Return on Investment (ROI) Example Details Page
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 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*
| WebEquity Investment: | $69,500 |
| Time savings per loan: | 2 hours, 18 minutes |
| Cost savings per loan: | $63.68 |
| Annual savings: | $95,520 |
| Time to ROI: | 5.3 months |
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 Entry: 1.5 hrs Task Cost: $48.00 |
Loan Officer: One-Time Data Entry: 25 min Task Cost: $13.33 |
| Loan Assistant: Faxing Forms to Depts.: 10 min Task Cost: $2.50 |
Loan Assistant: eNotice Forms to Depts.: 1 min Task Cost: $.25 |
| Credit Analyst: Pull/Fax Credit Report: 10 min Task Cost: $4.16 |
Credit Analyst: Auto Pull Credit Report: 1 min Task Cost: $.42 |
| Manual Calculation Analysis and Credit Presentation: Time: 50 min Task Cost: $21.00 |
Auto Calculation Analysis and Credit Presentation: Time: 10 min Task Cost: $4.20 |
| Decisioning, Signatures and Loan Tracking: Time: 20 min Task Cost: $8.32 |
Auto Decisioning and Tracking: Time: 5 min Task Cost: $2.10 |
| Total Time: 3 hrs Staff Cost: $83.98 |
Total Time: 42 min Staff Cost: $20.30 |
*Note: These figures do not 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.
