The Newsletter of Phoebus Software Limited | SPRING 2007 Welcome to this first edition of Phoebus FOCUS, a regular newsletter aimed at keeping the finance industry up-to-date with the product and support developments from one of its fastest-growing software developers.At a time when business is faced with ever-more demanding legislative and market changes,we felt it was important to show you that there is a software supplier, Phoebus Software Limited, capable of keeping you abreast of those changes - and,in many cases, ahead of them. As important as the products themselves, to our current clients at least, is our support programme, which has a reputation for being both relevant, responsive and industry focussed.We believe it has this reputation because, like both the products and company that carry the Phoebus name, it has been built on the combined lending industry management and IT experience of our founding directors. And it is this background, we believe, that may give us a unique insight into the sort of information and views you could find of interest. Certainly, we would welcome your feedback on the content of this and any subsequent issues of Phoebus FOCUS. In our first edition we introduce you to the directors and client managers in Phoebus Software, detail some recent new arrivals in our product portfolio and new clients too, share details of a recently completed client satisfaction survey, pass on news of our recent Investors In People Award (IIP), update you on our new Partnership with Microsoft and much, much more. In future issues we plan regular features on current Phoebus users, as well as a slightly more detailed look at some of the key functionality that is making Phoebus such a firm favourite among them. We hope you find this first issue interesting and look forward to any comments you may have on how we might improve in future issues. Paul Hunt Paul Hunt Operations Director Phoebus Software Limited Phoebus has long recognised that it is its own people who make the real difference to our clients and the way we support them. So the company has spent a great deal of time, effort and money in pursuing the highest levels of internal training, support and recognition for our internal teams.That focus has now resulted in the awarding of recognition by the prestigious ‘Investors In People’ organisation. ‘Investors In People’ spent a considerable amount of time in monitoring the company’s regular development work of individuals and groups, and that work has now been recognised with this award. An award which bears witness to the importance placed on people, management processes - and, most importantly, a commitment constantly to improve. BECAUSE PEOPLE MAKE THE DIFFERENCE! phoebus | Focus
Transcript
The Newsletter of Phoebus Software Limited | SPR ING 2007
Welcome to this first editionof Phoebus FOCUS, a regularnewsletter aimed at keeping thefinance industry up-to-date
with the product and support developments from oneof its fastest-growing software developers.At a timewhen business is faced with ever-more demandinglegislative and market changes, we felt it wasimportant to show you that there is a softwaresupplier, Phoebus Software Limited, capable ofkeeping you abreast of those changes - and, in manycases, ahead of them.
As important as the products themselves, to our currentclients at least, is our support programme, which has areputation for being both relevant, responsive and industryfocussed.We believe it has this reputation because, like boththe products and company that carry the Phoebus name, ithas been built on the combined lending industry managementand IT experience of our founding directors.And it is thisbackground, we believe, that may give us a unique insight intothe sort of information and views you could find of interest.Certainly, we would welcome your feedback on the contentof this and any subsequent issues of Phoebus FOCUS.
In our first edition we introduce you to the directors andclient managers in Phoebus Software, detail some recentnew arrivals in our product portfolio and new clients too,share details of a recently completed client satisfactionsurvey, pass on news of our recent Investors In PeopleAward (IIP), update you on our new Partnership withMicrosoft and much, much more. In future issues we planregular features on current Phoebus users, as well as aslightly more detailed look at some of the key functionalitythat is making Phoebus such a firm favourite among them.
We hope you find this first issue interesting and lookforward to any comments you may have on how we mightimprove in future issues.
PPaauull HHuunnttPaul HuntOperations Director Phoebus Software Limited
Phoebus has long recognised that it is its ownpeople who make the real difference to ourclients and the way we support them. So thecompany has spent a great deal of time, effortand money in pursuing the highest levels ofinternal training, support and recognition forour internal teams. That focus has now resultedin the awarding of recognition by theprestigious ‘Investors In People’ organisation.
‘Investors In People’ spent a considerable amountof time in monitoring the company’s regulardevelopment work of individuals and groups, andthat work has now been recognised with this award.
An award which bears witness to the importanceplaced on people, management processes - and,
most importantly, acommitment constantly toimprove.
BECAUSE PEOPLE MAKE THE DIFFERENCE!
phoebus|Focus
Link Lending’s managing director, JohnMaclean, said, “We have some very dynamic growthplans for this business, and these called for theextremely rapid implementation of a new system.We were also attracted by the low entry level costof the Phoebus rental option, with its ability toremove the need to commit ourselves at this stageto a full Phoebus licence.
