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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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