OmniAmerican Bank Realizes Significant Efficiencies with Upgrade to COLLECTIONS

omniAmerican Bank

 

OmniAmerican Bank Leverages Powerful Enhancements in COLLECTIONS™ Upgrade

Fort Worth, Texas-based OmniAmerican Bank has enjoyed unprecedented growth in recent years, highlighted by its 15 branch locations throughout the Dallas/Fort Worth Metroplex. The bank offers a full array of consumer products and services plus business and commercial services, mortgages, and retirement planning. Founded over 50 years ago, OmniAmerican Bank has $1.33 billion in assets.

The bank first implemented Shaw Systems Associates’ COLLECTIONS product in 2005 to reduce its cost of collections while increasing collector productivity and customer service levels. In 2010, the bank recognized it needed to improve the interfaces between COLLECTIONS and their servicing system. At the same time, bank executives were learning about the wide range of enhancements included in the new release of COLLECTIONS. Soon OmniAmerican and Shaw Systems began planning a comprehensive upgrade project to include the following enhancements:

  • Upgrade of COLLECTIONS from Release 4.7 to 5.1, taking advantage of a multitude of system enhancements.The reproduction of information contained in various systems had to be entered manually into charge-off systems and/or numerous applications such as Excel spreadsheets and Access databases held in branch or affiliate offices. Most of the charge-off amounts were then entered manually into the General Ledger.
  • Implementation of two new interfaces to their System of Record (SOR):
    • 1.) Daily Batch Interface - This new interface allows them to effectively exchange data and is maintained and supported by both Shaw Systems and their servicing vendor. The amount of data available in the interface is substantially expanded.
    • 2.) Web Services – This interface provides real-time web-service interfaces to the servicing system to get updates on balances, days past due, and more for accounts in COLLECTIONS when they are retrieved.
  • Implementation of the COLLECTIONS Database - This allows for more powerful search and global relationship capabilities, real-time queuing, and comprehensive Workbench Reporting. OmniAmerican is utilizing Workbench Reporting for both out-of-the box base reporting as well as ad-hoc reporting using the Report Builder capabilities.
  • New and improved workflows, including Expense Tracking.

Bob Duffy, OmniAmerican Bank’s Senior Vice President of Special Accounts, has seen significant improvements in the system: “The lift we’ve experienced so far from the substantial enhancements makes it seem almost like another conversion rather than an upgrade.”

Here are Duffy’s comments about specific aspects of the upgrade project:

SOR interfaces: “The new interfaces to our servicing system are huge. The process will be completely supported, and our data has increased by roughly 130%. Now we’ll be able to use one system as opposed to two.”

Collections Database: “It’s humongous. The sheer volume and what can be done with it is amazing.”

Workbench Reporting: “The new format allows for easier implementation for our IT group. And it’s been a good tool for us as managers because we can run only the reports that are needed, and we don’t have to involve the IT folks.”

Entire project: “These kinds of projects can be painful, but the Shaw group has done a lot to help with that. Shaw’s big differentiator is their customer service. Whether you’ve licensed their software for the very first time, or you’re a longtime client, their level of service doesn’t waver.”

“The lift we’ve experienced so far from the substantial enhancements makes it seem almost like another conversion rather than an upgrade.”   

Bob Duffy, SVP of Special Accounts