Just as important, this route into the Phoebus productis also very attractive in supporting the speed ofimplementation we wanted. We had confidence inPhoebus’ ability to deliver, having looked at similarprogrammes they have completed for others – inessence they have been able to deliver a workingsystem, with everyone trained, within a four weekperiod. That was the sort of speed we wanted, and the rental approach fitted naturally within that whole package.
If and when the day dawns that the scale ofoperations means we could reap financial benefits frommoving to a full Phoebus licence, we know we will beable to do this without any impact on our routineoperations or our relationship with the Phoebussupport system.”
Phoebus Software’s managing director, RobertLintonbon, said, “We have always been valued amongusers for our strong client focus. This helped usidentify a clear need in the industry which had beenmissing until now. Rental is a route into Phoebusproducts that helps lenders with start-up projects,divisional needs or development opportunities, as wellas those who simply want a low impact introduction tothe proven Phoebus benefits. Our ability to deliver thePhoebus system into clients such as Link Lending,within just four weeks, is a further indication of theway we are able to respond to individual, corporateneeds within the lending industry.”
In what is believed to be a first in the industry, Phoebus Software, the lending industrysoftware specialist, has made its core products available to users on a rental option.
This, in addition to its continuing offer of normal, full licence agreements. The first client to take Phoebus on thenew rental basis has already been announced, in the shape of Link Lending, formerly Woodberry Securities, aspecialist lender in the bridging sector.
The Money Group, the UK’s largestindependent specialist broker and lender hasimplemented Phoebus Software in record timeand is already recording significant cost savingsin its mortgage processing activities.
The Money Group implemented Phoebus in just twoweeks on site, including data conversion and all usertraining. Commenting on the impressiveimplementation timescale, Andrew Sinclair, Director ofThe Money Group said: “We were very impressed withthe business knowledge and professionalism of Phoebusstaff; we are more than happy with the softwarefunctionality and look forward to a long termrelationship with Phoebus Software. By implementingPhoebus we have been able to significantly reduce ourprocessing costs; we now have a solid platform forfuture growth. We believe we have made the right longterm choice for our business and that Phoebus is theideal partner to help us meet our long term businessobjectives”.
The Money Group chose Phoebus for full servicing ofits mortgages. The Money Group had been veryimpressed with the software’s design and user-friendliness, finding the processing of arrangements a farsmoother operation since its introduction.
Of particular interest to The Money Group was theworkflow functionality present within Phoebus. Thismeans that arrears management is now a fullyautomated function within the Phoebus system, savingThe Money Group valuable staff time.
Phoebus automatically generates letters for chasingpayments on predefined dates, for instance, giving TheMoney Group the peace of mind that arrears are beingchased and allowing staff time to be utilised on othertasks. “The choice to partner with Phoebus Softwarewas made easier by the reference sites Phoebus providedand by the impressive functionality of the software” saidAndrew Sinclair, Director of The Money Group.
A WARM WELCOME TO TWO NEW PHOEBUS CLIENTS
The Newsletter of Phoebus Software Limited | SPR ING 2007
The Newsletter of Phoebus Software Limited | SPR ING 2007
““
Phoebus Software has been awarded Microsoft‘Certified Partner’ status, after a thoroughinvestigation of its management strategy,development processes and products by theglobal software giant.
Talking about the award, Phoebus Software’smanaging director, Robert Lintonbon, said, “Whileour own belief in Phoebus products and services hasnever been less than 100%, it is always pleasing tofind our views shared by others in the business –particularly when they are of a size and reputationof the Microsoft organisation. We see this as a veryworthwhile achievement as it is a clearendorsement of our product. Not only hasMicrosoft successfully tested our products, they arevery happy with experiences provided by ourreference sites and are now prepared to feature usin their product directories.”
In addition to the product and serviceaccreditation, Phoebus is also now able to accesstechnical and product support direct fromMicrosoft.
Charity donations – to date we have focussed our charitygiving on both local and national causes. We havesupported the following charities and would welcome anysuggestions you may have: Tsunami, Cancer Research, Antidrugs campaign (police), Acorns Childrens Hospice.
MAKING THE MICROSOFT‘CONNECTION’
Paul Hunt, Operations Directorof Phoebus, joined Phoebus inSeptember 2004. Paul, aChartered Accountant, joinedPhoebus from CreationFinancial Services Ltd who area niche player in the revolving
credit and unsecured loans market. Prior to this hewas Financial Controller for CIBC Bank and TrustCompany (Cayman) Ltd.
