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Commercial banks

CoreStates Financial Corp Selects 20/20 Small Business Lending System

Strategic Insights

— 1 min read

CoreStates Financial Corp, a regional bank with assets totaling $27 billion, has chosen the 20/20 Small Business Lending System developed by APPRO Systems to automate its credit evaluation process for small business lending. This decision aligns with the bank's strategy to streamline operations and provide enhanced customer service. The 20/20 system, a complete turn-key software package, will immediately automate the manual underwriting process by merging personal credit and financial profiles of businesses and their owners. This implementation will be rolled out at three main financial locations in Philadelphia, Pennington, New Jersey, and Wilmington, Delaware, with a scheduled completion date in the first quarter of 1995.

Key Takeaways:

  • CoreStates Financial Corp, a $27 billion regional bank, has selected the 20/20 Small Business Lending System to automate its credit evaluation process.
  • The 20/20 system is a complete turn-key software package that automates the risk evaluation for small business loans by merging personal credit and financial profiles.
  • The implementation of the 20/20 system is part of CoreStates' strategy to streamline operations and provide improved customer service.
  • The system will be implemented at three main financial locations: in Philadelphia, Pennington, New Jersey, and at the corporate and commercial credit card center in Wilmington, Delaware.
  • The system was chosen for its flexibility and client-server based architecture, allowing CoreStates to adapt it to their workflow needs.
  • Linda Weber, Vice President, Manager Retail Risk Technology for CoreStates, highlighted the importance of customizing the system to meet their customer and credit culture needs.
  • The 20/20 Small Business Lending System is part of APPRO Systems' family of credit assessment products, which are used by more than 55 financial institutions nationwide.

Statistics:

  • CoreStates Financial Corp has assets totaling $27 billion.
  • The 20/20 Small Business Lending System will automate the manual underwriting process.
  • The system will be implemented at three main financial locations in Philadelphia, Pennington, New Jersey, and Wilmington, Delaware.
  • The scheduled completion date for the implementation is the first quarter of 1995.
  • APPRO Systems' products are used by more than 55 financial institutions nationwide.
  • APPRO Systems was founded in 1979 and is a privately held and managed company.

Sources:

  • BUS224950 (Business Wire) - CoreStates Financial Corp Selects 20/20 Small Business Lending System - December 19, 1994
  • APPRO Systems Inc. (website) - ABOUT APPRO
  • CRAIG UFFMAN, Vice President, APPRO Systems

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