Affinity Technology Receives Notice Of Allowance For Patent For Fully Automated
Loan Processing Via The Internet And Other Communications Networks
COLUMBIA, S.C. (Sept. 10) BUSINESS WIRE -Sept. 10, 1998--Affinity
Technology Group, Inc. (Nasdaq: AFFI) today announced that the company
has received a notice of allowance from the U.S. Patent and Trademark
Office for issuance of a U.S. patent pertaining to a system and method
for real-time loan approval over a computer network without any human
intervention other than by the applicant.
If issued, the new patent would provide proprietary rights covering
fully automated loan processing through a home or remote interface
connected through the Internet, a wide area network, local area
networks or any other communications network. Affinity's Automated Loan
Machines would also be covered by the patent.
"The volume of loan applications on the Internet is growing by leaps
and bounds, and the use of automated systems for decision making will
make it possible to execute loan transactions online," said Murray
Smith, Affinity's President and Chief Executive Officer. "This patent,
if issued, will provide Affinity an ownership claim on fully automated
lending through the Internet."
Jim Moore, President of Mentis Corporation, which tracks the
application of technology in the banking industry, stated: "While the
Internet is shaping up as a major driving force in all commerce, its
potential seems especially strong in the distribution of non-tangible
offerings like financial services where consumers don't need to see or
try on an item before deciding to buy. Automated decision making is a
key to realizing this potential."
Other industry experts concur on the importance of the Internet to the
future of financial services. In a June 29, 1998, article on one-stop
financial shops, Michael E. Gazala, Senior Analyst at Forrester
Research, said "...consumers will still base their financial services
decisions on the lowest prices and highest rates, which are more likely
to be found by shopping on the Internet." Commenting specifically on
the topic of Internet auto loans in the June 1998 edition of Financial
Service Online, Jules F. Street, Vice President, Killen & Associates,
predicted that "By 2005, the online share of [auto] loan applications
will jump to 40%." Mr. Street estimated that fewer than one percent of
auto loan applications are taken online today.
Affinity said it would review a number of approaches to
commercializing its patent, in addition to continued development of its
existing services.
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 solutions
expedite loan decisioning and processing and increase productivity and
capacity 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 .
Forward-looking statements in this news release, including statements
regarding the coverage of any patent that may be issued to the Company
and the projected use of the Internet to process financial services
transactions and auto loans, 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 the proprietary and other
rights of third parties who may challenge the Company's patent
application, delays and risks associated with the development of new
technologies, consumer and industry acceptance of automated delivery
channels, regulatory risks, and general economic conditions, that may
cause actual results to differ materially from those projected.
Further, although the U.S. Patent and Trademark Office has granted a
notice of allowance for certain claims covered by the Company's patent
application, such action is subject to challenge by third parties, and
no patent has been issued. There can be no assurances that any patent
will be granted or that a patent, if granted, will have any commercial
or competitive value. NOTE TO INVESTORS AND EDITORS: Affinity's press
releases are available on the Internet through Business Wire's web site
at businesswire.com . The releases are also available at no
extra charge through Business Wire's Company News-On-Demand fax service
at 1-800-340-7544.
-0- bh/ny*
CONTACT: Affinity Technology, Columbia
Joe Boyle, Chief Financial Officer, 803/758-2750
KEYWORD: SOUTH CAROLINA
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS COMED TELECOMMUNICATIONS
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