolidated view of the customer and consistent levels of service across the Building Society’s internet site, call centre operations and branch network.
The website is the first stage of the Society’s technology strategy. The company is seeking to enhance its service portfolio by providing financial services across multiple delivery channels and consolidating its customer data for enhanced customer service. Will comments: “Our strategy is to integrate all points of contact within the company so channels will be readily available to customers and backed up by the best-in-class customer service. Eontec has helped us to lay the foundation for future services through reusable Financial Components that can be harvested, rather than having to carry out subsequent IT developments for each new product design.”
Patrick Brazel, executive chairman, Eontec, comments: “Our Lending Module provides Yorkshire Building Society with a multi-channel loan processing system enabling upfront quotation and fulfilment. As part of our wider Enterprise Java™ Banking solution, the Lending Module provides the full content and functionality of a point solution whilst providing the added benefit of a transition platform to ease the addition of new products, services and channels as the future dictates.”
Eontec is the global leader in the delivery of mission-critical Enterprise Java™ Banking solutions to major financial institutions. Eontec provides proven systems assembled from reusable financial components for retail and corporate financial services, including branch operations, lending, payments, and credit card services. These can be deployed across multiple channels including the branch, call centres, the Internet, ATMs and wireless devices to create a unified customer experience.
When used as a strategic platform for business transformation to customer-centric banking, Eontec™ delivers an operationally driven single view of customer, enables institutions to manage technology transition and empowers them to roll out innovative services by exploiting existing CRM and legacy systems.
Eontec pioneered Java technology in Financial Services and was the first company to offer true multi-channel banking software. Our implementations offer a unique dual benefit – tailored solutions for immediate priorities and a reusable asset for future demands. Today Eontec offers a proven J2EE™-based solution. Composed of business functionality, multi-channel services and an integrated assembly environment, Eontec realizes the promise of component technology – flexibility, speed and cost reduction.
Founded in 1994 by banking and IT specialists, Eontec is based in Ireland and the United States with regional offices in Canada, Germany, the UK, Japan and Singapore. The major investors in the company include Warburg Pincus and Bank of Scotland (Ireland) (formerly ICC Venture Capital).
For further information:
Karin Clark/Sara Toal
Tel: + 44 (0) 207 959 5400
Lisa Kelly/Yvonne Stimpson
Tel: + 353 1 433 5300
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