Centennial Bank, headquartered in Conway, Arkansas, provides a broad range of commercial and retail banking and related financial services. As it grew, the bank looked fostered an opportunity to expand its commercial offerings as a floorplan lender to a locally-based lawn and garden equipment manufacturer customer.
To capitalise on this opportunity, 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 floorplan software as it satisfied strategic, functional, technical and security requirements.
CALMS Compass satisfied strategic, functional, technical and security requirements.
Centennial Bank had no legacy systems and was using offline tools to manage a small number of decentralised floorplan loans, including automotive, RV and marine assets. The existing processes for managing this business line had inherent inefficiencies and lacked centralised risk management and broader bank integration.
Centennial Bank required a system that would improve everything it was using – from dealer onboarding to loan visibility throughout the bank, and improving its risk management efficiencies. Dealer self-service and dealer management tools were required to effectively grow the business and provide competitive service levels to existing and prospective customers.
Centennial Bank required a system that would improve everything it was using
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.
CALMS Compass, selected as a true ‘out-of-the-box’ technology solution that met Centennial Bank’s strategic objectives, delivered improvements to its existing floorplan operations and product offering in several areas.
It offered complete lender configurability with rules-driven exception-based processes, tight accounting and straightforward audit controls – all managed via an easy-to-use system. CALMS also provided them with a manufacturer web portal that enabled self-service dealer access and inventory management, as well as asset-specific capabilities, such as seasonal lending cycles. Centennial Bank significantly improved its transparency and gained the tools for managing a diversified floorplan portfolio.
Complete lender configurability with rules-driven, exception-based processes.
CALMS Compass launched in under four months, with results showing in the immediate growth of Centennial Bank’s portfolio and the ease with which it could now automate many manual processes. The partnership gave the bank access to a national footprint of dealers that were not available to them beforehand. A high level of dealer adoption and satisfaction with the new program and technology marked the project as a huge success.