We’re proud to work with credit unions like SRPFCU that prioritize taking care of members . Check out the latest episode of CUBroadcast to hear firsthand from Will Scott of SRP about his experience working with us and how his credit union has been able to grow: https://www.cubroadcast.com/episodes/1107-how-srp-fcu-has-used-banklabs-commercial-lending-technology-to-help-the-credit-union-grow
Our president Matt Johnner and other industry professionals shared their expertise for the 2019 Bankers as Buyers report from William Mills Agency. The report is a collection of research, observations and contributions spotlighting the technologies and market forces will have a substantial impact on the industry in the next 1-3 years. https://info.williammills.com/bankers-as-buyers-2019
Little Rock, Ark., September 25, 2018 – BankLabs, a national provider of innovative mobile technology products for financial institutions, today announced that Fla.-based CenterState Bank has signed on for BankLabs’ cloud-based construction loan management product, Construct.
Construct is a banker-centric, web-based service that automates the post-close administration of construction loans for lenders. Accessible from any phone, tablet or computer, it eliminates the need for paper files and spreadsheets, increases bank productivity, mitigates the risk of overfunding projects and improves the experience for both the builder and borrower.
“We were in need of a modern and mobile approach to improve efficiency and consistency, while simultaneously improving the borrower experience and reducing risk with real-time reporting,” said Frances Mansour-Bergin, vice president and construction loan administration manager at CenterState Bank. “Construct has completely automated our loan administration, inspection and draw process, making a highly complex practice very quick and efficient. It has made processing construction loans easy for everyone involved, including the builders and borrowers.”
Construct has proven to reduce loan administration time by 50 percent, lower inspection costs, identify and mitigate potential risks and enhance the borrower/builder relationship through mobile access. Financial institutions using Construct have already seen an eight to 12 percent draw interest improvement, as well as a decrease in cycle time from days or weeks to minutes.
CenterState was recently recognized as a winner of the second annual Impact Awards through its usage of BankLabs’ solution. The awards, independently judged by Celent, identify organizations that are using technology or services in innovative ways to better serve their customers and drive tangible results. CenterState was acknowledged for its innovative construction lending solution.
“We are thrilled that CenterState is not only seeing improvements since implementing Construct, but that they are being recognized for those improvements,” said Matt Johnner, president and co-founder of BankLabs. “We are proud to partner with innovative financial institutions, like CenterState, that are ready to embrace change and mobility in the construction finance industry.”
The mission of BankLabs is to reimagine banking products of the future through community-oriented technologies that create new fee income, attract deposits, expand loan opportunities and differentiate the financial institution from competitors. BankLabs believes that community banking is a way of doing business, not a size, location or traditional definition. For more information, visit banklabs.com.
BankLabs is honored to be named to Constructech’s Top 50 companies in 2018 for construction technology for our construction payment automation product, +Pay. This program recognizes the leading technology and software companies – from companies with a single offering to companies that may house multiple software or hardware platforms.
Our +Pay product is cloud-based and accessible from any mobile device or computer. It standardizes builders and general contractors payment process to improve efficiency, provide real-time data access and help their sub-contractors succeed. Features include electronic payment requests from sub-contractors, including supporting lien waivers and invoices. The product automates 1099 tax reporting and provides fast and easy electronic payments to sub-contractors.
BankLabs is honored to be named to Housing Wire’s 2018 Tech 100 List for our construction loan automation product, Construct. This program recognizes the leading technology and software companies – from companies with a single offering to companies that may house ten or more different software platforms.
Our Construct, cloud-based service automates the construction loan management process for community banks. It is accessible from phones, tablets or computers, and eliminates the need for paper files and spreadsheets, increases bank productivity, mitigates the risk of overfunding projects and improves the experience for the builder, borrower and inspector. Using Construct, a builder is able to view available funds via computer or mobile device and submit a draw request. Notifications are then sent via text or email to the inspector, borrower and bank personnel.
View the full list of winners here.
BankLabs Expands Operations in Arkansas with Support from Arkansas Economic Development Commission
BankLabs, a national provider of innovative mobile technology products for financial institutions, today announced that it is creating up to 19 full-time professional FinTech positions at its operations in Little Rock and is seeking highly qualified employees.
