Tuesday, November 03, 2009
Servus Credit Union Expands Covarity Implementation to Increase Business Banking Success
Canada's third largest credit union chooses Covarity commercial loan monitoring solution for province-wide implementation.
KITCHENER-WATERLOO, ONTARIO--(Marketwire - Nov. 3, 2009) - Covarity Inc., the leading commercial loan monitoring and portfolio management solution provider, today announced that Servus Credit Union has chosen Covarity as the platform for commercial loan monitoring in its province-wide network of Business Banking Centres.
Servus Credit Union has been a Covarity customer since 2006 and last year became Canada's first province-wide credit union, with assets of $10B, through an amalgamation with Commonwealth Credit Union and Community Savings. Since implementing Covarity, Servus has seen significant improvements in the performance of its commercial credit portfolio. Rollout of the same solution to its expanded commercial member base is already underway.
Covarity provides financial institutions with a consistent risk management framework built around precision monitoring of commercial loans. Covarity automates the process for collecting and analyzing financial data from borrowers, bringing consistency, quality assurance and process efficiencies to the commercial lending process.
"Our members appreciate the ease of providing their information electronically, as well as the ability to see what we see, in terms of a snap shot of their financial picture -trending information and credit limit details." says Craig F. King, Senior Vice President, Business Banking, Servus Credit Union.
The implementation of Covarity has included benefits for both the credit union and its members, which now total over 400,000:
Benefits For Servus - include the ability for the credit union to monitor each borrower's financial performance at a very detailed level, enabling Servus to quickly uncover and act on unfavorable trends and other areas of concern or opportunity in a client's business.
Benefits For Members - include enhanced visibility into their financial performance as well as the ability for commercial borrowers to electronically submit their financial statements, increasing the timeliness and accuracy of information, reporting and analysis.
"Covarity is committed to providing our customers with a commercial loan monitoring solution that continuously improves process efficiencies, reduces risk and helps banks and credit unions strengthen customer service and build a competitive advantage, said Rod Foster, President and CEO of Covarity. "We are proud of the partnership that we've formed with Servus since 2006 and look forward to continuing to work together to build on this commitment and strengthen their growing commercial business."
About Covarity Inc.
About Servus Credit Union Ltd