Connecting the Dots for Your Lenders

With today’s emphasis on commercial lending, lenders specializing in this area already have a great deal of work on their plates. They are juggling multiple loan applications in all stages of the process, gathering and analyzing credit data, and very likely prospecting for new business as well.

On top of all these facets of the job, they may also be dealing with outdated banking software that is ultimately complicating workflows and draining precious time out of their days.

Let’s take a closer look at how one bank dealt with these issues – and came out with a much better process.

Disintegrated Systems

Many banks find themselves dealing with multiple legacy systems, creating disorganization and confusion especially for lenders. This was certainly the case with a financial institution (we’ll call it State Bank) that recently contacted the AccuAccount team. Lenders there were constantly hassled with rekeying information into multiple systems. This led to lower productivity as well as frustration and unnecessary data entry errors. In addition, information was spread across multiple databases, which constantly created friction with customers and negatively impacted churn.

A More Integrated Approach

The experts at AccuSystems were able to suggest a solution immediately. Our integrated banking software, AccuAccount, provides the flexibility of creating interface points with the most prominent core bank systems. In addition, the system accommodates both customer and account (loans, deposits, and trust) information, which seemed to please all of the bank’s departments.

AccuAccount Tour

Connecting the Dots for Lenders

Once implemented, AccuAccount made a dramatic impact in several key areas:

Reduced administration time – It’s an old saying, but one with a lot of truth to it: “Time is money.” Having lenders key data into three separate systems was nothing but a waste of time. Now with the power of AccuAccount, applicant information is entered once and transfers automatically between the other commercial lending platforms. On top of that, the data is no longer static, so information changed in one place is automatically updated in all appropriate fields. Perhaps best of all, lenders now spend less time on applications that ultimately are not creditworthy.

Lowered risk/compliance issues – With State Bank’s prior system, manually entering data multiple times greatly increased the chance for error. During the underwriting process, this could inadvertently result in approving loans that in reality should have been denied, resulting in higher risk. AccuAccount also allows State Bank to rest easier, knowing the rate of compliance issues decrease with the integrated and more efficient system.

Decreased frustration – AccuAccount not only makes life easier for lenders, but for all staff. State Bank has seen high buy-in rates for the new system with its employees and witnessed a transformation throughout the organization. Now customer accounts can be viewed and collaborated upon from multiple workstations, and all information is collected in one electronic account file for easy access.

Ready for a Productivity Boost?

Do State Bank’s old problems sound too familiar? It’s time to step up to a new level of banking. Talk to one of AccuSystem’s experts today.

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