Cheshire Building
Society Completes Mortgage Conversion to Fincentric's i-Wealthview
Banking™
Vancouver, BC — May 7, 2002
– Fincentric Corporation, a leading global provider of enterprise
wealth management and core banking software, announced today that
the Cheshire Building Society has completed the conversion of its
mortgage services to Fincentric's i-Wealthview Banking(tm). The
conversion of over 65,000 mortgages to i-Wealthview follows an initial
launch of a flexible mortgage loan at the beginning of 2001. The
Cheshire will shortly convert its savings and investments on to
the i-Wealthview platform.
"Customer demands and expectations in financial
services have expanded beyond the traditional methods," said
Colin Whittle, chief executive officer of the Cheshire Building
Society. "Our conversion to i-Wealthview clearly signifies
the Cheshire's dedication to modernize our systems and provide our
customers with all the tools they need for traditional and Internet-based
financial services. The key to continued success is combining this
technology with conventional measures of exceptional customer attention
and satisfaction, which is exactly what i-Wealthview allows us to
do."
The Cheshire is the eleventh largest building society
in the UK and the largest based in Northwest England. In 2001, the
Cheshire achieved record lending of £535 million with a growth
in assets of £323m to £2,928m (US $4.3 billion), an
increase of 12%. Capital increased by 7.1% to £178.1m and
the quality of its lending improved with a 25% reduction in mortgage
arrears. Another key success for the Cheshire during 2001 is that
all existing borrowers now benefit from daily interest following
the introduction of i-Wealthview, a facility that did not exist
in previous legacy systems.
"Mr. Whittle's leadership in e-financial services
in the very competitive UK market has made our work with the Cheshire
especially rewarding," said Mike Cardiff, president and chief
executive officer of Fincentric Corporation. "i-Wealthview
directly supports the Cheshire's commitment to provide the highest
quality of online services, with an underlying focus for providing
a high-touch, high-value experience for its customers."
Fincentric's software, which was selected from a
group of ten market-leading systems, automates all aspects of the
Cheshire's core financial services and integrates additional service
delivery channels including a call center and interactive mortgage
application system via the Internet.
The Cheshire selected Fincentric's i-Wealthview(tm)
for its superior capabilities as a Microsoft Windows 2000-based
solution, with scalability, Internet and multi-channel delivery,
and customer relationship management features. Furthermore, with
i-Wealthview Designer(tm), the Cheshire is able to quickly produce
and immediately launch innovative new products throughout all branches
and customer delivery channels.
About Cheshire Building Society
The Cheshire Building Society was established in 1870 and is headquarteredin
Macclesfield, UK. The Cheshire currently employs around 900 staff
and has 400,000 UK members while managing assets in excess of £3bn.
In addition to providing retail financial services, The Cheshire
has subsidiaries involved in real estate sales, property rental
and offshore deposit taking. A key business strategy is to continue
to enhance the services available to its members by introducing
new Internet and call center channels, thus making it easier for
members to access its competitive mortgage lending and investment
savings products.
About Fincentric
Fincentric Corporation is a leading global provider of
enterprise wealth management and core banking software. Fincentric's
i-Wealthview™ wealth management software products include
'next generation' core banking, Customer Value Management™,
data aggregation, Internet and wireless financial portals and full
multi-channel support. Its revolutionary Customer Value Management™
capabilities provide profitability and relationship analysis that
allow financial institutions to recognize the value of each customer,
and maximize their profitability. Fincentric products enable financial
institutions to quickly deploy solutions for their converging financial
service offerings, while also supporting capabilities for increasing
customer profitability, customer acquisition, and retention. Fincentric
has approximately 300 customers worldwide, and has strategic relationships
with Microsoft, Compaq, and other international partners. For more
information, visit Fincentric's home page at www.fincentric.com,
or call (604) 278-6470.
Fincentric, i-Wealthview, i-Wealthview Banking and
Customer Value Management (CVM) are trademarks of Fincentric Corporation.
Media Contacts:
Fincentric Corporation:
Shella Evangelista
Media & Analyst Communications Manager
Fincentric Corporation
Tel: (604) 214-5710
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