Wolters Kluwer Financial Services announced today that Security Bank & Trust Co. of Glencoe, Minn. has selected its ComplianceOne loan and deposit origination and workflow solution.
The tool is designed to help banks manage loan and account transactions and connect major business functions—including lending, mortgage, deposit and IRAs—through a single, easy-to-manage user interface.
According to Jeffrey Grant, senior vice president and chief lending officer for Security Bank & Trust Co., the bank decided to shift from static to dynamic documents to enhance its compliance activities for the bank's lines of business. He noted that ComplianceOne has helped eliminate redundancies in entering transaction data, reduced the amount of paperwork in loan and deposit transactions, and created a more effective systems platform for conducting customer transactions.
"When we evaluated our long-term compliance and business management strategies, we realized that ComplianceOne was the most strategic fit for our organization," said Grant. "We also wanted a provider that not only invested in technology, but was forward-thinking about how to use that technology to ensure we continue to grow safely and profitably. Wolters Kluwer Financial Services does exactly that."
ComplianceOne is highly configurable and can be used as a stand-alone system or in conjunction with other Wolters Kluwer Financial Services solutions. It has a wide range of lending and deposit-related features that financial institutions can activate when needed, with options ranging from title searches, flood determinations, HMDA, CRA, AVM, credit bureau connections and anti-predatory lending, to the USA PATRIOT Act, identity verification and authentication, PEP, FinCEN and OFAC. Its SDX functionality allows banks to electronically and securely send confidential customer documents to a secure site where the end-user can down-load, sign and send back the documents in a matter of minutes. Its electronic signature technology enables one signature to be globally applied to approved documents.