Peldec had a development team in Tel Aviv, which remains;
there is now a larger development team in the US. uMonitor- Parsam brought an Indian development centre, which is now used for other systems as well. Larger banks tend to deploy individual components of
CreditQuest. PNC, for instance, uses the Financial Analyzer portion. Others, such as the African users and smaller US banks, tend to take the suite. D+H/Harland has an aim to sell a broader solution on the international stage which could combine core banking (Phoenix), self-service and CreditQuest. CreditQuest is based on Microsoft .Net and SQL. D+H claims the suite scales both up and down, with the smallest taker having only a couple of users. CreditQuest is marketed worldwide, directly as well
as through partners. In 2009, Harland joined forces with Switzerland-based banking IT services company, Sofgen, for the promotion and implementation of CreditQuest in Africa, which resulted in six wins in about two years, including at
User experiences
By the end of 2011, Harland claimed 156 users of CreditQuest, with 40 signed during the year. The aforementioned PNC Financial Services Group has CreditQuest Financial Analyzer for all commercial lending across all locations to standardise financial statement analysis and spreading, with the ability to configure its own models, carry out peer group comparisons and create financial projections. The large, diverse US financial services company was already a long-standing user of Harland’s LaserPro for loan documentation. Another relatively large US bank with one of the CreditQuest modules is Portland, Oregon-based Umpqua Bank. It uses the Portfolio Manager module, with the selection prompted by the bank’s growth. When it moved above $10 billion in assets, it entered the ‘large bank’ category which brought higher levels of regulatory scrutiny. This included more rigorous testing of its commercial real estate portfolio. Once more, it was a long-standing user of LoanPro. The previous largely manual and spreadsheet-based way of doing things would no longer suffice. The bank signed for Portfolio Manager in October 2010, with the solution live for Q1 board reporting by the end of March 2011. The depth of reporting and analysis was cited by the bank as a strength. It allowed the bank to identify concentrations, predict losses, measure portfolio profitability, and analyse individual credits. The uptake has been mainly in the US but there is a bunch of users in Africa. Peldec had already made some progress via its partner in Africa, now part of Sofgen. The largest and most well-established user is the largest bank in east Africa, Kenya Commercial Bank. The bank uses the system in Kenya and supports six other countries from a hub in Nairobi, supporting more than 1300 concurrent users. Another bank in Africa, NBS
Fidelity Bank in Nigeria and NBS Bank in Malawi. Prior to this, Harland collaborated with Kenya-based Delisys Delivery Systems which was acquired by Sofgen in the second half of 2009. The system has been linked to a range of systems, including core banking (Temenos’ T24 at Kenya Commercial Bank and Commercial Bank of Africa) and CRM. Harland’s recruitment in May 2011 of Gilmer as MD,
business development, EMEA, operating out of Harland’s international HQ in Dublin, was evidence of the supplier’s international ambitions with CreditQuest (he had initially been recruited as a non-executive director at Harland). He was ex-Moody’s, where he spent ten years. By the end of 2011 he claimed fairly advanced discussions with potential additional partners in EMEA, some of which would bring greater geographical
reach, others expertise, including possible partners with models.
Bank in Malawi, went live in the second half of 2011. In 2013, Massachusetts based Brentwood Bank and Pacific
Crest Savings Bank, and Connecticut based Scient Federal Credit Union implemented the CreditQuest solution. Via Sofgen, a project at Bank of Africa was completed in Q1 2014 for Kenya, Tanzania and Uganda. The system gave the bank a unified view of customer activities, to enforce credit appraisal rules and processes, and to improve credit
application
turnaround time and monitoring. It also permitted the bank to reduce paperwork in its credit process and reduce manual interventions. By the time of the go-live, Sofgen claimed CreditQuest had now installed in over ten banks in sub-Sahara Africa and in over 200 banks across the world. In 2015, the Florida Bankers Association (FBA) that selects one solution for each banking area to help member banks in vendor selection, extended its endorsment of five of the company’s solutions, including CreditQuest.
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