OLYMPIA, Wash. and SAN ANTONIO, March 8, 2005 (PRIMEZONE) -- In an announcement today at the National Conference of the Independent Community Bankers of America meeting in San Antonio, Enhanced Technology Financial Services, Inc. of Olympia, WA unveiled an extension of its industry-leading OSCAR consumer lending tool for use by banks looking for a completely seamless Internet loan origination and servicing capability.
"OSCAR iLoan is an Internet-only adaptation of ET's incredibly robust OSCAR platform," explained R. W. Christensen, Jr., ET's CEO. "It can decision a consumer loan in less than ten seconds, document it in less than 3 minutes and service it for the life of the loan. This is an incredibly fast, simple and cost effective way for banks to capture their own customers' consumer loans, loans they'd otherwise miss. Costs are absolutely minimal, as substantially less than one FTE can originate and manage more than $20 million of loans per year across the bank's own website. Not only can those loans drive more than 20% net ROE to the bottom line, but it's also a great way to serve existing customers and prevent poaching of profitable customers by competitors."
"We developed OSCAR iLoan in response to two apparently contradictory goals of some banks," Christensen added. "On the one hand, they want to stop recommending their best customers go to the competition -- a credit union, car dealer, money center bank, or Internet source -- for personal loans. On the other hand, some banks are not yet convinced they should add complete consumer lending functionality as a staple in their product offerings. With OSCAR iLoan a bank can refer its best customers to itself instead of to others."
OSCAR iLoan is priced so that a bank that originates as few as one consumer loan a month can make money while dramatically improving customer service and satisfaction.
ET announced in October its guarantee that client banks using its flagship OSCAR product will increase total net earnings by at least 20%. While the 20% earnings guarantee will not attach to the more limited OSCAR iLoan product, the company's complete satisfaction guarantee will continue to apply to all of ET's services, including the new OSCAR iLoan.
ET Financial Services is the subject of the cover story in the current special Community Banking edition of American Banker.
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. ET guarantees that its client banks will increase total net income by at least 20% when they use OSCAR. 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.