(BSNS WIRE) People's Bank of California Launches Affinity iDEAL Service
People's Bank of California Launches Affinity iDEAL Service for Indirect
Automobile Lending
Business Editors
COLUMBIA, S.C.--(BUSINESS WIRE)--Nov. 3, 1999--People's Bank of
California (NASD: PBOC) and Affinity Technology Group, Inc. (NASD:
AFFI) today announced that People's has completed its conversion to
Affinity's iDEAL service for indirect automobile lending.
William W. Flader, People's Executive Vice President, Retail
Banking, said, "In early results, iDEAL is providing our dealers with
fully automated decisions and responses on almost half the
applications, while facilitating our timely review of those that
require personal evaluation."
"The iDEAL service provides indirect lenders with control over
underwriting and pricing and improves productivity, as well as
speeding service to dealers," said Murray Smith, Affinity President
and CEO.
The iDEAL service, which was originally developed by Affinity in
cooperation with Citibank Auto Finance, applies a lender's credit
policy, including credit scores and rules, to determine which
applications can be approved or declined automatically and which
require personal attention from a loan officer. Connection to third
parties for credit and car valuation data is automatic, as are funding
and booking of closed contracts. The automated iDEAL system allows
lenders to serve their dealers 24 hours a day, seven days a week.
Affinity's technology enables financial institutions to link
their branches, call centers, Internet customers and indirect agents
electronically to their credit departments, providing fully automated
lending - and, if necessary, connectivity to a loan officer - through
every channel. For financial institutions, Affinity's services
expedite loan decisioning and processing and increase productivity of
branch personnel, call center agents, loan officers, and indirect
agents, while improving the overall customer experience. Affinity is
located on the World Wide Web at www.affi.net.
People's Bank, with $3.5 billion in assets, has 23 branches in
three Southern California counties (Los Angeles, Ventura and Orange).
Forward-looking statements in this news release are made pursuant
to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Investors are cautioned that forward-looking
statements involve risks and uncertainties, including those related to
general economic conditions, delays, risks and uncertainties
associated with the development and deployment of new technologies,
consumer and industry acceptance of automated delivery channels, and
regulatory risks, that may cause actual results to differ materially
from those projected.
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CONTACT: Affinity Technology Group, Inc.
Joseph A. Boyle, Chief Financial Officer
803/758-2528
or
People's Bank of California
William W. Flader,
Bruce |
