Customer Case Study
Real World ROI With WebEquity®
| Company Name: | Citizens Bank |
| Contact Person: | Julie Wuthrich | Vice President |
| Market Status: | $13.3 Billion in Assets. |
$13.3 Billion Bank Realizes Over $95,500 Annual Savings with WebEquity
Citizens Bank streamlined their lending processes utilizing the WebEquity on-demand software. Julie
Wuthrich, Vice President conducted a detailed ROI assessment after their WebEquity implementation
quantifying the return on their software investment.
ROI Highlights*
| Time savings per loan: | 2 hours, 18 minutes |
| Cost savings per loan: | $63.68 |
| Annual savings: | $95,520 |
Lending Processes Improvements:
- Automated/consolidated processes between departments
- Eliminated redundant data entry in multiple software programs
- Minimized staff training by moving to a single system
- Improved ability to track and monitor loan requests and identify potential pitfalls in the loan process
- Use of eNotices to expedite the decision and approval process
ROI Assumptions & Figures
| Annual Work Hours | 2080 |
| Average Loan Volume per Year | $18 Million per Lender |
Average Salaries
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| Average Paper/Fax Costs per Year | $10 per Customer |
ROI Calculations
| Before WebEquity | After WebEquity |
| Loan Officer: Redundant Data | Loan Officer: On-time Data Entry |
| Entry: 1.5 hrsTask Cost: $48.00 | Entry: 25 minTask Cost: $13.33 |
| Loan Assistant: Faxing Forms to Depts.: 10 minTask Cost: $2.50 |
Loan Assistant: Faxing Forms to Depts.: 1 minTask Cost: $.25 |
| Credit Analyst: Faxing Forms to Depts.: 10 minTask Cost: $4.16 |
Credit Analyst: Faxing Forms to Depts.: 1 minTask Cost: $.42 |
| Manual Calculation Analysis and Credit Presentation: Faxing Forms to Depts.: 50 minsTask Cost: $21.00 |
Auto Calculation Analysis and Credit Presentation: Faxing Forms to Depts.: 10 minsTask Cost: $4.20 |
| Decisioning, Signatures and Loan Tracking: Tracking: 20 minsTask Cost: $8.32 |
Auto Decisioning and Tracking: Tracking: 5 minsTask Cost: $2.10 |
| Total Time: 3 hrs Staff Cost: $83.98 |
Total Time: 42 mins Staff Cost: $20.30 |
*Note: these figures do no include the savings realized in processing larger loans. Citizens estimates that the time to process their larger loans has been reduced from 2 to 3 days to less than a day.
