24 October 2016
Find out more

United Bank of Michigan deploys compliance kit from Wolters Kluwer

05 August 2014  |  1863 views  |  0 Source: Wolters Kluwer

Wolters Kluwer Financial Services announced today that United Bank of Michigan, a long-time user of the ComplianceOne loan and deposit origination and workflow system, has implemented ComplianceOne® manager, the company's Software as a Service-based business process management, or BPM solution, to help automate lending workflows and reduce regulatory risk.

According to Cindy Lowman, president of the United Bank Mortgage Corporation, the bank chose ComplianceOne manager to help meet the demands of regulators and business partners for increased data reporting and audit tracking capabilities. Compliance with each of these was becoming more challenging because of the bank's manual, paper-based reporting processes.

"ComplianceOne manager has become the eyes and ears of our offsite staff, giving them access to loan information without the actual paper file," said Lowman. "The result is fewer bottlenecks in the lending pipeline, faster processing times, reduced administration time and more responsive customer service."

In addition, Lowman says the solution's compliance tracking feature helps assure that the bank meets all compliance requirements. ComplianceOne manager helps users recognize which tasks are the bank's top priorities at any given moment, and ensures that each step in the documentation process is completed on time and meets regulatory requirements.

"Implementing a BPM solution helps financial institution's gain better process visibility. With the ability to monitor loan portfolios in real time, financial institutions can proactively detect and respond to changes in the marketplace before they erupt into serious business or compliance issues," said Lisa Fraga, vice president and general manager, Banking Solutions, Wolters Kluwer Financial Services.

ComplianceOne manager helps organizations continually operate at optimal business levels by treating lending workflow processes as strategic assets that directly contribute to overall enterprise performance. Another advantage of ComplianceOne manager is that it encourages better collaboration among employees. Lending officers, underwriters and loan processing staff all have access to the same information, so they can work together more effectively. As a result, financial institutions can engage more freely with customers, respond to their queries faster, decrease cycle times and errors, and focus on the right customer-centric business tasks—all of which are prerequisites to achieving higher customer satisfaction levels.

ComplianceOne manager can be used on its own, with Wolters Kluwer Financial Services' ComplianceOne or ARTA Lending solution, or with another loan origination system.

Comments: (0)

Comment on this story (membership required)

Related company news


Related blogs

Create a blog about this story (membership required)
Find out more

Top topics

Most viewed Most shared
The bank of the future will be invisible - KPMGThe bank of the future will be invisible -...
39305 views comments | 137 tweets | 246 linkedin
Barclays and Citi test blockchain tech for equity swaps processingBarclays and Citi test blockchain tech for...
8759 views comments | 26 tweets | 19 linkedin
Visa treads on Swift's toes with blockchain pilot for high value paymentsVisa treads on Swift's toes with blockchai...
8015 views comments | 33 tweets | 36 linkedin
Monzo raises £4.8mMonzo raises £4.8m
7523 views comments
Visa tells Europe to be ready for 3-D Secure 2.0 by April 2018Visa tells Europe to be ready for 3-D Secu...
7447 views comments | 12 tweets | 26 linkedin

Featured job

Basic £100-120K plus significant MBO and quota Bon...
London based with substantial international travel

Find your next job