Robert Lintonbon,Managing Director of Phoebus,and a director since 1991.Previous experience in thefinancial sector includes threeyears as Corporate FinanceManager and four years as
Group Financial Controller of Heritable & GeneralInvestment Bank. He gained service sector experienceas financial accountant for London Brick Landfill, asubsidiary of Hanson Trust. Robert is also a CharteredAccountant.
Andy Middleton, TechnicalDirector of Phoebus and adirector since 1996.Previously an accountant withAbbey National and later withPrice Waterhouse, prior tojoining Heritable & General
Investment Bank in 1994 to assist with the continueddevelopment of Phoebus for the Group.
Peter Pontefract, ProductDevelopment Director, has been adirector of Phoebus since theformation of the company in1989. Prior to this he had beena successful consultantsoftware developer, a role that
followed a career in the mortgage and consumerlending business since 1971.
Mick Woodall, non-executivedirector since January 2005.Mick brings a valuable‘industry’ eye view of what weare trying to achieve for you.His previous roles at the mostsenior levels of mainstream
lenders, means he knows what software really meansat the sharp end, rather than our own, occasionally,‘rose tinted’ view!
So, for now, our directors are:
It’s always a great temptation to imagine that, because you’ve been with acompany for years, or have been working directly with its clients for ages, everyoneknows who you are. The sad fact, from our point at least, is that try as we may wesimply haven’t managed to meet and get to know all the people we would like toat our clients and elsewhere.
So at the risk of seeming vain, which we are really NOT – and you can see why from ourphotographs! – here’s a quick ‘who’s who’ at Phoebus. There are lots of other people we’d like tointroduce you to at some stage, but rather than turn this into a pictorial payroll profile, we’ll tellyou about them in future issues.
Who’s Who at Phoebus?
The Newsletter of Phoebus Software Limited | SPR ING 2007
phoebus|Focus
The client managers are: TimBainbridge, Anne Bennett, JakirHussain and Keith Rogers.
Tim Bainbridge, Client and Network (IT) Manager,joined Phoebus in March 2004. Tim joinedPhoebus from Citigroup (Salomon Smith Barney)having run the applications support team for theFutures and Options trading desk and latterlyEnvironments Manager for the Fixed Incomedevelopment team. Prior to this he was withCredit Suisse as part of the IT support team fortheir back-office brokerage system.
Anne Bennett, Senior Analyst Programmer andClient Manager joined Phoebus Software in April2004. Anne joined Phoebus from the American ITcompany EDS (Electronic Data Systems) whichprovides a broad portfolio of business processoutsourcing and IT outsourcing services to helpclients worldwide improve business performance.Anne worked as an Information Analyst on boththe Department of Work and Pensions and InlandRevenue accounts, concentrating on thedevelopment of eServices software.
Jakir Hussain, Client Manager, joined Phoebus inJune 2004. Prior to that, he spent four years as aTechnical Consultant for a Hampshire basedSoftware Development Company. This providedhim with a firm understanding of the softwaredevelopment industry, and the importance ofunderstanding the needs of the client.
Keith Rogers, Senior Consultant and ClientManager, joined Phoebus in September 2004.Keith came to Phoebus from GE Money, thespecialist mortgage lender which originatesmortgages under the brands of igroup and FirstNational. Keith enjoyed a varied career at GE,working in both the originations and mortgageservicing departments before joining the ITdepartment where he became systemsdevelopment manager.
Last year saw the first in what isplanned to become an annual clientsatisfaction survey (CSS) by Phoebus. Itis always very easy to slip into a ‘comfortzone’ with clients for whom you workregularly, so Phoebus recruited theservices of an independent specialist toconduct telephone interviews withalmost 90% of our existing clients, atexecutive and operational levels.
The results were well worth while, with everyonedeclaring the importance of the unique Phoebusclient relationship for them, and, to our delight,there were also plenty of excellent suggestions asto how we might enhance this both for individualsand across the whole client base. Reassuringly, forevery CSS question where we scored five or under,respondents all thought that we were alreadyimproving in this particular area. We are verygrateful to all who took part, and key to the futurenow is to build the identified enhancements intothe day-to-day client support programmes that haveserved both parties so well to date.
Today, client support is every bit as important tous at Phoebus as product development. We knowthe software can and does work supremely well.And we know its future development path is clearlymapped out, alongside ensuring the presentproduct suite continues to cover all market andlegislative changes, but all that matters only ifclients are supported to get the very best out ofour programmes.
