Customer Case Studies
The following case studies explain how Sageworks’ clients have implemented software solutions to improve their operations.
Sageworks Bank Platform
Chemung had aggressive loan-growth goals to achieve, but many steps of the lending process relied on manual and siloed processes. To allow the bank to scale, the institution invested in the Sageworks suite of solutions.
Millennium Bank of Ooltewah, Tennessee, is a community bank committed to their customers’ experience. Unfortunately, inconsistency led to varying credit analysis results and slower turnaround. Sageworks helped Millennium achieve greater consistency and faster responses for customers.
Local Government Federal Credit Union of Raleigh, North Carolina, is known for its commitment to serving its members in North Carolina. After realizing their credit and lending processes were not optimized for efficiency or member experience, LGFCU partnered with Sageworks to digitize and streamline the life of the loan.
This Alabama bank sought an ALLL software to increase their efficiency in the department and their readiness for CECL. With Sageworks ALLL, the bank was able to cut calculation time from a week to two days and feel prepared for the expected loss model.
This institution had historically used spreadsheets to calculate the ALLL, but the spreadsheets were complex and numerous to feed into the model. They sought out Sageworks ALLL to automate their allowance calculation, saving hundreds of hours of work, and to start transitioning from an incurred to an expected loss model.
Exams at this Florida bank always took longer than anticipated, when the bank relied on internal spreadsheets. After implementing Sageworks ALLL, the bank completed its first exam faster than ever before and received significantly better feedback from its examiners.
Eastern Colorado Bank knew the benefits of automating its ALLL calculation, but it was concerned with the data transfer process. With Sageworks, the bank was able to complete the data transfer securely and accurately within one quarter and now spends 50 percent less time on the ALLL.
This bank had a robust, internally-developed, spreadsheet-based model to estimate the reserve and were apprehensive about moving to a more automated solution. Sageworks ALLL and risk management consultants eased their concerns and saved them an enormous amount of time each month.
Instead of focusing on the ALLL results, this bank was more concerned with accumulating spreadsheets and ensuring they were mathematically correct. Sageworks ALLL allowed the bank to focus resources on results and documentation for positive examiner feedback rather than gathering data and checking formulas.
SAGEWORKS STRESS TESTING
First City Bank, anticipating regulatory changes regarding stress testing, wanted to test the stability of its portfolio. With Sageworks Stress Testing, they were able to stress their CRE portfolio as well as individual loans, leaving examiners thoroughly impressed with the bank’s risk management system.
This Texas bank added Sageworks Stress Testing to address forward-planning concerns from examiners. After adding Sageworks Stress Testing, the bank was able to implement a clear stress testing plan that led to increased organization and efficiency, while also satisfying examiner requests.
Sageworks Credit Analysis
With individual lenders conducting their own credit analysis at this Kentucky bank, consistency and accuracy in the global analysis of credits were not guaranteed. Bank-wide usage of Sageworks Credit Analysis brought consistency to the otherwise decentralized process.
Lenders at this Georgia bank were using spreadsheets to calculate global cash flow. Due to the bank’s growth and change in regulatory body, it implemented Sageworks Credit Analysis for a more consistent, standardized way to perform global cash flow analysis on its borrowers.
For years, Community First Bank was using a “pen and pad” system of credit analysis. However, examiners recognized the bank needed to look into a more formal loan analysis system. After implementing Sageworks Credit Analysis, the bank was able to provide a consistent methodology, impress the examiners, and free up lenders’ time, all contributing to the bank’s continued growth and success.
Many of Eastern Utah Community Credit Union’s members are small business owners, and the credit union needed an easier, more efficient way to originate and manage commercial loans while also satisfying examiners. After implementing Sageworks Credit Analysis, examiner criticism disappeared, and the credit union could easily perform annual reviews to reduce risk.
After examiners urged them to seek out a stress testing solution, First South Bank purchased Sageworks Stress Testing and Sageworks Credit Analysis. While originally purchased as a supplement to stress testing, Sageworks Credit Analysis vastly exceeded expectations and eventually became the bank’s “primary underwriting solution.”
The Texas-based credit union needed a way to consistently analyze member business loans and easily communicate that information to multiple constituents. Sageworks Credit Analysis provided consistency, transparency, and confidence in the credit process.
This IL bank uses Sageworks Credit Analysis with Agricultural Lending to streamline analysis of its producer borrowers and to show value to prospective borrowers.
Sageworks Electronic Tax Return Reader
Lenders at this Texas Bank were using different methods for underwriting loans at each of its branches. With Sageworks Credit Analysis and ETRR, officers are able to accurately upload and verify numbers faster than ever with a consistent underwriting process across the bank’s branches.