ISLANDIA, N.Y., July 18, 2016 /PRNewswire/ -- Teledata Communications, Inc. (TCI) (www.tcicredit.com), a provider of cloud-based loan origination solutions, announced that Champlain National Bank, a full-service bank with nine locations in Northern New York, has deployed TCI's cloud-based DecisionLender 4 loan origination system (LOS) to process all its auto loan applications. As a result of this implementation, Champlain National Bank has been able to quickly diversify its loan portfolio from commercial lending to expand into the indirect consumer-based loan space.
DecisionLender 4 is a cloud-based platform that serves the needs of a broad range of lenders, including banks, credit unions, finance companies and online providers. The solution provides unparalleled flexibility for automating loan origination processes, enabling financial institutions to manage lending rules, parameters, application fields and workflows, without requiring expensive and time-consuming IT resources. DecisionLender 4 also delivers comprehensive analytics tools that gives lenders visibility into a number of key metrics to assess and revise their lending operations in real-time. This high level of customization empowers financial institutions to become more proactive and agile in creating and augmenting lending programs.
Based in Willsboro, New York, Champlain National Bank has operated primarily as a commercial bank positioned to serve businesses throughout New York State's Adirondack region. The institution was looking for a fast and cost-efficient way to expand into indirect consumer lending, and selected TCI's DecisionLender 4 platform as the most expedient solution for entering this lucrative market. As a result of deploying the system, Champlain National Bank integrated its loan origination process with DealerTrack and RouteOne, and signed on a substantial number of dealers in its region.
"One of the bank's prime growth strategies revolves around the diversification of our loan portfolio," explained Steven Cacchio, president and chief executive officer of Champlain National Bank. "We have a strong loan portfolio in both commercial lending and mortgages, but recognized that adding a consumer lending component would give us that 'third leg of the stool' we had been seeking. We found that the DecisionLender 4 platform was certainly the most compelling technology solution for enabling us to enter this market in streamlined, cost-effective and flexible manner. The system was extremely easy to configure, and we have the ability to manage the entire loan decisioning process on our own—which allows us to quickly respond to customer needs and competitive opportunities. Just as importantly, the support we have received from TCI has exceeded our expectations. They know our business well, and have provided a number of suggestions that have allowed us to maximize performance."
According to Barry Kirby II, vice president at TCI, Champlain National Bank's diversification interests are becoming a common theme in the industry.
"Institutions like Champlain National Bank are facing competitive pressures from both traditional and online lenders, and are constantly looking to broaden their reach by pursuing lending opportunities in a variety of sectors," said Kirby. "The DecisionLender 4 platform is perfectly suited for helping these financial institutions. As a cloud-based system, it gives lenders unmatched flexibility for creating lending programs tailored for specific markets. This not only expands the addressable market for lenders, it allows them to substantially reduce operational costs while also improving efficiency across the organization."
For more information on TCI and DecisionLender 4, visit www.tcicredit.com
About Teledata Communications, Inc.
Teledata Communications, Inc. (TCI) is a leading provider of software-as-a-service (SaaS) loan origination solutions for credit unions, banks, and finance companies. TCI's DecisionLender enables lenders to process a greater amount of loans, improve workflows, and adhere to security and compliance mandates. TCI's latest solution, DecisionLender 4, features a flexible design which online and traditional lenders can configure to address their specific lending criteria and workflows. As authorities in the lending marketplace, TCI's solutions have been adopted by nearly five hundred lenders across a number of sectors, including automobile finance, power sports, lifestyle, appliances, and other consumer-facing industries. www.tcicredit.com
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