Real World R.O.I. With Web Equity Manager®
We recently visited with Julie Wuthrich with Citizens Bank in Amherst, WI to learn about how Citizens has used Web Equity Manager® to streamline their lending processes to the point where they have realized genuine Return On Investment (ROI) on their software implementation.
With Julie’s assistance, we were able to apply their efficiencies to hourly staff salaries for measurable results. Below, Julie describes Citizens’ use of Web Equity Manager® and the results of our case study are broken down below.
"We knew we had to find a more efficient method to process, decision, and book our loans. Prior to using Web Equity Manager®, what took three hours to decision a small business loan can now be decisioned in less than 45 minutes. Our larger loan requests would typically take 2-3 days to decision, but since we have re-engineered our processes into Web Equity Manager®, that same large loan request can be decisioned in less than a day." |
| Study Snapshot:
• Automated/consolidated processes between departments
• Eliminated redundant data entry between multiple software programs
• Minimized staff training on multiple programs
• Track & Monitor loan requests and identify potential pitfalls in the loan process
• eNotice: “I’m done, you’re next, send it on.” |
Salary Breakdown: (Assumption: Based on 2,080 Work Hours/Year)
• Average Loan Assistant/Hour Salary: $15
• Average Loan Officer/Hour Salary: $32
• Average Credit Analyst/Hour Salary: $25
• Average Paper/Fax Cost/Year/Customer: $10
• Average Loan Volume/Lender: $18 Million |
| :: Before Web Equity Manager ::
Loan Officer: Redundant Data Entry: 1 1/2 Hours
Task Cost: $48.00
Loan Assistant:
Faxing Forms to Depts.: 10 Min.
Task Cost: $2.50
Credit Analyst:
Pull/Fax Credit Report: 10 Min.
Task Cost: $4.16
Manual Calc. Analysis & Credit Pres.: 50 Min.
Task Cost: $21.00
Decisioning, Signatures, Loan Tracking: 20 Min.
Task Cost: $8.32
Total Time Spent/Request:
3 Hours
Total Staff Cost/Request: $83.98 |
:: With Web Equity Manager::
Loan Officer: One-Time Data Entry: 25 Min.
Task Cost: $13.33
Loan Assistant:
eNotice Forms to Depts.: 1 Min.
Task Cost: $.25
Credit Analyst:
Auto Pull Credit Report: 1 Min.
Task Cost: $.42
Auto Calc. Analysis & Credit Pres.: 10 Min.
Task Cost: $4.20
Auto Decisioning & Tracking:
5 Min.
Task Cost: $2.10
Total Time Spent/Request:
42 Min.
Total Staff Cost/Request: $20.30 |
