|Summit Bank's new lending automation|
Cypress Software automates Summit Bank's consumer loan application, underwriting, and decisioning processes
Summit Bank Deploys Cypress Software’s Mark IV to Increase Lending Speed, Productivity and Customer Service
North Richland Hills, Texas – Oct. 14, 2008 – Summit Bank of Arkadelphia, Ark. has deployed Cypress Software Systems LP’s Mark IV software to automate the bank’s consumer loan application, underwriting and decisioning processes.
The software was installed this summer in the bank’s 20 branches across central and south Arkansas. Micky Rigby, executive vice president and chief credit officer at Summit Bank, says the institution was looking for a solution that would add speed and efficiency to its consumer lending operations.
“Cypress’ Mark IV has had a significant and positive impact on our customer service. In addition to the speed and automation that accompanies this software, we can now have customer service associates manage most consumer loan lending processes, which makes our loan origination and decisioning operations more profitable,” said Rigby. “In addition, Mark IV’s intuitive and user-friendly interface made our transition very smooth, and the software’s reporting functions give us better visibility and control over our consumer lending.”
Summit Bank was founded in 2000 with a simple philosophy of “doing banking better,” and they staffed each branch with experienced bankers who are both well-respected in their communities and take a personal interest in customers’ needs. With this approach, Summit rapidly grew, and today has more than 280 employees and $970 million in assets.
“Our Mark IV software helps financial institutions eliminate the tedious and mundane paper-pushing required under old, antiquated lending processes,” said Stephen G. Sargent, president and chief executive officer of Cypress Software Systems. “We’re excited that Summit Bank has selected our technology, and we are confident that they will experience further increases in lending automation, efficiency, productivity and customer service.”
Cypress’ Mark IV is a software platform that automates the consumer loan application and decisioning process. With Mark IV, service associates electronically input application information while interviewing customers. The software then quickly retrieves credit reports, efficiently reviews sources of repayment, and deploys the institution’s loan policies. The result is a fast, quality loan decision.
About Cypress Software Systems
Headquartered in North Richland Hills, Texas, USA, Cypress Software Systems, LP is a leading developer of automated credit application decision support technology. Cypress provides community and regional banks, finance companies and credit unions with loan application decision and tracking tools equivalent to those used by the largest national lending institutions. Clients, nationwide and in 16 countries, use the company’s flagship products, Mark IV and BizMark, to quickly and consistently process consumer and small commercial loan applications. Cypress Mark IV offers a flexible, risk-based processing approach that includes tracking consumer loan applications from point of entry to point of decision. Cypress’ BizMark loan automation software processes commercial loan requests within a customer relationship management environment. Both products may be licensed in the bundled Cypress Suite and are offered in either an application service provider (ASP) or traditional business model. The company’s product line also includes AppMark, an ASP-only consumer lending solution for community banks with assets of $250 million or less. Web Site: www.go-cypress.com.
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