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THE WEILAND FINANCIAL GROUP, INC.'s ASP Solution Delivers Clear ROI Benefits
Weiland Provides ASP Solution for Amalgamated Bank
March 1st, 2007, Bannockburn, IL -- The Weiland Financial Group, Inc. (WFG) offers CAA™ (Commercial Account Analysis) for financial institutions as an ASP-hosted solution. WFG was faced with several new challenges in providing Amalgamated Bank an account analysis tool: first, to provide an affordable solution; second, for CAA to be able to communicate with current software; and, most importantly, to be compliant with industry regulations.
Amalgamated had an analysis solution in their bundled software, but Weiland's ASP model is perfect for a bank looking for something more robust. As an add-on component, Amalgamated was not willing to make a huge capital expenditure on additional software.
Weiland took an unusual approach to migrating Amalgamated to the CAA ASP model. “We presented them with a win-win situation,” said Don Enright, of Weiland. “Amalgamated Bank accepted our offer of a free ROI analysis. With nondisclosure agreements in place, Weiland used their CAA solution to analyze Amalgamated Bank’s data. The results showed clear benefits to using the WFG ASP model over their existing solution.”
“WFG was able to offer a very aggressive implementation timeline,” said Enright. “We can typically complete an implementation in thirty days, with two months of parallel testing a new account analysis system can be ‘live’ in three months.”
“The decision to implement the Weiland solution centered on the degree of flexibility the system offered and the introduction of the ASP model,” said Bob Page of Amalgamated Bank. “With the Weiland system, we could develop statement formats aimed at our customer base with special prices at the account level, limit the amount of product codes required, and take advantage of multiple-tiered structures in analyzing our client relationships. Weiland’s modeling tool allows us to judge the impact of potential price changes for competitive and/or profitability considerations. Weiland also meets a growing need to provide the account analysis in an electronic format.”
In addition to Amalgamated, Lake City Bank, has chosen CAA, and several others have expressed interest in the ASP model and are in the process of participating in the ROI analysis.
About Amalgamated Bank of Chicago
Founded in 1922 by the Amalgamated Clothing Workers Union (UNITE HERE), Amalgamated Bank of Chicago is dedicated to serving America's working people.
Amalgamated Bank, with significant union ownership, remains one of only a handful of U.S. banks devoted to the labor community.
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