SWBC plans to begin offering an Internet-based vehicle title-tracking product incorporating electronic lien and title (ELT) services powered by VINtek. With ELT, financial institutions can store digital lien notifications instead of paper titles, which can substantially decrease processing cost and effort, the company said. The service will be integrated within the SWBC Cotrak system. ELT, or "paperless titles" as it is sometimes called, is currently available in California, Florida, Idaho, Massachusetts, New York, Pennsylvania, Virginia and Washington. Additional states, such as Texas, Arizona, Hawaii and New Hampshire are introducing ELT, which is a state motor vehicle agency initiative.
For info: www.swbc.com. the detrimental "gaps" between overarching business objectives and technology investments-and the actions needed to bring them into alignment, the firm said.
"In working with major financial institutions, we too often find that technology investments don't accurately reflect the larger objectives of the organization," said John Stone, managing partner of TowerGroup's Consulting/Advisory practice. Regardless of the specific scenario, added Stone, "the wider the gap between business objectives and technology, the greater the detriment to the overall effectiveness of the organization."
TowerGroup said its Technology Index also helps financial institutions not only better understand the total state of their current technology environment, but also take specific actions that are appropriate to the context of the organization.
The six major components it measures:
* Management practices and processes.
* Strategy development and alignment of technology with business objectives.
* Applicability, scalability and modernization of an organization's current technology architecture.
* Appropriateness of an organization's total portfolio of applications;
* Appropriateness of its people and level of technology-related staffing.
* Overall technology investments and operating costs.
Once completed, the organization receives a "score" for a number of sub-categories within each major component area, from which the overall "gap" assessment is drawn. Specific recommendations are then made to narrow the "gap" based on the business strategies of the organization.
For info: www.towergroup.com.