Software Enhancement Announced by Credit Management Solutions
Credit Management Solutions Inc., has announced enhancements to its Creditrevue authomated loan-processing software to include a telemarketing module called Crossell.
Creditrevue support an array of credit products, including revolving loans, auto loans, home equity loans, and a variety of other indirect and direct products.
Used by 10 Banks
The software from Columbia, Md.-based Credit Management Solutions, automates the credit-granting process, from credit bureau information retrievval to administrative follow-up, tus reducing the amount of time it takes to render a credit decision and fund a loan.
Creditrevue is used by 10 banks, including Citizen's Bank in Providence, R.I., and NationsBank in Charlotte, N.C.
The new telemarketing module, Crossell, enables a Creditrevue user to scan a data ase of customers and target a specific audience for a financial product or service.
Can Provide Background Information
Through a link to Creditrevue, the module consolidates loan activity information relating to a particular customer. This makes it eassier for a bank to get a complete picture of any customer relationship.
In addition, Crossell can provide background information on prospects, including a credit analysis, credit scoring, and demographic gridding.
One of the first institutions to install Crosssell is Sears Consumer Financial Group, based in Riverwood, Ill. According to Robert Davis, senior systems consultant in the lending services division, Sears willuseCrosssell to inaugurate a telemarketing campaign before the end of the year.
In the meantime, Sears is using Crosssell as a means of servicing follow-up callsto mail solicitations for home equity lines of credit as well as for automobile, boat, and other indirect l oans.
Sears sends out hundred of thousands of these solicitations each year. Instead of includinga credit application for the customer to mail back, each letter contains a phone number with an extension, Mr. Davis said. The extension varies depending on the loan in question.
When the extension is answered by a Sears representative, Crosssell automatically pulls up a file with information about that particular loan. Once the call is made, Sears representatives create a file on a customer.
Crosssell also provides user-generated sales scripts for gathering data over the telephone, and in certain cases loans can then be approved within minutes.
Prospective clients "don't have walk-in branches, and it's important for us to establish a personal relationship with the customer. That's why we ask them to call," Mr. Davis said.
Ms. Sullivan is a freelancer writer based in New York.