ISLANDIA, N.Y., June 12, 2014 /PRNewswire/ --
Client Challenges and Needs
HomeTrust Bank was founded in 1926 under a mutual bank charter. Responding to the changing economic and financial sector environment, HomeTrust converted to stock in July 2012. HomeTrust Bank's strategic plan to deploy capital raised with the IPO included developing additional lines of revenue in the consumer credit category. Over the years, the bank has developed top positions in market share for mortgage loans. However, recent economic factors have slowed the rate of mortgage growth considerably. Compared to mortgages, auto loans are shorter-term loans which are secured by highly liquid collateral and are scalable products which will help the bank continue to grow its loan portfolio. Expanding their offerings to include indirect auto lending allowed HomeTrust to move into consumer lending – "an arrow missing in our quiver," says Joe McGuire, Auto Finance Director for HomeTrust.
In addition to providing an opportunity to lend profitably to new customers, an indirect loan program would give the bank a platform to cross-sell deposit banking services to new customers, as well as an opportunity to expand its relationship with existing customers.
HomeTrust required a solution that was:
- DealerTrack and RouteOne compatible
- Readily deployable with a user-friendly platform
- Scalable for program growth and expansion
- Cloud-based, with no technology maintenance issues and high uptime
- Vendor with a track record
After evaluating six vendors, HomeTrust identified TCI's DecisionLender as the product that met all of their needs, at a competitive price. In addition, HomeTrust officers appreciated the personal contact and excellent customer support and interaction they received from TCI. "Rather than simply doing a demo via webinar, TCI's Vice President of Sales, Barry Kirby, made a personal visit and hands-on demonstration. He knew his product and service extremely well and communicated that with a high level of confidence," says McGuire.
DecisionLender meets HomeTrust's needs/requirements, with little customization required. After one initial month of beta testing, HomeTrust deployed DecisionLender. "The product has been live for over six months, and has performed with a 100% up time," reports McGuire. "The process of installation and ongoing use has been seamless. It is intuitive to operate, and the learning curve has been short."
HomeTrust launched their Auto Finance Indirect Lending Program through a fast-tracked deployment schedule with aggressive business goals. At this time, initial pro-forma expectations have been exceeded, with several hundred loans booked after only five months. The Auto Finance Division has grown to a department with four employees, with plans to add more staff in the near future. HomeTrust also plans to scale this initial launch success and expand their indirect loan product to newly acquired and expanded geographic markets.
"I would highly recommend DecisionLender to others in the industry, and have done so. This has been one of the few times in my 30-year banking career that I've be involved with a system like this that has come online as promised—on time, on budget, with no hiccups. This was paramount in enabling the Auto Finance team to be able to focus on the business; developing relationships and servicing our clients. DecisionLender has truly provided a value added product for HomeTrust."
Joe McGuire, Auto Finance Director, HomeTrust Bank
HomeTrust Bancshares, Inc. is the holding company for HomeTrust Bank, including its banking divisions – HomeTrust Bank, Tryon Federal Bank, Shelby Savings Bank, Home Savings Bank, Industrial Federal Bank, Cherryville Federal Bank and Rutherford County Bank. HomeTrust currently has assets of $2.1 billion. The Bank, founded in 1926, is a community-focused financial institution committed to providing value added community banking through its 34 offices in North Carolina (including the Asheville metropolitan area and the "Piedmont" region), South Carolina (Greenville), and East Tennessee (including Kingsport/Johnson City, Knoxville, and Morristown). The Bank is the 8th largest community bank headquartered in North Carolina.
CONTACT: Barry Kirby, Vice President of Sales, TCI, 800-443-9349, email@example.com
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