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Do any one out there no anything about Affi.
June 26, 1996
Affinity Delivers New Software To Union Planters, Enabling
90-Second Phone Approval For Home-Equity Credit
Home-Equity Product Is First In Stream Of New Applications For
Affinity's Core Technology
Leading Mid-South Bank To Drive Retail Growth
Through Call Centers And
Electronic Fulfillment
COLUMBIA, S.C., June 26 /PRNewswire/ -- Affinity Technology Group, Inc. (Nasdaq: AFFI)
and Union Planters Corporation (NYSE: UPC) said today that Affinity has delivered on schedule
a new application of its unique Decision Support System (DSS) technology that will enable
consumers -- whether or not they are Union Planters customers -- to obtain conditional approval
for a home-equity line of credit over the phone in 90 seconds. Union Planters is a 38-bank,
400-branch bank holding company with over $11 billion in assets.
Home equity credit lines are the first in a series of new products and channels that the company is
developing for its clients. Affinity currently markets the first application of its DSS technology, the
Affinity Automated Loan Machine (ALM), which enables financial institutions to automate the
processing and closing of consumer loans and other financial services at the point of sale.
"This major milestone for Affinity shows that we can adapt our core technology to meet the needs
of financial institutions that are turning to technology to help drive this retail-delivery strategy," said
Jeff A. Norris, President and Chief Executive Officer of Affinity. "We will build on our DSS
foundation to create a stream of new products and channels, grow our business and bring
unprecedented advances in speed and convenience to consumers of financial institutions," he
added.
Benjamin Rawlins Jr., Chairman and CEO of Union Planters, agreed: "We see Affinity's
technology as a tremendous asset to our long-stated goal of being the leading mid-South provider
of financial services. Particularly exciting is the potential of Affinity's technology and the
competitive advantages that it brings to us in the retail market. With new electronic-commerce
technology like Affinity's DSS software, we will bring an exciting array of new products and
services to our customers -- whenever, and wherever, they need them."
Affinity's new DSS technology eliminates call-backs and other processing requirements which can
add days to the process of applying for this type of credit. Union Planters now receives thousands
of calls every month from consumers seeking equity credit. With the Affinity DSS call center
product - qualified consumers are notified during the call of the approval, subject to appraisal of
their home.
John Rogers, president of Affinity Processing Corporation (APC), a subsidiary of Affinity that
developed the DSS call center application, said, "What is especially noteworthy about this product
is that it enables us to serve an entirely new customer base. As we move from unsecured loans to
equity lines of credit and other new products, we are able to extend the retail strategy to key
households for institutions competing in today's financial services market."
Affinity ALMs, already in place at Union Planters, can be deployed anywhere, generating new
assets at low cost for financial institutions, while offering consumers around-the-clock
convenience. The company plans to install enhanced ALMs that can provide such added financial
services such as opening new checking accounts, closing on joint loans, auto and certain other
secured loans, consolidating existing loans, and obtaining credit cards. The Affinity ALM will also
serve as the point of fulfillment for phone-center transactions, seven days a week, 24 hours a day.
Formed in 1994, Affinity is headquartered in Columbia, South Carolina. It completed its first
public offering on April 26, 1996. In addition to Union Planters, current customers include Banco
Popular, Bank One, Carolina First and First Citizens Bank.
/CONTACT: Donna Brinson, 803-254-9006, or John Franklin, 212-484-7693, both for Affinity/
08:26 EDT
Copyright © 1996 Dow Jones & Company, Inc. All Rights Reserved. |
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