First Arkansas Automates Lending with FundsXpress
Quick 'yes-or-no' answers made possible with new system
First Arkansas Bank and Trust (Jacksonville, Ark.) has launched FundsXpress' (Austin, Texas) fxLending automated lending software, in order to better serve account holders and prospective loan applicants while increasing back-office efficiency and front-office revenue. fxLending will allow First Arkansas to receive and process loan applications via its Web site, making the application process more cost- and resource-efficient.
First Arkansas vice president Gary McMillan says the bank has used other FundsXpress software for five years and has been preparing to launch fxLending for about two years.
"It's an automated underwriting system with an Internet presence," says McMillan. "Once the application is made online, it can be brought in to the system and underwritten by the (FundsXpress) system. They give you a yes or no answer according to the bank's lending policy."
FxLending is the latest addition to FundsXpress' product suite of Internet-based financial services. It combines loan origination, underwriting, and management solutions into one package for banks, while giving loan applicants better customer service and an easier process for online applications.