OLYMPIA, Wash. and NEW YORK, Oct. 4, 2004 (PRIMEZONE) -- Today, in an announcement at the 129th annual meeting of the American Bankers Association, Enhanced Technology Financial Services, Inc. unveiled what it believes is the banking industry's first-ever guarantee of 'bottom line' results.
"We guarantee our client banks will increase their net earnings by at least 20% when they use ET's unique combination of technology and business process services to build their consumer loan business," declared Brian Cregg, Vice President-Marketing for ET. "Consumer lending has been largely ignored by community and mid-sized banks since before the advent of modern information management, communications and servicing technologies. Partnering with ET will allow them to more than match the competition, including money center banks, credit unions and manufacturers' subsidiaries. It allows them return to the days of substantial income from lending to their consumer customers. It's a banker's version of 'return to the future;' great service to their customers and enhanced earnings for their shareholders."
"A handful of companies do pieces of what we do," added R.W. Christensen, Jr., ET's CEO. "ET, on the other hand, does it all. We originate, service, collect and report on consumer loans for banks, enabling them to again build profitable consumer relationships. We guarantee actual results in terms of increased net income. Because ET has the only complete solution for bankers in the consumer loan arena, there are no direct competitors."
Thirty years ago community banks dominated the consumer loan segment with 70% of the market. In 1993, their share was 25%. Today, it is less than 8%. More than $600 billion of market share has moved elsewhere. "That's not erosion; that's a collapse," said Christensen. "That's nearly $90 million of assets missing in action for the average community bank."
"ET developed its OSCAR system and business process to serve banks with total assets of up to $20 billion. OSCAR can approve a loan on the bank's terms, matching best prices with best customers in less than 10 seconds," added Darcy Huffman, VP-Client Development. "OSCAR completes the documentation in less than 3 minutes, and we do all the servicing, collections and end-of-term work. OSCAR supports all forms of consumer loans and all bank cultures. Simply put, ET does it all."
About Enhanced Technology Financial Services, Inc.
ET Originates, Services, Collects, and Reports on private label consumer loans for community and mid-sized banks using its proprietary OSCAR system and team. By combining ET's risk-related pricing and best-in-industry servicing, ET's client banks can generate higher margins and more volume with lower risk and less volatility, simultaneously. Headquartered in Olympia, Washington, ET markets its services to banks with assets of up to $20 billion.
ET Financial Services is in Booth 308 at the American Bankers Association Conference.