11/15/2005

HandySoft® Global Corporation, a provider of business process management (BPM) solutions, today announced that Cambrian Credit Union, a credit union based in Winnipeg, Canada, is using BizFlow® to manage a variety of loan application and mutual fund trading processes.

HandySoft provided the following additional details:

Cambrian reports that BizFlow, HandySoft’s BPM platform, has helped reduce its loan application process time by as much as 30 percent. BizFlow’s process improvements have enabled Cambrian to achieve significant growth while reducing back-office costs, leading to cost savings that the credit union can pass along to its customers in the form of lending rates that average one percent lower than those charged by leading banks.

Using BizFlow, Cambrian has built eight processes to automate and streamline complex steps associated with the processing of a variety of loans. The use of BPM technology enables Cambrian to instantly determine the status of any loan application, providing the company with critical control and auditing features that lead to reduced risk and lower application error and loan default rates.

“With so many players in the financial services market, we are constantly looking for ways to provide market-leading value to our members,” says Rick Male, Vice-President of Retail Credit at Cambrian Credit Union. “We do this by offering the most competitive rates possible and delivering fast, friendly, hassle-free service. Streamlining our loan and mutual fund processes with BizFlow has enabled us to enhance our service while reducing overall expenses so we can pass the savings on to our members.”

BizFlow has enabled Cambrian’s branch lenders to process all types of loans, and the automated workflow moves each loan application from sales to underwriting to audit in an easy-to-use, service-friendly process.

Cambrian also uses BizFlow to improve processes related to the sale of its mutual funds products, such as the automation of referrals. BizFlow now enables Cambrian to take advantage of straight-through processing, building automated processes to streamline mutual fund application and trading activities. Using BizFlow, data is put in at a branch location, and the trader is automatically notified that the trade is coming in. Additionally, all the necessary supporting documentation goes to the trader automatically.

In the future, Cambrian expects to leverage BizFlow’s Web services capabilities to further enhance its ability to receive and process loan applications online. Plans are also underway to automate and streamline various administrative processes, including various human resources and IT processes.

"Financial institutions in general and banks and credit unions in particular are well-suited to leverage the efficiencies and effectiveness of process automation with BizFlow," said Mr. Brian Boxman, COO of HandySoft Global. "We are finding that our financial services customers are able to grow their business and improve their service processing and delivery, all while reducing costly errors and risks, by transforming their business processes with BizFlow.”