âOur lending business has been growing by more than 20% each year for the past three years and we need a best-practice loan processing system with unlimited future growth capacity,â he says.
Bob Hall, the founder and CEO of Sandstone Technology says that LendFast Enterprise fills a longstanding gap in the lending system market.
âFor many years we have been supplying end-to-end lending systems to credit unions and building societies. Unfortunately, no similar systems have been available for the very large banking and lending institutions. Consequently, each of these organisations had been forced to design, build and maintain their own in-house lending systems at great cost and with limited success,â Mr. Hall says.
âTwo years ago we saw an opportunity to apply our lending system knowledge and experience and take advantage of new and emerging system technologies to build a completely new, scalable and componentised Australian lending solution for these customers,â he says.
Police & Nurses selected LendFast Enterprise following an extensive investigation of available loan origination systems from leading Australian suppliers. âLendFast won hands downâ says Andy Bovan, Police & Nursesâ senior business analyst and leader of the system evaluation team. âNo other system even comes close for functionality and scalability, the two key factors we were looking for in our search for the ideal lending system.â
While LendFast Enterprise provides a rich layer of user customisation, Police & Nurses will minimise changes to the system as supplied by Sandstone. The system will be deployed rapidly in coming months and is scheduled to be fully operational across all lines of lending business early in 2008.
Additional system modules are also planned for future implementation, including the LendFast LIXI broker interface and the LendFast Web online loan application facility. Once implemented, LendFast will automatically manage and control the loan origination process towards the ultimate goal of straight through processing with minimal manual intervention.
Australiaâs largest Credit Union, Credit Union Australia, has also recently successfully implemented Sandstoneâs LendFast Enterprise system which is already processing high volumes of Personal Loans and Mortgage lending applications.