Solution Overview
Highlights and Benefits
Solutions by Type of Financial Institution
Solutions by Type of Commercial Lending
|
 |
Solution Overview
The Covarity Dashboard is a web-based commercial loan monitoring software solution that significantly reduces loan monitoring effort for both borrowers and lenders, while improving financial institutions' visibility into their lending portfolios.
As a condition of credit, commercial borrowers typically must regularly submit their financial statements to their lender for a performance review. Currently, most small and mid-size enterprise borrowers print their financial statements (Income Statement, Balance Sheet, AR/AP, tax returns, etc.) from their accounting systems. The borrowers then mail, fax or hand deliver these statements to their lender, who reviews the performance of the loan and monitors the financial institutions exposure to risk.
The loan review process at most financial institutions is manual, resulting in financial institutions typically spending several thousand dollars worth of staff time reviewing each loan each year. As well, with manual review processes lenders and managers have little or no visibility into overall portfolio performance and risk levels.
By giving account managers, credit analysts and borrowers an easy-to-use, web-based
tool that helps automate cumbersome reporting and monitoring processes, the Covarity
Dashboard helps financial institutions to improve their commercial lending
practices by improving the quality of their portfolios and reducing loan losses.
The Covarity Dashboard is completely web-based, which allows financial institutions
to integrate the solution into their existing lending practices quickly, simply, and
cost-effectively.
The Covarity Dashboard at a Glance
The Covarity Dashboard gives financial institutions a simple way to improve their risk management
frameworks, while greatly reducing the administrative burden of loan monitoring and improving
the level of service they provide to their borrowers.
The Covarity Dashboard and Commercial Lending Workflow
The Covarity Dashboard solution supports the workflow and risk management decisions that
comprise loan and lending portfolio monitoring, after credit origination decisions have
been made. While there exist many software tools designed to address the origination decision
process, financial institutions have not had access to a commercially-available
tool designed to support the subsequent loan monitoring and associated risk management
decision process.
Value Proposition
For financial institution executives. The Covarity Dashboard gives financial institution executives unprecedented visibility into their lending portfolios, resulting in reduced risk and an increased ability to comply with regulatory requirements. The Covarity Dashboard also provides financial institutions with a standardized lending framework, facilitating the application of best-practices and helping ensure regulatory compliance.
For individual lenders and lending staff. The Covarity Dashboard significantly reduces loan management effort by automating the data collection and financial analysis components of the loan review process.
For borrowers. The Covarity Dashboard significantly reduces the effort of maintaining an outstanding loan. Instead of needing to print out and mail, fax or hand deliver multiple financial statements to their lenders each reporting period, borrowers can simply upload statements to the Dashboard in a matter of minutes. Borrowers also benefit from improved visibility that the Dashboard gives them into the performance of their loans and their lenders review processes.
For financial institutions. The improved visibility that the Covarity Dashboard provides to borrowers enhances financial institutions' relationships with their customers communication is improved as borrowers using the Dashboard have visibility into the same ratios and key business metrics their financial institutions are using to evaluate their loans.
|