Misys Acquisition of CCS Targets Growing Commercial Lending Market
Banks are looking at commercial lending as a driver for future revenue growth as they continue to gain little profit from their retail consumers, according to a recent survey of senior bank executives. Eyeing that growing interest, Misys announced this week its acquisition of CCS, which will combine Misys’s FusionBanking LoanIQ backend loan-servicing platform with CCS’s CustomLender front-end loan origination software.
The acquisition will allow Misys, a global financial services software provider, to offer a single front-to-back solution for loan origination, workflow management, and servicing that will give banks a single holistic view of their commercial client relationships, says Nadeem Syed, Misys’s CEO.
“The bilateral commercial lending market is growing, and banks need to take advantage. Our clients are also looking for a single system to help consolidate infrastructure and cut operational costs,” Syed notes.
CCS has more than 20 clients in the US using its solution, including some very large institutions like Wells Fargo and Bank of America. Misys plans to integrate the solution with the LoanIQ platform and then take the combined system to market globally. Integrating the two solutions should be a relatively easy task, since they complement each other in terms of hand-offs in the lending process, he adds. “We have the scale and reach to take this global … and it will give us the opportunity to tap into macro-economic trends happening around the world,” he explains.
Misys will also continue to offer CustomLender as a stand-alone solution. With the single combined system that the acquisition will enable, and the single holistic customer view it will offer, banks will have the opportunity to understand their customer needs better for cross-selling and up-selling. Misys will continue to look for ways to help clients tap into those cross-selling and up-selling opportunities by providing integration and seamless experiences across its other corporate banking solutions, Syed adds.
Jonathan Camhi has been an associate editor with Bank Systems & Technology since 2012. He previously worked as a freelance journalist in New York City covering politics, health and immigration, and has a master's degree from the City University of New York's Graduate School ... View Full Bio