Minnesota-based, Merchants Bank, has seen its floorplan finance business grow by 60% since implementing White Clarke Group’s CALMS Compass, reports Jane Connolly.
In response to customer demand for a more modern solution than the labour-intensive spreadsheets previously used, the community bank sought technology that could offer greater automation and efficiency, while cutting back on human error.
The bank worked closely with its floorplan finance customer base, which includes auto dealerships and retailers of specialist items such as marine and powersports equipment.
Finance technology provider White Clarke Group, based in Atlanta, provided a solution that can support the entire floorplan business process, with exception-based portfolio management to control risk.
This offers the bank’s customers access to a 24/7 self-serve solution, enabling them to view balances, make payments and find information when they need it.
Other features include customisable automated workflows, rules-based electronic onboarding of inventory receivables, electronic disbursements and drafting, supplier integration, title and insurance tracking, auto debiting and payment application.
“We had a customer whose original supplier told them it would take weeks to arrange financing after they acquired a dealership,” says Dan Massett, regional president of Merchants Bank. “We were able to make arrangements to close in less than 10 business days. It gives us the confidence to take our proposition to a wider customer base. We have had calls about our services from as far as the East Coast and are proud to offer a floorplan system that rivals what is offered at larger corporate banks.”
The bank expects lending to double in the next two to three years, reaching around $60 million