IA Systems Announces Record
Growth in 2005
High rates of sales, profits, and client retention poise company for future
growth and successful new product launch
ALBANY, N.Y., Feb. 27, 2006 –
IA Systems—a provider of lending software and services to credit unions, banks,
and other financial institutions—announced 2005 as a banner year as it signed
several new billion-dollar institutions; brought 14 clients live on its loan
origination software; and posted a record number of sales from existing clients
from recommitments and additional solution investments. All this contributed to
2005 being one of IA Systems’ most profitable years since its inception in 1991.
“IA Systems’ solid financial growth
is a direct reflection of our satisfied client base,” said Deborah Ryan, CEO of
IA Systems. “Our retention rate of 97 percent and our high volume of sales,
combined with the addition of several new clients, further positions our
next-generation loan processing system, StreamLend Velocity, to
aggressively penetrate the credit union and banking markets.”
In 2005, IA Systems also launched several new
software interfaces for vendor ordering, and created a unique Client Advocacy
Program, where every staff member is personally responsible for the satisfaction
of at least one client. This steady growth and satisfied client based positioned
IA Systems to launch its next-generation loan processing system, StreamLend
Velocity, under ideal conditions.
Representative clients that IA Systems signed in
2005 included members of the “credit union billion dollar club” such as First
Tech Credit Union (Beaverton, OR; $1.5B in assets) and Municipal Credit
Union (New York, NY; $1.3B in assets). Representative clients also included
industry leaders such as Anheuser-Busch Employees Credit Union (St.
Louis, MO; $707M in assets); ABECU signed in 2005 with a “go-live” date in the
first quarter of 2006 with IA Systems’ new StreamLend Velocity solution.
In addition to being one of the first clients to go-live on the new loan
origination system, Anheuser-Busch is also the first client to take advantage of
IA Systems’ new ASP hosting facility, which offers an off-site, hassle-free and
low-cost entry point for the powerful StreamLend Velocity product.
As of the end of 2005, IA Systems had already
signed a significant percentage of its current client base to migrate to the new
product, with several clients scheduled to “go-live” on the StreamLend
Velocity system in the first or second quarters of 2006. This includes the
two clients who served as the original beta testing sites for the product, as
well as several of IA Systems’ largest client accounts.
In addition to the above
achievements, IA Systems also promoted 13 current staff members to more senior
positions and
created two new positions on its management team—promoting Chris
Cazer to Chief Operating Officer and
Frank P.
Gazeley, Jr. to Vice President of Business Development—to support the
anticipated demand of StreamLend Velocity.
Cazer, who was previously Vice President of Client Services, now
oversees the Product Delivery team, which accounts for approximately 75 percent
of the company and is responsible for product development, product management,
client support, and consulting services, as well as the planning and production
of the annual client conference.
Gazeley, who
was previously Director of Sales and Marketing, is responsible for establishing
strategic alliances and identifying distribution partners that will open new
business channels to market and sell
StreamLend
Velocity, as well as the
company’s other products and services.
“IA Systems understands what the industry needs,”
said Chris Cazer, COO of IA Systems. “We provide our clients with the latest
technology for them to succeed in lending and work more efficiently. Last year’s
success positively positions the company to dominate the future of lending with
our new product, StreamLend Velocity. Now financial institutions have
greater ability to enhance their revenue streams, despite market trends.”
StreamLend Velocity was
designed to incorporate the company’s lending expertise with a product based on
client feedback, market advances, and general industry best practices. Its
enhancements incorporate configurable workflow; a customizable dashboard opening
page; built-in optical imaging technology for paperless lending, including
digital signatures and e-signature capabilities; and expansive sales channel
integration. StreamLend Velocity’s open technology standards make it
capable of integrating with all major core processors as well as dozens of
third-party industry leaders. IA Systems’ new ASP facility offers lenders a
hosted, off-site, hassle-free and low-cost entry option.
About
IA Systems
Since 1991, IA Systems has developed technology
to streamline business operations for credit unions, banks, and other financial
institutions. In 2000, St. Paul, Minn.-based Securian Financial Group purchased
IA Systems, providing the backing of a parent company with $26 billion in
assets. Securian is one of the nation’s largest independent distributors of
insurance and protection services for financial institutions.
IA Systems’ flagship product, StreamLend
Velocity, is a paperless, end-to-end loan origination system that
simplifies, automates, and accelerates the lending process using
industry-advancing tools such as a user-centric browser interface, configurable
workflow, and modular software design. The powerful and flexible tools of
StreamLend Velocity automate workflow, speed credit and loan decisioning,
integrate sales channels, and manage risk for financial institutions, while
decreasing operational costs and increasing loan processing efficiencies.
For more information about IA Systems and its
products and services, visit the company’s Web site at www.IASystems.com, write
500 New Karner Road, Albany, N.Y. 12205,
or call 800.803.7554 ext. 396.
—end—
For more info,
contact: Lisa Santy, 518.862.9200 ext. 396,
lsanty@iasystems.com
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