Source: Baker Hill
Baker Hill, an Experian company, announced today that Fifth Third Bank has chosen Baker Hill's Bank2Business solution to expand its small business loan process.
Fifth Third will utilize the system to increase client and staff retention, provide faster turnaround on loan requests and ensure predictable asset quality.
"We chose Baker Hill because of its loan origination expertise and its ability to get this project up and running in 90 days," said Len Williams, senior vice president of small-business lending for Fifth Third. "The company not only met our requirements with the implementation of Bank2Business, but also exceeded our expectations by completing the project in just 74 days."
Bank2Business is a browser-based, on-demand solution that manages the complete application process - from inception through document preparation, to boarding and loan servicing. The solution is also one of four modules that make up Baker Hill's Origination Suite, which provides financial institutions with a common platform for lending. The four modules of Baker Hill's Origination Suite include Bank2Consumer for consumer lending, Bank2Business for small-business lending, Bank2Corporate for middle-market lending and Bank2Dealer for indirect lending.
"Fifth Third is one of the largest banks in the country, and by leveraging the power of Bank2Business, it will be able to process more applications in less time without increasing risk," said Mark Hill, president of Baker Hill. "We believe that by utilizing this solution, Fifth Third can receive a significant return on its investment within the first 18 months."