FINEOS Announces Release of Enterprise Solution for Retail Banking Sector

New component-based sales and servicing solution to significantly reduce costs and increase efficiencies for retail banking industry

October 15, 2003 – Dublin, London - FINEOS Corporation, a leading innovator of banking and insurance software, has just announced the general release of version 4.0 of FINEOS Banking™, its enterprise-wide platform for managing sales opportunity management, servicing of new business, and customer service in the banking sector.

FINEOS Banking is a functionally rich solution that enables retail banks to effectively acquire, service and build customer relationships and manage the sales and application processing of new business - such as mortgages, car finance, and bancassurance products - across individual and commercial lines. It also provides for auto-underwriting, ease of data entry and retrieval as well as intelligent task generation and monitoring.

FINEOS Banking incorporates the following pre-integrated product components, which can be deployed individually or combined together as a complete enterprise-wide solution:

  • Teller CRM Integrator: runs alongside existing teller functionality to provide an account-based teller system with CRM functionality.
  • Teller Transaction Manager: enables banking clients to move from the distributed branch server environment to a more modern transaction-processing framework that provides links to customer and account information.
  • Sales Opportunity Manager: enables banks to manage the 360-degree sales process, commencing at lead generation through opportunity creation, allocation and analysis.
  • New Business Manager: allows easy capture of all relevant client and account data that is required to establish a contract for an individual. It intuitively helps users through validation, status reporting, and pipeline management.
  • Customer Manager: provides comprehensive customer file capability for any party, person or organisation, providing view and edit capability for relationships, general party details, portfolio details, notes and task, case and contact history.
  • Servicing: a single, up-to-date view of customer information for staff to update customer profile data, input new applications, follow up on sales leads, answer queries about a range of back-office activities and execute various other servicing tasks from a single workbench.
  • Application Processing: full lifecycle support for application processing, covering the new business process, through to after-sales servicing issues.

With an integrated workflow and process design engine, FINEOS Banking allows users to seamlessly hand off work to the appropriate area. All hand-offs are recorded and tracked and become part of a case. This helps to free up staff, allowing them to handle a greater volume of business and service customers more effectively.

FINEOS Banking also facilitates effective document and correspondence management. It enables staff to automatically trigger pre-configured communications such as emails, letters, and faxes to both customers and intermediaries. It also helps to end paper trails by enabling staff to store, index and retrieve information online.

Built on industry-standard technology, FINEOS Banking is a fully J2EE enabled platform that integrates with legacy administration systems to provide a single front-end workbench for sales and servicing issues. Its architecture is thin client-based so that appropriate access to secure, user-specific portals can be provided. These portals include those for remotely based intermediaries and customers as well as for branch staff.

Commenting on the launch, Derek Finnerty, Sales & Marketing Director, FINEOS, said: "The main challenge faced by banks today is to transform the customer's multi-channel experience into one that is less fragmented, more efficient and built around information and services that meet their needs. FINEOS Banking can help with this objective as it provides a rich layer of data on top of existing legacy system investments, extending their life and suitability to today's demanding customer-centric environment."

This new release of FINEOS Banking represents the fourth in a series of specific line-of-business solution launches that was recently announced with the unveiling of FINEOS 4.0™, the company's new enterprise platform for banking and insurance. The other vertical solution sets include FINEOS Life, FINEOS Pensions, FINEOS Insure, FINEOS Lending and FINEOS Employee Benefits.

An earlier version of FINEOS Banking has been live at Britannia Building Society, First National Bank, Northern Rock, and EBS Building Society, among others.

© 2009 FINEOS Corp. Ltd