| <back |
 |
Orlando, Fla., (November 20, 2006) --- DiCom Software, a leading provider of credit risk management technology solutions for financial institutions, today announced that Sovereign Bank has added two new modules—Portfolio Analysis and Portfolio Management—to further enhance the bank’s ability to manage credit risk. Based in Wyomissing, Pa., Sovereign Bank is a $90 billion financial institution serving customers throughout the Northeast United States.
DiCom’s Portfolio Analysis product provides access to current and historical credit information to deliver organizational analytics on loan portfolio composition and risk performance over time. It also features a query builder that generates a graphical view of data for management reporting. Portfolio Management provides tools to manage a credit's evolving status through actionable tickler items and provides an interactive forum among appropriate bank personnel to facilitate timely discussion and decision-making.
According to Sovereign Bank Senior Vice President Tom Whiteside, the addition of both applications will enable their organization to more fully leverage the capabilities of DiCom’s suite of products.
“With a growing loan portfolio serving a broad array of customers, Sovereign Bank is continually seeking ways to eliminate manual processes, incorporate best practices and integrate the latest technology to strategically reduce credit risk,” Whiteside said. “We have been successfully using DiCom’s LRS Enterprise solution to automate our commercial credit review process since 2003 With the addition of these two new modules, we will now have a comprehensive set of tools to continuously monitor specific credits and conduct more concentrated analyses across the entire portfolio.”
“We are pleased that Sovereign Bank has decided to expand its credit risk management capabilities and maximize its existing investment in DiCom software applications,” said DiCom president Carolyn Nobles. “DiCom is dedicated to helping banks like Sovereign automate each of the critical pillars of successful credit risk management—from analysis of the entire loan portfolio and review of individual credits, to the ongoing management of specific credits throughout the lending life cycle.”
About Sovereign Bank
Sovereign Bancorp, Inc., ("Sovereign") (NYSE: SOV), is the parent company of Sovereign Bank, a $90 billion financial institution with nearly 800 community banking offices, over 2,000 ATMs and approximately 12,000 team members with principal markets in the Northeast United States. Sovereign offers a broad array of financial services and products including retail banking, business and corporate banking, cash management, capital markets, wealth management and insurance. Sovereign is the 16th largest banking institution in the United States. For more information on Sovereign Bank, visit www.sovereignbank.com or call 1-877-SOV-BANK.
About DiCom Software
DiCom Software is a leading provider of credit risk management technology solutions for financial institutions nationwide. The company’s product suite, DiCom Credit Quality Solution (CQS), delivers tools to efficiently analyze, review and manage loan portfolios while minimizing risk. DiCom’s solutions are in use today in banks from $500 million to more than $100 billion in assets. For more information, visit www.dicomsoftware.com.
|
|
|
