Using the ABLSoft system over the last 3 years, a large regional bank headquartered in Georgia has grown their portfolio by over 50% without adding additional headcount.
Challenge: The Bank had been utilizing a legacy asset-based lending software, which resulted in an excessive number of cumbersome procedures. They found end-of-day processing to be particularly frustrating, as manual account reconciliation proved time-consuming and error-prone. Moreover, the legacy system lacked integration with their core system of record and necessitated the use of a third system for calculating unused lines and LC (Letter of Credit) fees. Borrowers sent BBC (Borrowing Base Certificate) reports via email, leading to a need for staff to manually compute and reconcile data before funding. Understandably, they were in dire need of a more efficient system to shift their focus to client-related matters.
Solution: ABLSoft provided a turnkey solution with personalized service to address all their essential needs:
- Digital Borrowing base: With a mix of lightweight and complex weekly BBC documents, ABLSoft made it easy to digest the documents and calculate the availability with its built-in smart tools. Using the platform, the Bank sped up BBC processing by 30%, enabling collateral analysts and portfolio staff to be more productive with their time.
- Workflow automation: The ABLSoft platform seamlessly integrates with the Bank’s core system, delivering automatic daily updates of morning cash and advance requests through an API connection, saving staff over an hour per day of manual entry. Additionally, borrowers can conveniently submit documents and request advances online via the ABLSoft Client portal, enhancing accessibility and efficiency.
- Complete solution: Beyond just handling the fundamentals, flexibility to accommodate the Bank’s participation and inventory deals, and the ability to design custom reports without relying on technical expertise was of paramount importance.
In summary, the Bank has realized substantial benefits through savings in borrowing base processing and workflow automation. This has resulted in a remarkable 75% reduction in processing time, ultimately boosting overall efficiency and reducing cost. ABLSoft’s cloud-native system has been instrumental in enhancing the user experience and enabling the Bank to concentrate on its growth objectives.