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NORTHERN ROCK IMPLEMENTS FINEOS BANKING SOLUTION

Leading UK bank deploys FINEOS Banking Front Office(tm) to improve
efficiency and cut costs

Dublin/London, 31st March 2004. FINEOS Corporation, the leading innovator of banking and insurance software, has announced that Northern Rock plc, the UK's most cost-efficient mortgage bank, is implementing its enterprise-wide imaging and business process automation product solution, FINEOS Banking Front Office(tm). Building on a successful five-year relationship between the two companies, the contract was awarded after an open-market bid process and an exercise to prove the return on investment.

The deal sees the FINEOS Banking solution being deployed in Northern Rock's entire Credit and Savings divisions. The bank has been using an earlier version of FINEOS's CRM product for sales opportunity management since 1998 in Northern Rock Direct, its telephone-based sales operation. This new project is focused on introducing a straight-through process for the bank's new business and administration processes.

Phase One, which has gone live, enables documents - such as application forms, letters, etc. - to be scanned, indexed and intelligently routed with appropriate tasks to the bank's corporate-wide administration and sales staff. Given the massive volumes of documentation the bank processes daily, and the time typically lost in document retrieval and hand-offs, it will reduce manual intervention as well as physical storage overheads.

For Phase Two of the project, the bank has begun to implement highly sophisticated business process automation. Using the FINEOS Process Composer, Northern Rock will be able to define and update business processes, embed auto-decisions and ensure adherence to consistent process rules. As part of this workflow process, electronic forms will enable the bank to securely capture, store and retrieve structured data, and automatically route tasks accordingly. By automating leads handling, work management and routing in this manner, it will ensure that sales opportunities are distributed and managed effectively. Consequently, Northern Rock will be able to continue increasing its revenue streams.

Lesley Sewell, Operational Director - IT, Northern Rock, said: "The key
bonuses for Northern Rock in this project are the improvements in efficiency and reductions in costs that an automated and paperless environment will deliver. With the FINEOS solution in place, we can reduce transaction cycle times and the costs associated with each transaction. Our customers will be happier with the faster service and we can minimise our cost base while allowing our staff to concentrate on more value-based work."

Michael Kelly, CEO of FINEOS, said: "The announcement of this sale to Northern Rock, one of our current customers, is immensely satisfying. It endorses the quality of the work that we have done to date and further strengthens the already great relationship that we have together. The fact that Northern Rock looked at other solutions on offer in the marketplace and decided to go with FINEOS is evidence of the tangible benefits and measurable returns that our solutions continue to provide to financial institutions."