Construction Loan Automation helps alleviate top concerns for banks in 2021
Each year BankDirector takes a pulse of the industry, asking top leaders what their biggest concerns are and what is on the minds of bankers around the country. This year, the answer was surprising. With the advancements in technology and the growing trend of M&A, banks are looking to differentiate themselves. How are financial institutions positioning themselves to do this?
One way is by keeping up with the digital demand. Customers and partners alike have become accustomed to modernized digital solutions for common banking practices. This includes an intuitive experience and automation options. The days of exchanging spreadsheets is over. BankLabs has seen an uptick in demand for construction loan automation software. Our solution, Construct, streamlines this process for banks. This not only saves them time but grows their net interest simultaneously. Vendors are seeking digitization from banks, making this software a great differentiator.
BankDirectors survey also revealed that 53% of those surveyed are concerned about net interest margin pressure when thinking about their institutions long term viability. How does Construct help your net interest? By accelerating cycle times, Construct helps you fund draw requests days earlier than before. We have found that on average, our clients increase their draw income by 8-12%.
With changes in face to face business interactions and increased acquisitions across the country, banks are looking to differentiate themselves with digitization and relieve net interest margin pressure. One tool they are finding useful in alleviating both concerns is Construct – a cloud based solution for automating your construction loan needs.