Meet The Finalists For The 2024 Innovation Series: Lending
Originally published by Callahan and CreditUnions.com, Alogent's AccuAccount platform was named a finalist for the 2024 Innovation Series in the lending category. Click here to read the full article on CreditUnions.com.
The annual award series invited solution providers to share details about their innovations and the benefits they deliver to the credit union market. The CreditUnions.com and Callahan Teams then reviewed product information, use cases, case studies and other differentiators, and selected 4 finalists that help credit unions thrive with innovative ways to serve their members. The below interview with Alogent's CEO, Dede Wakefield, is an excerpt from the larger article.
LENDING: ALOGENT
Describe Your Innovation.
Dede Wakefield: AccuAccount streamlines loan management from application through servicing and is the only platform on the market to also offer integrated exception tracking. Empower lenders and other users with an automated loan review, approval processes, and transparent pipeline reporting.
Core-integrated, AccuAccount is proven to reduce paper and increase efficiencies across its more than 15,000 banking users. As the document management solution for the entire life of the loan, all documents, loan balances, contact information, exceptions, linked accounts, collateral, and related entities are just a click away.
Flexible imaging (barcodes, single scan, upload, ePrint, and drag and drop) is another reason why AccuAccount is the easiest way to collect and organize a credit union’s loan documents. Gain further automation by integrating exception tracking to clear exceptions faster and with less effort.
Streamlined reporting keeps lenders, senior management, and loan admins informed without manually pulling data files or merging outdated spreadsheets, elevating member services with fast access to data.
What opportunity or challenges does it address?
DW: Building a commercial loan portfolio requires the right mix of expertise, time, effort, and technology. Unfortunately, not every credit union is adequately equipped, because:
Expertise: For years, credit unions have been primarily focused on serving the personal financial needs of their members. That’s led to a noticeable void in commercial lending expertise. And, there’s a lot to know. Compared to consumer loans, commercial loans can require far more paperwork, take longer to close, and involve more decision-makers. A real estate loan for a manufacturing company could be considerably different than an equipment loan for a trucking fleet, yet they’re both commercial loans.
Capacity: Hiring commercial lenders from community banks is one strategy for filling the expertise gap. However, each new commercial loan brings with it a considerable amount of administrative work. One commercial loan file could consist of hundreds of pages of documentation—from applications to promissory notes to credit presentations and tax returns. Some documents are only collected once, while customer financial statements and insurance documents are collected on an ongoing basis. Participated loans create even more downstream complexity. To keep pace, some financial institutions staff up with a team of loan admins and lending assistants, which represents a tangible opportunity cost.
Technology: Without the right tools, even the most efficient back-office team will struggle to handle the sheer volume of documents, exceptions, and tasks that are associated with a growing commercial loan portfolio. Commercial LOS, eSign, document management, and workflow systems are practically essential to compete in today’s commercial lending environment. But, having the right tools represents another investment decision for the credit union.
Implementing the right technology at the right time can soften the transition for credit unions looking to increase commercial lending. A system like AccuAccount offers features that can help establish a solid foundation for commercial lending.
Intuitive imaging: Instead of storing customer credit and loan documentation in paper folders, AccuAccount makes it easy to digitize and store everything in an intuitive environment. Better yet, credit unions can also use AccuAccount to organize existing documentation for members’ personal accounts and loans, providing a more comprehensive view of each relationship.
Built-in exception tracking and reporting: Tracking exceptions in a spreadsheet is tedious and inefficient. AccuAccount makes it easy to track document, policy, and other exceptions for members and their accounts. Automated reporting sends exception data to users’ inboxes on a regular basis. AccuAccount can also remind users of important tasks—such as taking action on expiring UCC financing statements—to prevent exceptions before they occur.
Automated workflows: Electronic routing of commercial loan files reduces the chance for misplaced and overlooked documents. It also creates a scalable workflow that can be repeated over and over again in accordance with your lending policy. Lenders, underwriters, and management will appreciate having immediate access to important information without waiting for interoffice mail to arrive. Integration capabilities: Imaging, tracking, and automated workflows are vital components of efficient commercial lending; however, core systems, LOS, eSign, and other tools play an equally important role, too. AccuAccount interfaces with 30+ systems to help your credit union build a highly integrated commercial lending ecosystem.
How does it increase member value?
DW: Credit unions are increasingly interested in growing their commercial loan portfolios and ways to improve their loan quality, especially in light of recent and ongoing changes to business lending rules. Members are also poised to benefit from these changes, which open up new sources of funding for business owners and encourage increased competition in the market. Implementing a solution like AccuAccount can ease the transition for credit unions looking to increase commercial lending, speeding the time from application to approval and more efficient exception tracking, delivering better and faster member services.
Intuitive imaging: Instead of storing member credit and loan documentation in paper folders, AccuAccount makes it easy to digitize and store everything in an intuitive environment. Credit unions can also use AccuAccount to organize existing documentation for members’ personal accounts and loans, providing a more comprehensive view of each relationship.
Built-in exception tracking and reporting: Tracking exceptions in a spreadsheet is tedious and inefficient. AccuAccount makes it easy to track document, policy, and other exceptions for members and their accounts. With automated reporting, users receive exception data to their inboxes on a regular basis. AccuAccount can also remind employees of important tasks—such as taking action on expiring UCC financing statements—to prevent exceptions before they occur and delivering better member services.
Automated workflows: Electronic routing of commercial loan files reduces the chance for misplaced and overlooked documents. It also creates a scalable workflow that can be repeated in accordance with a credit union’s lending policy. Lenders, underwriters, and management will benefit from immediate access to important data without waiting for inter-office mail to arrive.
Integration capabilities: Imaging, tracking, and automated workflows are vital components of efficient commercial lending; however, core systems, LOS, eSign, and other tools play an equally important role, too. AccuAccount interfaces with 30+ systems to help a credit union build a highly integrated commercial lending ecosystem with the fastest access to business intelligence.
What differentiates it from competitors?
DW: AccuAccount is the only loan imaging solution on the market that offers integrated exception tracking with automated exception reporting. With an integrated audit capability, AccuAccount can work with any core banking solution.
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