Banking Industry Leader Chooses PeopleSoft To Manage Risk and Profitability.Business Editors PLEASANTON, Calif.--(BUSINESS WIRE)--Aug. 28, 2000 SunTrust Uses PeopleSoft's Exclusive Profitability Management Solution to Maintain Competitive Advantage SunTrust Banks SunTrust Banks, Inc. (NYSE: STI) is an American bank holding company. The largest subsidiary is SunTrust Bank. It had $182.2 billion in assets as of December 31, 2006. , Inc. has tapped PeopleSoft Inc (Nasdaq: PSFT PSFT PeopleSoft (stock symbol) PSFT Progressive Saturation Fourier Transform PSFT Prosoft-Technology, Inc ) for its Profitability Management solution for Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , the industry's only integrated suite of analytic applications Analytic Applications are a type of business application software, used to measure and improve the performance of business operations. More specifically, Analytic Applications are a type of Business Intelligence solution. to manage risk and profitability across its organization. A leader in eBusiness and business intelligence solutions for the financial services industry, PeopleSoft provides global lending institutions Noun 1. lending institution - a financial institution that makes loans financial institution, financial organisation, financial organization - an institution (public or private) that collects funds (from the public or other institutions) and invests them in with the only integrated suite of analytic applications for managing risk and profitability at the customer, channel and product levels. This product suite enables lenders to pinpoint where shareholder value is created or lost in their business practices and to assess the appropriate actions. This is all accomplished within a pure internet architecture. SunTrust, the ninth largest banking organization in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , selected PeopleSoft for its vision and expertise in providing profitability management solutions to the financial services industry. As part of the solution, PeopleSoft Consulting will provide in-depth product expertise, which will augment the skills of SunTrust's team. "We chose PeopleSoft because their product represents a new generation of enterprise-wide profitability and performance software," said Cliff Hope, group vice president and head of management accounting. "The PeopleSoft product allows us to pull information from many different sources when addressing customer or product issues. This wealth of comprehensive information enhances our ability to make strategically sound decisions that directly impact our competitiveness and customer service." SunTrust purchased the PeopleSoft Profitability Management for Financial Services solution, which includes the following applications: -- PeopleSoft Asset Liability Management- a sophisticated analytic application that enables lenders to manage the value of their assets, liabilities and off balance sheet commitments in relation to fluctuating fluc·tu·ate v. fluc·tu·at·ed, fluc·tu·at·ing, fluc·tu·ates v.intr. 1. To vary irregularly. See Synonyms at swing. 2. To rise and fall in or as if in waves; undulate. v. interest rates; it also help lenders manage cash flow. -- PeopleSoft Funds Transfer Pricing- accurately calculates profitability of each product, line of business or customer by assigning to each one an internal funding cost or credit. -- PeopleSoft Risk Weighted Capital- accurately calculates the profitability of each product, line of business or customer by assigning to each one a capital charge based on its natural risk. -- PeopleSoft Activity Based Management- assigns indirect costs Indirect costs are costs that are not directly accountable to a particular function or product; these are fixed costs. Indirect costs include taxes, administration, personnel and security costs. See also
"Today's lending institutions worldwide are struggling to remain competitive in a market that is being drastically reshaped by deregulation Deregulation The reduction or elimination of government power in a particular industry, usually enacted to create more competition within the industry. Notes: Traditional areas that have been deregulated are the telephone and airline industries. , increased competition, over capacity and disintermediation The elimination of the distributor and/or retailer (the middleman) when making a purchase. The term is used to refer to purchasing directly from a manufacturer's Web site, the benefits of which are convenience, fast turnaround time and sometimes lower prices. ," said Louis Olds, vice president, Product Management for Enterprise Performance Management, PeopleSoft. "Our Profitability Management suite provides the tools for implementing new customer-focused strategies as these institutions seek to deepen deep·en tr. & intr.v. deep·ened, deep·en·ing, deep·ens To make or become deep or deeper. deepen Verb to make or become deeper or more intense Verb 1. the business relationship with their existing customer base. We will work closely with SunTrust to help them achieve their profitability management goals." About SunTrust Banks SunTrust Banks, Inc., the nation's ninth largest banking organization with over $99.8 billion in assets, offers a full range of financial services to over 3.7 million customers in Alabama, Florida, Georgia, Maryland, Tennessee, Virginia, and the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). . In addition to traditional deposit, credit, trust and investment services offered through SunTrust Bank; other SunTrust subsidiaries provide mortgage banking, commercial and auto leasing, insurance, asset management, discount brokerage A discount brokerage is a business that charges clients significantly lower fees than traditional brokerages, typically offering comparatively fewer services and/or advice. and investment banking services. About PeopleSoft in the Financial Services Industry PeopleSoft is the leading global eBusiness solutions provider in the Financial Services industry, with over 565 financial services customers and representing over 60 percent of the financial services Fortune 1000 companies, including the top seven Fortune 1000 security firms, 17 of the top 20 Fortune 1000 commercial banks, nine of the 10 top Fortune 1000 life insurance companies, and 14 of the 15 top Fortune 1000 P&C companies. About PeopleSoft PeopleSoft (Nasdaq: PSFT) is a leading provider of eBusiness applications that enable people -- customers, employees, and suppliers -- to power the internet. PeopleSoft's pure internet Customer Relationship Management, Supply Chain Management, and Enterprise Management solutions provide the industry's most open and flexible e-commerce platform. PeopleSoft employs more than 7,000 people worldwide, including 2,400 eBusiness consultants. More than 4,500 organizations in 107 countries run on PeopleSoft eBusiness applications. PeopleSoft and the PeopleSoft logo are registered trademarks. All other company and product names may be trademarks of their respective owners. Copyright (c) 2000 PeopleSoft, Inc. All rights reserved. |
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