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Sageworks clients using electronic tax return reader to reduce data entry

By Credit Union Insight staff, February 8, 2017

In the first month of 2017, more than 250 U.S. financial institutions used Sageworks’ patented electronic tax return reading technology to process borrower tax returns more easily and effectively. The number of unique tax returns imported in January 2017 increased 137 percent from January 2016, with each tax return saving an estimated average of 20 minutes of data entry/processing time per return. Sageworks, a financial information company that provides lending, credit risk and portfolio risk solutions to banks and credit unions, developed the tax return reader to help financial institutions reduce manual data entry and streamline lending processes.

“I can process three returns in the time it takes someone else to do one, which is a huge difference,” said Lisa Kerschner, a VP at Union State Bank, an institution that utilizes the tax return reader. “It really gives us that step ahead of our competitors, and it frees up time that loan officers would be spending on underwriting and allows them to get out there and meet with customers and build the portfolio.”

“The tax return reader has been a big win for our clients,” said Scott Ogle, CEO of Sageworks. “The less time that bank employees spend on manually keying in data and information, the more time they can spend on more substantive work like managing risk or helping grow their loan portfolios in a profitable and scalable manner.”

Aside from saving time and money, Ogle said, the tax return reader can also minimize human error and ensure consistency of data entry, thus improving the quality of data used to underwrite and annually review loans in the portfolio.

Sageworks’ Electronic Tax Return Reader is an integral part of Sageworks’ recently launched Small Business Lending Platform, a suite that automates the full life of the loan, from online application through data gathering, decisioning, loan administration, reporting and portfolio management. The technology is unique to the industry, giving institutions a competitive advantage, improving efficiency and improving the borrower’s experience.

For the full story featuring Sageworks, visit Credit Union Insight - Sageworks clients using electronic tax return reader to reduce data entry.