Unprecedented interest in credit solutions for commercial origination in US, says Algorithmics
Boston, USA / Toronto, Canada / London, England - 13 April 2011
2011 has seen a resurgence of interest in systems to manage the commercial lending process according to Algorithmics. In particular, Algorithmics has noted a recent increase in interest from US commercial lenders for its credit solutions that manage the full lifecycle of the commercial lending process.
Rory McClure, Senior Director, Credit Solutions, Algorithmics, commented: “We have worked with many institutions around the world to help them better manage their commercial lending and provide them with a single view of their customers. Until recently, the market for our commercial lending solution has been mostly outside the US, in Asia, Europe and the Middle East. Since the financial crisis we have seen increasing US interest in improving risk management around commercial lending. Driven by a dip in commercial lending volumes and profitability, we see interest coming from institutions keen to gain competitive advantage by managing their commercial lending businesses more efficiently.”
Algorithmics will be showcasing its credit solutions for commercial origination at the 2011 TowerGroup/Corporate Executive Board Annual Financial Services Strategy & Technology conference, entitled ‘Sustainable Innovation in Financial Services’, in Boston on 13th-15th April 2011. At the event, Rory McClure will be demonstrating the breadth and depth of Algorithmics’ Credit Lifecycle Management solution for commercial lending at booth number 15.
David Ratnage, Head of Credit Solutions at Algorithmics, concluded: “For many years we have worked in partnership with our clients to develop our credit lifecycle solution, which now spans the full credit lifecycle and often replaces multiple, disparate and silo systems, often extended far beyond their original purpose. Many clients approach us to address one pain point in their commercial lending process, gradually moving to the full system as the business impact of a fully integrated credit solution becomes clear. The innovation theme of this year’s conference is particularly appropriate for us: our clients often see that better processing in their middle office leads to innovation and profitability in their front office.”