Barlow Research names Sageworks “Overall Most Innovative” in its 2017 Monarch Innovation Awards
Raleigh, N.C., April 7, 2017 – Barlow Research, the foremost authority on commercial banking, announced today that Sageworks won its “Overall Most Innovative” award for the company’s Electronic Tax Return Reader (ETRR). This is the top category in Barlow’s 2017 Monarch Innovation Awards, the highest honors for innovation in financial services.
Barlow Research is the leading provider of market research to the top commercial banks in the U.S. Its Monarch Innovation Awards were founded in 2007 to recognize financial institutions that provide the most innovative products to business customers and recognize risk takers who create or promote innovation within their organizations. Previous winners include Intuit, Xero, Bill.com, Wells Fargo and Capital One.
Sageworks’ patented Electronic Tax Return Reader (ETRR), released in 2015, automatically imports information from business borrowers’ tax returns, including financial and real estate information, so that it can be used in credit analysis without relying on manual data entry. ETRR saves business bankers and credit analysts an average of 20 minutes per return for new loans and reviews, reduces data errors that may occur during manual entry and ensures consistency of data entry between different analysts or lenders.
“We are honored to receive this award from Barlow Research,” Sageworks CEO Scott Ogle noted. “The Electronic Tax Return Reader marks a significant step toward our vision of eliminating data entry for our customers. Banks and credit unions receive thousands of tax returns each year in support of business loan applications and keying in this data is a mundane, costly and slow process. The ETRR technology is the result of several iterations we made to solve this problem and we have already seen its benefits in the more than 700 lending departments nationwide that use it to save time and scale their loan production.”
Award criteria include value, uniqueness, ease of use, defendability and “wow” factor. Award winners were decided by a committee comprised of industry thought leaders, including Terri Cable, managing director of research and business intelligence at BAI; Bruce McMeekin, CEO of BKM Marketing Associates; Nick Miller, president of Clarity Advantage; Stu Richards, CEO of Bredin; and Mary Beth Sullivan, managing partner of Capital Performance Group.
To find out more about Sageworks Electronic Tax Return Reader, visit web.sageworks.com/electronic-tax-return-reader/.
Sageworks will also highlight the new technology at Barlow Research’s 2017 Annual Business Banking Conference, which takes place in Chicago, May 22-23, 2017.
Sageworks offers lending, credit risk and portfolio risk software to help commercial lenders lower costs and improve the borrower experience. By automating business loan operations with Sageworks, banks and credit unions make good loans faster and optimize risk. Sageworks stands alone with a fully integrated life-of-loan solution, product and industry experts, exclusive benchmarks, patented technologies and an engaged client base of over 1,000 financial institutions.