Barclays Bank PLC has selected Systematics Financial Services Inc. to provide software and services for its centralized loan operations.
Systematics, headquartered in Little Rock, will license its Advanced Loan System, or ALS, software to the bank and will provide installation, training, and regular updates. The fully automated loan management system increases an organization's ability to manage loancustomer relationships, Systematics says.
According to Richard Fraser, a Systematics regional marketing executive based in London, the system will be running by January.
The system supports an unlimited number of loan products, including lines of credit, consumer loans, and variable rate loans. Various loan options - such as earnings factors, billing cycles, fees, and collateral items - can be combined and offered in a number of ways.
"Barclays is a very large institution with a strength in managing large volumes of loans," said Mr. Fraser. "ALS will give them flexibility to respond quickly to changes in the market."
Barclays, with $250 billion in assets, operates 2,000 branches in the United Kingdom.
Current Systems Hinder Service
Barclays is running an array of disparate systems in the loanmanagement area, making it difficult to provide high levels of customer service. With ALS, the bank expects to eliminate manual tasks associated with running multiple systems.
"The bank's objective is to introduce competitive new products and services for consumer lending, but at the same time we want to improve our operating efficiency," said Adrian O'Connor-Mitchell, director of Barclays direct-lending services.
The Advanced Loan System represents the second Systematics installation at Barclays. The first, a Savings-Time System, enables Barclays to package and process deposit products, including savings, retirement, and club accounts.