NationsBank Testing Software to Speed Auto Loans
Tucker, Tracey, American Banker
NationsBank Corp. is streamlining the processing of auto loans with a software program that electronically links the bank with car dealerships.
Developed by Credit Management Solutions Inc., the system, called Credit Connection, lets NationsBank provide dealers with quick decisions on loan applications.
The Charlotte, N.C.-based bank company said it expects to complete a pilot of the system this month with five major dealerships in the Carolinas.
The bank hopes to run 10% of its auto loan business through the system by the end of the year, officials said.
"This type of electronic connectivity is the wave of the future," said John Abadie, president of NationsBank's dealer financial services group. "The system will enhance our ability to do more business with dealers."
Credit Connection is designed to speed loan processing by automating workflows and decision-making on auto loan applications.
Dealers enter loan application data into terminals linked to the system's host computer at CMSI's headquarters in Columbia, Md.
After application data is entered, the system takes over all processing steps, including requesting information from credit bureaus, forwarding application data to lenders, and updating dealers on the status of decisions.
James DeFrancesco, president of CMSI, said Credit Connection can help large banks that already have some loan processing automation by "pushing their automation to the point of sale," and …
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Publication information: Article title: NationsBank Testing Software to Speed Auto Loans. Contributors: Tucker, Tracey - Author. Magazine title: American Banker. Volume: 161. Issue: 66 Publication date: April 8, 1996. Page number: 24. © 2009 SourceMedia, Inc. COPYRIGHT 1996 Gale Group.
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