Banknorth Group selects Provenir's Loan Origination Solution for Commercial and Small Business Loans
June 23, 2004
(Parsippany, New Jersey, USA) - Provenir, a leading provider of full life-cycle credit solutions, including loan origination, customer service, collections, and risk management, announced today that the Banknorth Group has selected Provenir to implement their end-to-end Small Business and Commercial Loan Origination Solution. Banknorth initiated this project to replace their existing loan origination system after a comprehensive review of the solutions available on the market.
Banknorth, the largest bank headquartered in New England, will utilize the Provenir solution to manage small business and commercial deals from contact management through loan closing.
"This is a key milestone for Banknorth that should provide significant productivity, cost efficiency and deal management benefits for years to come," said Ed Schreiber, Chief Risk Officer at Banknorth. "We also expect Provenir's software will allow Banknorth to finely segment credit risk and apply sophisticated decision strategies. This ability should be a best fit for both our clients and Banknorth. As Banknorth continues to grow its Small Business and Commercial Loan portfolios we are pleased to be working with Provenir, an industry leader, to help us improve our existing loan origination capabilities."
The Small Business and Commercial loan market in the US is increasingly competitive, and customer expectations have moved from a decision in a few days to a decision in just a few minutes or even seconds. Further, the need to rapidly and accurately roll new products and product pricing strategies to market is a critical component of success in this highly competitive marketplace.
"Banknorth's selection of Provenir for both Small Business and Commercial Loan Origination furthers Provenir's leadership position in this space and builds on Provenir's reputation for helping lenders increase the profitability of their card and loan portfolios," said Michael Barrow, VP of Business Development at Provenir. "The solution will give Banknorth the most competitive technology available to process loans, build market share and gain time-to-market advantage over their competitors, and we expect that it will deliver significant value and savings within a short period of time."
About Provenir
Provenir is a leading provider of enterprise software for managing the customer lifecycle. Founded in 1992, the company's historical focus on solutions for the financial industry has led to successful implementations at major banks and credit institutions. This proven ability to handle key financial data and processes is now enabling companies in other industries to make use of the Provenir Platform to manage their customer lifecycle interactions.
Companies use Provenir software to create customized systems from a common architecture, letting IT and business collaborate to maximize profitability of operations that impact financial performance. Business applications of Provenir technology include originations, prospecting, account management, collections and recovery, customer service, security, and compliance.
Provenir is privately held, with headquarters in Parsippany, New Jersey. Customers in the United Kingdom and continental Europe are served from offices in London. Asia/Pacific operations are headquartered in Hong Kong. Information about Provenir, the Provenir Platform, and professional services are available on the company's website at www.provenir.com.
About Banknorth
Banknorth Group, Inc. (NYSE: BNK), based in Portland, Maine, has $29 billion in assets and is the largest retail and commercial banking company headquartered in New England. The company was named the Best Managed Bank in America by Forbes Magazine in 2004. Through its banking subsidiary, Banknorth, N.A., the company operates Banknorth Massachusetts, Banknorth Vermont, Banknorth Connecticut, Bank of New Hampshire, Peoples Heritage Bank in Maine and Evergreen Bank serving upstate New York. Combined, these Banknorth banking divisions represent over 350 branches and more than 500 Banknorth ATMs across New England and upstate New York. Banknorth also operates subsidiaries and divisions in insurance, investments, merchant services, mortgage banking, leasing and other financial services. More information on Banknorth is available at Banknorth.com.
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