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.