Chase Installing Software for Small Business Loans

Chase Manhattan Corp. is installing new software as part of an overall strategy to streamline its small business lending operation.

Paul Simpson, vice president and credit product executive in Chase's small business commercial lending operation, said the department plans on having Appro Systems Inc.'s 20/20 Small Business Lending System installed by the end of the first quarter.

"We wanted to find a way for our bankers to spend time with customers instead of spending time with administrative duties," said Mr. Simpson.

"This system provides us with tools to manage the portfolio and take the administrative tasks out of the bankers hands."

The software package operates on personal computer networks and will provide the bank with a complete credit history, merging personal credit and financial profiles of small business owners.

"We will use this system in conjunction with our existing credit scoring modules which are currently in place," said Mr. Simpson. He added that through the use of credit scoring systems from Fair, Isaac & Co. the 20/20 software "will be able to apply the quantitative models automatically to make for a more efficient operation."

Wing Oon, vice president and manager of quantitative modeling at Chase, said that after reviewing several packages on the market, "we found the 20/20 system to provide everything we needed in a single integrated system."

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER