BenchMark 2000 Launches 1998 Indirect Lending BenchMark Programs
23 June 1998
BenchMark 2000 Launches 1998 Indirect Lending BenchMark Programs
ATLANTA--June 23, 1998--BenchMark 2000, a leading provider of benchmark programs and consulting services for banks and financial services organizations, announced today the beginning of its 1998 Indirect Lending BenchMark program.The Indirect Lending program attracted 16 banks and finance organizations that include: American Honda Finance, BB&T, BMW Financial Services, CIBC, Chase Auto Finance, Chrysler Financial, Ford Motor Credit, First Hawaiian Bank, GMAC Financial Services, National City bank, Nissan Motor Acceptance, Premier Auto Finance, Toronto Dominion Bank, Toyota Motor Credit, Volvo Finance and WFS Financial.
In last year's Indirect Lending program, BenchMark 2000 analysis uncovered significant trends in the use of computer technology. The analysis revealed organizations using computer technology seamlessly throughout the lending process -- particularly at the front end -- achieved higher productivity.
Last year's comparative program included 13 major banks and global financial services organizations. What emerged was a clear picture that those who used technology most efficiently had electronic transfer of information from the receipt of an application all the way through the discounting and funding process, with little or no paper trail and without employees rekeying information.
Furthermore, the success of an organization's integrated use of technology -- in terms of productivity and cost -- was directly affected by how well the company identified its increased capacity; redeployed staff to areas needed; and streamlined its organizational structure.
"By reviewing the best practices of others in the industry, banks and captive finance companies in this program can begin improving operations by learning about an organization's success relative to its competitors and by discovering new concepts, procedures and technologies," said Walter Cunningham, practice manager, indirect lending programs for BenchMark 2000. "They now have a way of measuring the potential effects of change, before investing the time and money in transforming their current operations."
The BenchMark 2000 Indirect Lending program looks at the entire indirect lending process, including dealer relations, application processing, underwriting and buying, turnaround time, discounting and funding, document management, customer service, end of term and vehicle disposal, and collections and recovery.
Through benchmarking, participating financial services organizations have a basis for establishing realistic performance goals. BenchMark 2000's analysis takes into consideration such variables as different infrastructures, business processes, personnel, corporate culture and other unique characteristics of each participating organization.
BenchMark 2000, an Atlanta-based subsidiary of The McGarvey Ross Companies, is the leading provider of process benchmarking and consulting services for banking and financial services organizations. BenchMark 2000 makes performance comparisons of multiple business processes for financial institutions participating in its various programs which include: consumer lending; indirect lending; non prime lending; commercial and small business banking. All of the top 10 commercial banks (asset size) in the U.S. are some of the more than 90 leading financial institutions which have participated in BenchMark 2000's benchmarking programs.