Source: Teslar Software
Teslar Software, provider of portfolio management tools that aggregate and automate lending and deposit operations for community financial institutions, announced today that American Business Bank (ABB) is leveraging its platform to streamline commercial lending, boosting efficiencies and taking a more personalized, hands-on approach to customer service.
When considering potential partners, the $3.5 billion Los Angeles-based bank previewed Teslar’s platform and was impressed with its comprehensive capabilities. They selected the company’s automated workflow and portfolio management tools to help them optimize efficiency in credit administration and loan operations. ABB is also fully leveraging Teslar’s PPP solutions to provide their commercial borrowers an easier origination and loan forgiveness process. The bank has funded approximately 1300 PPP Round 1 and 2 loans for $900 million, saving an estimated 50,000+ jobs in the business communities of Southern California.
“Our bank is a believer in partnerships with our customers as well as our service providers. It was critical to find a committed and forward thinking technology partner to assist us in enhancing the client experience with the use of technology. Teslar Software checked all the right boxes,” said Suzanne Dondanville, EVP of ABB. “We’ve been beyond impressed with the fintech’s customer-centric approach and ability to be nimble. Their team continues to be generous with their time and talents, working closely alongside us to help community businesses manage through the PPP loan process. Being an innovator is a top priority for Teslar Software and knowing that their company’s vision is to continue to enhance their technology to keep up with the constantly evolving marketplace is one of the main reasons we chose to partner with them.”
Commercial lending accounts for nearly 99 percent of the bank’s loan portfolio and Teslar enables the bank to more seamlessly upload and auto index loan documentation to provide an enhanced customer experience. ABB also plans to expand its work with Teslar Software to better manage SBA loan origination and processing.
“American Business Bank has made its mission to develop meaningful relationships with each and every customer,” said Joe Ehrhardt, CEO and founder of Teslar Software. “Now more than ever, the bank needs to be there for its business customers. Through our partnership, they will be able to improve operations and streamline their commercial lending process, allowing more free time to focus on serving their customers. We have thoroughly enjoyed our partnership with ABB and are excited to see Teslar represented on the west coast.”