Financial Institutions Say IT will Impact Productivity, Compliance in 2010
According to Cypress Survey

Forty-Eight Percent of Financial Institutions Surveyed Say Technology’s Primary Role
Will be to Increase Productivity; 26 Percent Say it will be Compliance Assistance

NORTH RICHLAND HILLS, Texas – Dec. 7, 2009 –  In response to a survey conducted during Cypress Software Systems’ Annual Users’ Conference, Nov. 16-18, the company’s clientele of community banks, financial institutions and credit unions expect technology to positively impact productivity and compliance assistance in 2010.

Of the lending executives who attended the conference, 48 percent expect technology’s primary role will be to increase productivity and efficiency, followed by compliance assistance (26 percent), enhanced risk management (21 percent) and improved quality control (five percent).

Respondents also believe that the hottest financial industry topics next year will be mortgage regulations, including RESPA (32 percent), followed by compliance (26 percent), risk management (19 percent), the economy (13 percent) and cost reduction/increased productivity (10 percent).

When asked about their institution’s readiness for the Jan. 1, 2010 RESPA deadline, 73 percent felt they were ready, while the remaining 27 percent felt they were not ready and had more work ahead to become compliant.

Of the business loan providers polled, 86 percent of respondents expect an increase in business loan applications in 2010.

Thirty-six percent of consumer lenders expect improved quality control to be their top initiative in 2010, followed by increased application volume (18 percent), reduced loan losses (18 percent), higher portfolio performance (14 percent) and increased focus on cross-selling (14 percent).

Cypress, a leading developer of automated loan software and decisioning tools, holds its Annual Users’ Conference as a forum for its clientele to network and learn best practices, as well as voice their opinions on future upgrades to the company’s products.

“We had another successful Users’ Conference this year, gathering input from our clients, while illustrating how the technology they use can help them better manage risk, remain compliant and increase efficiency and productivity,” said Steven E. Croft, senior vice president of North Richland Hills, Texas-based Cypress.

The company’s clients consist of financial organizations of all shapes and sizes, from single-branch community banks to multi-billion dollar institutions. Cypress offers a range of professional services and technology products designed to automate the loan application, underwriting and decisioning processes, thus creating a compliant, fast, and more competitive lending process.

About Cypress Software Systems
Headquartered in North Richland Hills, Texas, USA, Cypress Software Systems LP is a leading developer of automated credit application decision support technology. Cypress provides community and regional banks, finance companies and credit unions with loan application decision and tracking tools equivalent to those used by the largest national lending institutions. Clients, nationwide and in 16 countries, use the company’s flagship products, Mark IV and BizMark, to quickly and consistently process consumer and small commercial loan applications. Cypress Mark IV offers a flexible, risk-based processing approach that includes tracking consumer loan applications from point of entry to point of decision. Cypress’ BizMark loan automation software processes commercial loan requests within a customer relationship management environment. Both products may be licensed in the bundled Cypress Suite and are offered in either an application service provider (ASP) or traditional business model. The company’s product line also includes AppMark, an ASP-only consumer lending solution for community banks with assets of $250 million or less. Web site: www.go-cypress.com.

Media Contact:
Jeff Green
Michael A. Burns & Associates Inc.
(214) 521-8596
greenj@mbapr.com