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July 27, 2006

Scotiabank implements FIS mortgage processing system

Fidelity National Information Services, a provider of banking, mortgage lending and servicing software, has reported that its FIS subsidiary has implemented 'Profile' at Canada-based Scotiabank to process its retail mortgage loan portfolio.

By CBR Staff Writer

Scotiabank is currently using Profile to process new mortgage loans, and expects to covert its existing portfolio in early 2007. Profile has also been fully integrated with the bank’s front-end systems across more than 900 domestic retail branches and four call centers.

FIS says its product delivers access to real-time information which streamlines business processes, enabling Scotiabank to offer an enhanced customer experience. The integrated system also allows for future migration of the bank’s other lines of business onto a single platform.

Profile enables Canadian financial institutions to service mortgages, home equity lines of credit, and unsecured revolving credit and fixed credit products. The system is designed to operate in a fully-outsourced environment or in-house, depending on the particular institution’s needs.

According to FIS, companies using Profile as their core banking system experience industry-leading total cost of ownership benefits, based on lower infrastructure costs, ongoing operating costs and increased productivity.

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