Case Study

Centennial Bank – End-to-End Floorplan Finance Solution

Forbes #1 Best Bank in America 2018 successfully launches CALMS Compass in under four months.

Context

Centennial Bank, headquartered in Conway, Arkansas provides a broad range of commercial and retail banking and related financial services, and recently fostered an opportunity to expand their commercial offerings as a floorplan lender to a locally based lawn and garden equipment manufacturer customer of the bank.

Floorplan finance is a form of commercial lending that tracks individual inventory through a retail dealer base. To capitalize on this opportunity and expand services for current bank clients and to attract new customers, Centennial Bank began its search for the best ‘next generation floorplan technology platform’.

After an extensive software selection process, Centennial Bank selected White Clarke Group’s CALMS Compass wholesale/floorplan software as it satisfied their strategic, functional, technical and security requirements.

Challenge

  • Centennial Bank had no legacy systems and were using offline tools to manage a small number of decentralized floorplan loans that had included automotive, RV and marine assets.
  • Existing processes had inherent inefficiencies and lacked centralized risk management and broader bank integration.
  • Centennial Bank required a system that would improve everything, from dealer onboarding to loan visibility throughout the bank, and improve loan/risk management efficiencies.
  • Dealer self-service and dealer management tools were required to effectively grow the business and provide competitive service levels to their existing and prospective customers.
  • As a Regional bank, the opportunity to deliver a nationwide dealer finance program for a locally owned business partner represented a big win-win scenario.

Solution

CALMS Compass, a fully-featured, scalable end-to-end floorplan finance system, implemented across North America, supports the strategic objectives of Centennial Bank as a true ‘out-of-the-box’ technology solution and has delivered improvements to the bank’s existing floorplan operations and product offering in the following areas:

  • Complete lender configurability with rules-driven exception based processes.
  • Tight accounting and audit controls in an easy-to-implement and easy-to-use system.
  • A manufacturer web portal that provides self-service dealer and inventory management.
  • A dealer web portal allows for full dealer transparency, self-service and account management.
  • Asset specific features and capabilities, including seasonal lending cycles, for managing a diversified floorplan portfolio.

For more detail on any aspect of CALMS, please contact us today.

Results

CALMS Compass was successfully launched in under four months and Centennial Bank saw results in the following areas:

  • Growing portfolio and improved efficiency by automating manual processes.
  • Built a relationship that provided access to a national footprint of dealers that were not available to them prior to having the system.
  • High level of dealer adoption and satisfaction with the new program and underlying technology.

For more detail on any aspect of CALMS, please contact us today.