Case Studies

Complete custom program builds - A full service solution

Several medium to large asset size financial institutions located in various parts of the country, each with unique fields of membership, and each seeking a robust product to serve the needs of their members in financing the cost of education engaged Cology as the technology core-processing partner of choice to support a customer program. These lenders were attracted to the asset class and in making and holding new consumer loans in this emerging niche while attracting new customers and members. These clients welcomed the consultative Cology approach both at launch and post delivery as their programs mature.

Problem/Opportunity

These financial institutions wanted a truly customized private loan program suite they could call their own. Every component needed to reflect the bank’s goals including; branding, credit underwriting, pricing, borrower communications (email, letters, phone, online), compliance, marketing tracking, and reporting. In addition to full customization, each lender desired complete outsourcing of their loan origination and customer support services. Clients also required a technology partner that supported self-insured program and familiarity with the processes and requirements of default insurance loan guarantees.

Solution

Cology’s team of expert consultants were with the lender every step of the way in defining the unique attributes of the program and wholly unique member process flow. The flexible design of Cology’s core system, Volta TM, provided the perfect foundation for building a suite of loan programs that satisfied the discerning standards of multiple internal bank stakeholders. When custom IT development was required, Cology was able to discuss cost saving alternatives, and ultimately provided the client with a custom quote and timetable for development that satisfied the bank budget and timing objectives. Products delivered to these clients include not only standard undergraduate and graduate programs, but in one case a K-12 program which meets the needs of parents with children in parochial or private elementary and secondary school.

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Results

Client programs were delivered on time and within budget — especially important in some cases due to the enactment of regulatory requirements and/or marketing timing opportunities. Cology was proud to stand behind the scenes as each client successfully introduced their program to the market. In some cases, Cology has been instrumental in coordinating with the client to introduce the new programs to selected colleges within the bank footprint. Cology has reached out on behalf of these new partners to introduce their new programs to colleges and universities so the schools can process and certify loan applications via their preferred processes. Cology’s ability to profile processes brings immediate credibility to a new lender program. Clients have been very satisfied with not only with the core technology and services Cology provides, but also with the value added services Cology’s experienced team provides on an ongoing basis as new programs are contemplated and installed. The Cology teams are also adept change management professionals and often make proactive suggestions to clients that are implemented quickly, easily, and in many cases, for free.