Magazine article American Banker

Meridian Has Stopgap Fix for Delay in IBM Software

Magazine article American Banker

Meridian Has Stopgap Fix for Delay in IBM Software

Article excerpt

Meridian Has Stopgap Fix For Delay in IBM Software

Seeking immediate aid for its lending officers, Meridian Bancorp has decided not to wait for a tardy decision-support system from IBM and will initially install a part of the software.

Meridian Bank has been testing Officer's Workbench from IBM, a microcomputer-based system giving corporate loan officers a variety of software modules to improve and speed up decision-making.

But International Business Machines Corp. is months behind schedule in delivering the much-watched system, on which it has been working for two years.

IBM now expects to deliver the system in the first quarter of 1992, according to sources familiar with the project.

Interim Software

Rather than wait for the full system, Meridian plans to install in November a commercially available software package that tracks customer and loan profitability.

The software, called Crisp, from Micro/Resources Inc., is also a key component of Officer's Workbench. Also included in the IBM system will be software for loan origination and financial analysis.

Meridian is still expected to buy the multimillion-dollar IBM system. But the Crisp installation may hedge its bets against further delays.

IBM's Officer's Workbench is one of several major programming efforts underway at banks and computer companies to build a system for lenders. In the past, lenders at most banks did not benefit from automation, whether as an aid to analyzing borrowers or to pricing loans to reach profitability goals. …

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