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Success Stories
“Our software for cutting checks and making payouts was outdated, and we needed a product that could interface with our core system,” said David Veurink, chief credit officer and head of commercial banking at Countryside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.”
Residential and commercial loans make up 15% of our bank’s portfolio, and that figure has been as high as 23% this year. Construction loans are typically seen as the largest risk to a bank’s portfolio. Anything that makes these loans less risky is a huge benefit. Since implementing BankLabs’ automation software, the bank has sped up the lending process and reduced errors. Previously, a draw from a loan involved multiple people, cross-referencing spreadsheets and could take as long as three days. Now, we have completely eliminated the use of spreadsheets and the draw process has virtually become instantaneous. The time spent communicating with borrowers and builders has also been significantly reduced because they can both log on and see all of their respective loans in one spot, be notified of inspections and request draws from online rather than via phone or email.”
– Lexie Garrison, chief credit officer at Valliance Bank in Oklahoma City, Oklahoma.
