Many financial institutions have outgrown systems for the most basic collection, management, and analysis of borrower financial data. They lack the most basic controls to corral their borrower data, assess key metrics, and identify gaps. Information flows are limited or non-existent and standardization is next to impossible.
Why Does This Happen?
Many banks grow through acquisition, with new portfolios managed separately with different process and monitoring standards. Other banks rely on spreadsheets or legacy in-house systems for process management. Once suitable when they were much smaller, spreadsheet-based tools quickly become unwieldy as banks grow, preventing data transparency, and reinforcing manual and error-prone processes. Potentially worst of all, processes are needlessly repeated and data keyed and managed multiple times, creating waste and inefficiency.
The Covarity solution for commercial loan monitoring and analysis provides commercial lenders that offer working capital lending with a central, hosted system with configurable applications to standardize their loan monitoring operations:
- Streamline and standardize storage and management of borrower profile and loan product data
- Automate ticklers and notifications – internal and external – around flexible loan reporting schedules and documentation requirements for your borrowers
- Store, access and manage borrower financial documents through an accessible electronic repository, moving out from under dependency on paper-based processes
- Reduce operation risk with easy reporting visibility across the portfolio
Read how Royal Bank of Canada, one of the world’s premier banks, standardized their loan monitoring practices, reducing costs and providing a better customer experience.