Westminster Savings Credit Union, a $2.1 billion full-service financial institution, has greater confidence in the commercial loan portfolio following improvements to processes and compliance rates.
In 2003, Westminster Savings, a $2.1 billion financial institution, turned to Covarity to bring efficiencies to their loan management process, as well as to improve overall commercial portfolio control.
Westminster Savings initially focused their efforts on process inefficiencies in their margined lending business, which was heavily reliant on a time-consuming, manual process for requesting, collecting, and analyzing financial information. With Covarity in place, results were immediate – employees spend less time collecting financials, and analysis quality & efficiency improved.
The Covarity solution proved so valuable for their most complex loans that the decision was made to expand the solution to the remainder of their commercial portfolio. Commercial borrowers across the business now receive automated email reminders for document submission and are able to submit their information through a secure online portal. Westminster Savings is also able to track overall compliance and conduct detailed analysis across their entire portfolio.
“Compliance rates at Westminster Savings improved significantly. Late reporting borrowers and borrowers requiring follow-up went from 25% down to near 0%.”
With Covarity in place, Westminster Savings has greater confidence in their commercial portfolio, achieving process efficiency, improved compliance rates, and ultimately, greater control. Resulting improvements in customer service and satisfaction has provided a differentiator for Westminster Savings that ensures this small financial institution stays one step ahead of the rest.