Crown Asset Management Ltd makes wise loan book decision with finPOWER
When the GFC hit in NZ, the Government took action to provide some confidence in the finance sector. The Retail Deposit Guarantee Scheme provided surety for funds invested not only in Banks but Finance Companies as well.
As the economy tunderwent changes, a number of finance providers were placed into receivership and the Government paid out the deposits to investors in those finance companies. As part of the scheme, the Government then inherited the loan books of the distressed Finance companies and managed them in an effort to recoup their funds.
The ongoing management of these loan books, including those of South Canterbury Finance and Allied Nationwide Finance, fell to CAMEL (Crown Asset Management Ltd).
As the finance companies involved all had disparate loan management systems, it became paramount to control the loan information from each entity using a single platform. This is when CAMEL made the important decision to engage Intersoft Systems Ltd, HHA Associates Ltd and the finPOWER Loan Management Software system to run their consolidated loan book.
“We have gone through the process of migrating nearly 400,000 loan and deposit records onto the finPOWER software platform. This provides a consolidated view of the all the portfolios with full history, allowing the efficient collection of the outstanding loans and the realization of the Governments’ investment. ” Paul Thompson – Director of Intersoft Systems Ltd.
“Crown Asset Management Ltd undertook a technically difficult conversion program to combine the loans of five finance companies into finPOWER under an aggressive timeframe.
I'd like to thank Intersoft Systems and HHA Associates for their commitment to achieving our year-end goal. Both companies displayed a fantastic level of product knowledge and commitment to get us over the line”. Mike Fraher - IT Manager, Crown Asset Management Limited.
CAMEL have now joined over 400 other Users of finPOWER throughout Australasia and the Pacific Islands and are enjoying the benefits of the advanced functionality and flexibility finPOWER offers.
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