NationsBank To Pilot Affinity Technology Group Alms
COLUMBIA, S.C., July 2 /PRNewswire/ -- Affinity Technology Group (Nasdaq: AFFI) today
announced an agreement in which NationsBank will pilot Affinity Automated Loan Machines
(ALMs) (TM).
The initial consignment of Affinity ALMs will be installed through 1997 as part of the NationsBank
focus on using new technology to bring important advances in speed and convenience to retail
customers. With more than $194 billion in assets, NationsBank -- the country's fifth-largest
banking corporation -- provides over 1,900 branches, more than 3,000 ATMs, over 100
grocery-store banking centers (and growing), PC banking, and 24-hour telephone banking in nine
states and the District of Columbia.
Affinity ALMs, one of the Company's first applications for its proprietary Decision Support
System (DSS) technology, allow a qualified consumer to apply for and receive a personal loan via
the ALM in as little as 10 minutes. An enhanced version of the Affinity ALM -- that can provide
such added features as opening new checking accounts, closing on joint loans, auto and certain
other secured loans, consolidating existing loans, and obtaining credit cards -- will be installed as
part of the NationsBank agreement. This "closed loop" system enables a financial institution to
automate the processing and closing of consumer financial services at the point of sale.
"This agreement with one of the county's largest and most innovative banks is a major
endorsement for Affinity's technology and a win for consumers," said Jeff A. Norris, President and
CEO of Affinity Technology Group. "Our electronic commerce capabilities represent a key
competitive advantage for today's financial institutions. We are particularly excited to work with
NationsBank to use technology to drive innovation and put products and services at the fingertips
of the consumer."
John Brennan, Senior Vice President of Automated Banking at NationsBank stated, "We are very
impressed by Affinity's technology. It offers a flexible platform for delivering service to our
customers. We are building on our leadership position in consumer lending through continuous
improvement of our products and services; Affinity's technology and a variety of other related
initiatives will make doing business with NationsBank even easier -- 24 hours a day, 7 days a
week."
Affinity President and CEO Norris added: "Financial institutions are finding Affinity's technology a
critical component in bringing the branch to the consumer. As the market evolves, we believe our
technology will be an important component of the engine that drives the retail channel."
Formed in 1994, Affinity is headquartered in Columbia, South Carolina. It completed its initial
public offering on April 26, 1996. In addition to NationsBank, current customers include Union
Planters, Banco Popular, Bank One, Carolina First and First Citizens Bank.
/NOTE TO EDITORS AND INVESTORS: Affinity's press releases are available on the Internet
through PR Newswire's web site at prnewswire.com. The releases are also available
at no charge through PR Newswire's Company News On-Call fax service at 800-758-5804,
extension 112731./
/CONTACT: Donna Brinson, 803-254-9006, or John Franklin III,
212-484-7693, both of Affinity Technology Group; or Ellison Clary of
NationsBank, 704-386-8633/
|