If holidays meant you were unable to participatethis time around - or if you were not involved inthe last survey and feel you would like tocontribute, please contact our managing director,Robert Lintonbon, direct.
The Newsletter of Phoebus Software Limited | SPR ING 2007
IN THIS ISSUE: Simplicity – making life simpler for the everyday user.
POLISHING THE PRODUCT
Address Lookup
The main aim of this enhancement is to make theprocess simpler for the user; speeding up datainput, enhancing data accuracy and saving youcosts in terms of time and labour.
Previously, Phoebus postcode lookup required a fullpostcode table installed at the client site, which can beboth time consuming and expensive to set up andmaintain with a high fixed cost. Our new web-basedoption has a low fixed cost and lookup charges as low as1.5 pence.
Phoebus continues to support connections to clients’postcode tables where such may have been builtinternally or purchased from a third party.
Nostro (Clearing bank) reconciliations
We have now incorporated Nostro Reconciliation intoPhoebus. The main benefit to clients is theautomation of the bank reconciliation process,using electronic bank statements and automaticmatching of bank statement entries with cashbookentries. This facility is recommended for those clientswith high volume bank accounts to reconcile.
Phoebus Software is continuously developing its product in response to client needs.
In each future edition of Phoebus FOCUS we hope to update you on recent productenhancements. In this edition we are concentrating on functionality that has been available forsome time which you may not be aware of. If you are interested in finding out more about any ofthese items, please call us or speak to your Phoebus client manager.
Deeds Management
The deeds management module tracks the current andpast movement of deeds records including their statusand location.
Post Tracking
Post tracking allows the lender to monitor the speed withwhich post is dealt with, its status and the people dealingwith it. Post can be assigned to an account or number ofaccounts in which case it is dealt with by the accountmanager. Alternatively, the post may be assigned directlyto a specific person.
Loan Rescheduling
Mortgages can be rescheduled to repay contractualmortgage plus arrears, incurred fees, charges andadditional interest within the original or revised term.
Securitisation
Cash allocation in accordance to rules of thesecuritisation agreement with surplus cash in anycategory being retained or becoming part of thecash to allocate.
Asset Management
Phoebus monitors residential and commercialproperties and can record assets other than property butthis is the normal asset. The basic property data coverstenure, type, construction, use, location, data applicableto value at inception, subsequent valuations, title details,management details, etc. A property can be chargedagainst many loans or a loan can have many chargedproperties, which in turn may be charged to other loans.
Click on the
little white envelope
to verify and populate
the address lines based on
the postcode and house
name�number.
The Newsletter of Phoebus Software Limited | SPR ING 2007
phoebus|Focus
WORKFLOW –What can it do for you?
Translate this human nature into theworking environment and you findmany of the same patterns emerging.Email, incoming post, receiving andmaking calls and attending meetingsare welcome distractions from therepetitive processes of today’sbusiness world. For example, givesomeone the task of sending 50letters, then, while they aregenerating them, let an email arrive;human nature takes over and therepetitive work gets droppedinstantly in favour of the email.Allow them to continue to deal withthe distractions, and the letterssimply won’t get done.
The answer? Well, clearly, you takeaway either the distractions or themundane tasks. But the former canlead to bored staff, which willquickly generate its own problems,while the latter are critical to theperformance of the business. This iswhen Workflow steps forward tosave the day.
The best Workflow engines workseamlessly with both the database andthe required business process,enabling the management of as muchof the predictable business process aspossible. This then leaves real livepeople to do what they should dobest, which is manage “by exception”.
WORKFLOW in the lending process
In the Mortgage market, Workflow ismost commonly found in themanagement of overdue payments(arrears). Without Workflow, theprocess tends toward issuing eachcollector with a hard copy or on-screen list of overdue accounts. Thecollector then works down the listand carries out a review of theaccount; they may then either send aletter, make a call or just leave it allto review again at a later date.
By adding Workflow to the processwe can remove the need for the userto send letters, these can be sent byWorkflow. We can also remove fromthe list, any cases which the collectorhas asked not to see. The result isthat the collector is provided with atargeted list of accounts to contact byphone; the mundane element ofletter production is thus removed.Regardless of the collections success,letters continue to be issued usingWorkflow, ensuring regularcommunication with the client inaccordance with the requirements ofthe lender.