“Our goal is to differentiate the financial institutions that are not happy with the status quo from those that are resistant to change,” said Matt Johnner, president and co-founder of BankLabs. “Our clients want new ways to do things that leverage their strengths. BankLabs Chairman and CEO Mike Montgomery, has a rich history as a leader with Arkansas-based Systematics and Alltel Information Services. We both look forward to the next wave of innovation that BankLabs can help create.”
BankLabs seeks to grow the Arkansas economy into one that is focused on hi-tech, high-paying jobs, he said, and is pleased with the support from the Little Rock Regional Chamber of Commerce and Arkansas Economic Development Commission (AEDC) including tax credits and introductions to identify talented candidates.
“BankLabs is directly contributing to the resurgence of Arkansas as a FinTech leader,” said AEDC Executive Director Mike Preston. “The company is not only helping banks, but also creating FinTech marketplace options that expand business opportunities for everyone in the industry and across the globe. We are hopeful that the state’s support will not only help BankLabs grow its Little Rock team, but also help to improve the state’s economy.”
BankLabs recently added +Pay to its product offerings, automating the payment stream to sub-contractors from banks, general contractors, builders, title companies or disbursing agents. +Pay integrates seamlessly with BankLabs’ Construct product, which automates the residential and commercial construction loan process for banks and non-bank lenders. Together, they make the world’s first cloud-based vertically integrated construction finance platform.
“The expansion of BankLabs is another example of Little Rock’s growing FinTech industry,” said Little Rock Mayor Mark Stodola. “With our large banking presence and the 3rd VC FinTech Accelerator Powered by FIS occurring this summer at the Tech Park, the growing cluster of FinTech companies in Little Rock is now stronger than ever.”
Little Rock Regional Chamber of Commerce Board Chair Cathy Tuggle said, “We are excited to have an innovative company like BankLabs decide to continue its growth in the capital city. The Little Rock Technology Park and Venture Center have helped create a start-up environment where companies like BankLabs can flourish. This project is another wonderful example of our community’s entrepreneurial investment already succeeding.”
BankLabs is currently looking to fill highly paid professional product development and customer success positions in Arkansas. To apply, visit banklabsstaging.mystagingwebsite.com.
The mission of BankLabs is to reimagine banking products of the future through community-oriented technologies that create new fee income, attract deposits, expand loan opportunities and differentiate the financial institution from competitors. BankLabs believes that community banking is a way of doing business, not a size, location or traditional definition. For more information, visit banklabsstaging.mystagingwebsite.com.
Establishing a Successful Partnership Between a Financial Institution and a Fintech
By Matt Johnner, president and co-founder of BankLabs
As featured in William Mills Agency’s 2018 Bankers as Buyers Report.
Our society associates financial institutions with stability and trust, while fintechs typically epitomize change and innovation. These two opposing forces may seem to have very little in common, but that does not mean they can’t successfully work together to achieve a common goal.
According to PricewaterhouseCooper’s (PwC) 2017 Global Fintech Report, over 80 percent of financial institutions believe business is at risk to innovators. That may be true if the innovator is attempting to stand alone or replace financial institutions altogether. However, by partnering with a financial institution, innovators can work with a bank or credit union to solve an issue or meet a need.
Additionally, PwC reports that 82 percent of financial institutions expect to increase partnerships with fintechs in the next three to five years. This shows that financial institutions are willing to explore the innovative world of financial technology in order to provide better service to their customers, or scale a product outside of their traditional market.
Benefits of Partnerships between Financial Institutions and Fintechs
By partnering with a fintech provider, financial institutions improve upon the things they are already doing well. Technology can be used to solve an issue, update an existing process or enhance customer interactions. Fintechs have a lot to offer financial institutions, such as advanced, forward-looking technology and a fresh, outside perspective.
Of course, the partnership is just as beneficial to the fintech provider. Fintechs may hope to disrupt the industry by creating an unparalleled user experience, but solely focusing on this is not enough to be successful. A fintech provider without a financial institution to serve often ends up biting off more than they can chew.
