Patent Info:
Any experts out there elaborate on significance of "allowance"?
COLUMBIA, S.C.--(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. |
