Select Bank & Trust of Dunn, N.C., has recently partnered with Sageworks, a financial analysis company that offers lending, credit risk and portfolio risk solutions to banks and credit unions.
The bank selected Sageworks Banking Platform to drive efficiencies in lending and portfolio management processes while improving data quality and easing regulatory reporting pressures.
Select Bank & Trust, now with 18 branches across North and South Carolina and $1.2 billion in assets, was relying on time-consuming manual processes and disparate systems in commercial lending and portfolio risk management. The institution sought a solution that would increase the speed and ease of analyzing new loans and administering the existing portfolio. Select Bank was also feeling the mounting pressure of regulatory reporting, with regulators devoting increasing attention to data quality, requesting more granular documentation and reports pulled straight from the bank’s core system. The bank set out to find a solution that would improve data accuracy and provide them with more extensive analysis and reporting capabilities. As a bank committed to continually improving their approach with knowledgeable staff and great products and services, Select Bank & Trust selected Sageworks to achieve these objectives.
“Here at Select Bank & Trust, our mission is to serve our communities by providing exceptional customer service and superior products. Our decision in choosing a partner came down to those same, two things - product quality and attention to customer service,” says David “Rick” Tobin, Executive Vice President and Chief Credit Officer at Select Bank & Trust. “Sageworks Banking Platform automates and simplifies our processes from beginning to end, starting with Electronic Tax Return Reader for data intake.” To the service component, Tobin notes, “I have been so impressed with Sageworks’ commitment to support; every person we’ve interacted with thus far has been knowledgeable and responsive. We’re extremely optimistic about the remainder of our integration process.”
Tobin also explained the bank’s decision to deploy the entire suite of products in Sageworks Banking Platform, which will replace several disparate programs in place previously at the bank. In addition to managing fewer vendors and spreadsheets, the bank will benefit from automated interaction between the Sageworks products, fostering seamless pushes and pulls of data from the core. This streamlined process sets the bank up for increased efficiency to make loans faster and ease of reporting to ease compliance concerns.
“Select Bank & Trust understands the need for continued innovation in optimizing their processes,” says Sageworks CEO Scott Ogle. “They want to serve more customers better and faster, and they recognize Sageworks as a leading Platform for that innovation. We’re excited to see how the solutions contribute to the bank’s growth in the coming months.”