With the implementation of a fintech service, financial institutions can differentiate themselves from other lenders in the space. By automating services and providing consumers with an innovative and efficient tool to make their lives easier, the financial institution becomes more competitive while also broadening their market. And, customers receiving a positive user experience from their bank or credit union will likely choose to stay with that bank or credit union.
A successful fintech partnership can also provide an additional revenue stream for the financial institution. Some fintechs can offer financial institutions modern, user-centric services that fulfill consumers’ needs while simultaneously charging a small fee on transactions that goes straight back to the financial institution. Think about how many paper checks still exist in unique industries or processes.
Tips to Create a Successful Partnership
Let’s start with an unsuccessful partnership; this is one that is created with the purpose of looking for a problem rather than solving one. A successful partnership begins when a fintech and a financial institution see a solution to an existing problem and need each other’s help in bringing that solution to life.
A smart fintech understands that a financial institution’s brand is extremely important to its success and cannot be jeopardized. Fintechs must approach potential partnerships with a thoughtful, conservative mindset. A failed fintech reflects poorly on the financial institution and its brand.
An equally important factor in a successful partnership is the financial institution ensuring its fintech provider has a strong background in banking. While fintechs offer unique, outside perspectives, they should also understand the fundamentals and the complexities of banking. The best fintechs have established bankers as part of their team or board of directors who understand the banking industry and the sanctity of its brand, needs and technology.
In addition, fintechs should leverage the financial institution’s existing products if speed to market and velocity is important. The solution must seamlessly integrate into the existing landscape and utilize the financial institution’s pre-existing product or distribution to solve a problem.
Lastly, open communication between the financial institution and fintech provider is key. The two should take part in an open discussion at the beginning of the partnership to determine goals and expectations. As previously mentioned, each party has a very different way of thinking, so it is imperative to discuss the definition of success early in the relationship.
It is important to remember that fintechs and financial institutions should not be competing with each other; they should be supporting each other. The best partnership is one in which both the parties achieve a goal that helps improve processes, reduce costs and enhance the user experience.
Matt Johnner is president and co-founder of BankLabs, a national provider of innovative, mobile technology products that help community banks improve efficiency, increase time for relationships with customers and create marketplace options that expand business opportunities. BankLabs believes that community banking is a way of doing business, not a size. For more information, visit banklabsstaging.mystagingwebsite.com.
As featured in American Banker.
As construction lending starts to make a comeback, many community banks relying on lending to developers and builders are looking to use cutting-edge digital interfaces to help them attract more clients.
“It’s important for us to create convenience not only for our clients but for their clients as well [such as subcontractors] and give them quicker and more convenient access to funds,” said David Veurink, chief credit officer and head of commercial banking at Chicago-based Countryside Bank.
BankLabs, a national provider of innovative mobile technology products for community banks, today announced the addition of +Pay to its product offerings. +Pay integrates with Construct, the company’s construction loan automation product, to automate the payment stream between builders and sub-contractors. It speeds the payment process and eliminates the need for paper with electronic lien waivers and invoices, as well as automated 1099 tax reporting.
With new payment options including Same Day ACH, +Pay enables sub-contractors to be paid efficiently and, in turn, efficiently pay their employees. This mobile and web-based service increases transparency in the payment stream process, which greatly reduces unnecessary friction between builders and subcontractors.
“Our software for cutting checks and making payouts was outdated, and we needed a product that could interface with our core system,” said David Veurink, chief credit officer and head of commercial banking at Countryside Bank. “+Pay does just that, and the team at BankLabs has been extremely responsive and customer-oriented in their approach.”
“Countryside Bank was our first customer on +Pay last year,” said Matt Johnner, president and co-founder of BankLabs. “They have been very helpful in working out any kinks and we are thrilled that they are seeing process improvements with our technology.”
Banks can leverage +Pay to increase both fee income and attract deposits. The two initial financial institutions using +Pay have already processed more than $126 million in construction payments combined, and more banks are already under contract. In addition to financial institutions, builders and sub-contractors can also use +Pay.
The mission of BankLabs is to reimagine banking through community-oriented technologies that create new fee income, attract deposits, expand loan opportunities and differentiate the financial institution from competitors. BankLabs believes that community banking is a way of doing business, not a size or location. For more information, visit banklabsstaging.mystagingwebsite.com.
Catherine Mootz, 678-781-7227