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Caribbean Banks to Leverage Social Networking to Grow Deposits and Lending; eDominate Software Opens New Doors for Online Customer Service
Caribbean Banks to Leverage Social Networking to Grow Deposits and Lending; eDominate Software Opens New Doors for Online Customer Service
eDominate, Inc | 07 Sep 2008
eDominate Inc., a global leader in providing buying cycle management solutions to financial institutions, today announced its introduction of eCommerce Manager Caribbean (or, “eCM Caribbean”) and Caribbean Loan Origination Plus (or, “Caribbean LOS Plus”) to the Caribbean banking markets.
As eDominate’s flag-ship product, eCM Caribbean is a dynamic online lending portal designed to improve financial institutions’ loan portfolios, deposits, customer service, and profitability. The software gives banks and credit unions around the world the ability to support borrowers during the research, shopping, and lending stages of their buying cycles. This expanded customer service — or “buying-cycle management” — not only increases customer value and loyalty, but improves the institution’s chances of capturing their loan business when they are ready to seek financing.
Helping to define eDominate’s focus, the Caribbean Bankers User Group held their 18th Annual Meeting the week of July 15, 2008, at the Ft. Young Hotel in Dominica. The focus of this year’s meeting was on increasing fee income through secure remote distribution channels, and eDominate was invited to speak and offer a solutions’ roadmap.
“eDominate is our only vendor who has automated loan origination, both online and in the back-office, specific to the Caribbean banking requirements,” said Chantell Norville, Manager of Project User Information Management and Technology for the East Caribbean Financial Holding Company, Ltd. “Their phenomenal success with the Bank of Saint Lucia makes them a key provider for lending solutions in the Caribbean.”
eDominate’s experience in loan origination instructed their development of eCM Caribbean, harnessing the social networking capabilities of Internet communications to add the tangible benefits of buying-cycle management for lenders. And eDominate’s success in mapping their loan origination and online lending solutions to the Caribbean market, initially with the Bank of Saint Lucia, make for an end-to-end loan generation and origination solution for Caribbean banks.
“There is a very strong desire across Caribbean bankers to leverage technology automation,” said John Benjamin, Managing Director at TCI Bank. “We hope to use automation not only to increase income, but also to gain operational efficiency, decrease costs, and provide improved services to our customers. I’m intrigued by eDominate’s unique approach to Internet lending and how they help banks to support potential borrowers much earlier in their buying cycles than the loan process. I can easily imagine how providing this elevated level of service wins customers for the lender.”
eDominate will be showcasing eCM Caribbean and the business advantages of buying-cycle management to Caribbean financial institutions this fall in a series of teleconferences with ECIC Holdings Ltd. In demonstrating the diverse features of this online portal — and answering questions on how it can drive lending, deposits, cross-sales, and even commercial business — eDominate intends to acknowledge the Caribbean Bankers User Group’s consolidated buying power by offering discounted pricing to institutions purchasing as a group.
ABOUT ECIC Holdings Ltd.
ECIC Holdings Ltd. (ECIC) is a private company headquartered in Basseterre, St Kitts, and held by 10 indigenous banks of the region: Grenada Co-operative Bank Ltd., 1st National Bank St Lucia Ltd., National Bank of Dominica, ABI Bank Ltd., Caribbean Union Bank Ltd., St Kitts Nevis Anguilla National Bank Ltd., Bank of Nevis Ltd., National Bank of Anguilla Ltd., Caribbean Commercial Bank (Anguilla) Ltd. and TCI Bank Ltd. ECIC's mission is to be the facilitator of the creation of a virtual, modern, competitive financial services operation comprising member indigenous financial institutions of the region, and to enhance the operations and the share value of its shareholders and promote their competitiveness and sustainability in the CSME. ECIC owns majority shares of Caribbean Financial Services Corporation (CFSC), a Barbados-based development finance institution that provides loan, quasi-equity, and equity financing to Caribbean SMEs, as well as facilitates participation in the region's capital markets by the public and private sectors of the region.
About eDominate
eDominate Inc. (“eDominate”) is a global provider of software and services that help financial institutions to build and monetize social networks. Banks, credit unions, and finance companies use eDominate’s patent-pending methodology and Internet technologies to open new markets for lending and deposits, win new commercial accounts, drive new lending opportunities, generate new revenue streams, improve customer service online, provide community advocacy, achieve "greener" business operations, and cross-sell more financial products and services. eDominate software can be delivered internationally and customized to accommodate almost any financial niche. For more information, please visit www.eDominate.com.
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