First Niagara's dominant story line this year is the rollout of its plan to spend about
In late April, the bank implemented a new loan processing system for its indirect auto loan business. The 1,200 auto dealers that First Niagara works with have shifted to the system.
"We are already seeing positive results, with a 26 percent increase in the number of loans closed," Crosby said in a conference call with analysts. With the more-efficient system, the bank can increase the number of applications reviewed for credit analysis, as well as the number of loans funded per loan processor, he said.
"The customer experience at the [car] dealer is a much quicker response," said
And using the system's analytics, the bank can be more precise in its pricing, Norwood said.
First Niagara also upgraded its commercial loan servicing system, and has converted 10,000 customer accounts to the new platform.
The system is better for customers and a more efficient, less manual process for First Niagara employees to use, Norwood said.
While Crosby said he likes the results so far, he refused to label the investments a "technology plan."
"Technology is the enabler," he said. "And as
In the second quarter, First Niagara's net interest income increased slightly from a year ago, to
The bank's non-interest expenses increased about 4 percent from a year ago, to
The bank recorded increases in both commercial and consumer loans from the year before. Commercial loans increased 9 percent from a year ago, and consumer loans rose 10 percent, with indirect auto loans a major contributor.
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