A good Workflow engine should beadaptable; to deal with the multitudeof different scenarios where an action
results from a number of relateddecisions. For instance, Phoebus usesits Workflow engine to automate thereconciliation of a client’s maincollections bank account. In simpleterms, the reconciliation rules arewritten into the Workflow engine.The electronic bank statement is theninterpreted by that engine toautomatically generate and reconcilematching transactions. Anytransaction outstanding is thenpresented to the user for manualreconciliation. This process isestimated to save many hours everysingle day in manual transaction entryand reconciliation.
The benefits of Workflow do nothave to be this extreme, a simpleWorkflow could be used to updatethe account status and generate aletter. A good example would be anew account welcome letter. TheWorkflow can be triggered by thecompletion process and the lettergenerated automatically. Only asmall time saving per completion, butit is time saved nonetheless, and itdoes ensure every completion has awelcome letter.
At the end of the day, any businesswith time consuming or mundanetasks within processes can benefitfrom Workflow. The bonus withPhoebus is that it already contains aconfigurable integrated workflowcapability. As with so much of thePhoebus products range, theflexibility and tailoring availablewithin each suite are able to ease theprocess of the lending business withremarkable ease and with equallyremarkable value.
As members of the human race, we are all pretty adaptable in the way we manage our lives. A key part ofthis adaptability is the way in which we make decisionsthroughout our day, conscious and unconscious, which inturn determine what we end up doing.
We are all very good, by and large, at doing the things that interest us,often putting off the more mundane tasks of the day. Sadly, those samemundane tasks then mount up until they become a chore, and most of uslike doing chores even less than we like doing the mundane tasks.
The Newsletter of Phoebus Software Limited | SPR ING 2007
The Newsletter of Phoebus Software Limited | SPR ING 2007
BRIDGING THE GAPA new product for a specialist sector
In a measured response to requests from the industry,Phoebus Software has added a specialised BridgingLoan programme to its range of quality softwarepackages. Early use indicates a high level of clientacceptance of the tremendous functionality thattypifies all Phoebus products.
Phoebus Bridging
This new Phoebus package offers the capability to enterBridging Loans for residential, commercial properties anddevelopments. It is a highly flexible system, which alsoincludes the functionality for sub-participation loans.
A key user benefit of this facility is the ability to deliverfast entry of loan details, allowing daylight bridging loansto be turned around within minutes.
It includes a comprehensive letter suite for originatingand servicing loans as well as simple workflow to captureloans that are close to their expiry date or are in arrears.
A report suite is provided that can work with externalreporting packages to produce extensive managementreports – including the management of mortgage fees,further advances and penalties.
SERVICE ACE!As well providing quality software, PhoebusSoftware has also been working hard on providingunrivalled post-implementation support andconsultancy to clients. Right now it offers:.
System Integration Testing and UAT
All quality software development requires qualitytesting. PSL has undertaken to offer the entirebreadth and width of its own testing cycle to itsclients, from specific unit testing to an all-encompassing system integration test. The testingteam is also able to work with clients to determineand design subsequent user acceptance test scripts.
The objective of system testing has always been tofully prove any new and amended functionality thathas been introduced as a result of an SVR (ChangeRequest). So, rather than focussing on individualprograms, as with Unit Testing, Phoebus hasimplemented programmes to ensure the end-to-endfunctionality of the system is working as expected.This can include simulating business scenarios to testout such changes.
The result of all this is that Phoebus is now in aposition to strongly recommend that System Testingis carried out during the development lifecycle, toavoid any subsequent costly errors in processing. Thecompany also strongly recommends clients utilisePSL’s experienced testing staff when designing andexecuting their own user acceptance tests: theoverall aim being to ensure software of thehighest standard is developed and delivered.
COMING SOON to a system near you!Developments and Innovations to Watch Out For:
Document Imaging
Though currently available within Phoebus using a variety of options, the development team is planning tostandardise the imaging facility, which can be linked toappropriate processes during the lifecycle of an account.This process is not limited to loan and deposit accountsbut extends to the accounting system allowing invoices tobe viewed on screen.
Automated Credit Scoring:
Due to particular interest expressed by the current clientbase, Phoebus Software is developing the incorporation ofautomated credit scoring system into Phoebus. The aimis to interface with a credit a reference agency submittinginformation on-line and receiving a credit rating back.
Data Centre:
In the era of ‘Managed Services’ Phoebus Software isinvestigating the feasibility of providing Phoebus toour clients on a data centre basis. The aim is toprovide clients with the facility to have hardware andassociated maintenance tasks provided by us.
Web Based Processing:
The development of a facility for borrower arrearscollection to occur over the Web using Phoebus-i,will allow borrowers to pay and control othercollections activity on their loans over the Web.
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