When personal computers first appeared in banks, they added minimal efficiency, replacing functions like typing into forms, says John Watts, vice president and general manager of financial technology leader Baker Hill’s lending division. “But as soon as those computers became networked in the institution, that helped to take that institution to the next plateau of productivity and return on that technology investment.”
Now Baker Hill NextGen™ is poised to lift banks and financial institutions even higher. Bringing together multiple systems into one cloud-based solution, Baker Hill NextGen serves all of an institution’s lending needs, from loan origination to risk management to analytics. “We’re breaking down those individual silos by having an integrated, comprehensive origination solution,” says Watts, “and we’re taking that return on their technology spend even higher.”
Greater return on investment
As margins continue to narrow in the lending business, a greater return on an institution’s technology investment is critical. “Banks have to continually look for ways to make their people more efficient,” Watts says, “to drive down costs without sacrificing the credit quality of their institution.”
He points to the idea of “best of breed,” in which institutions seek out the best siloed solution for each function in the business process and attempt to integrate them. “Well, the fact of the matter is, there are still going to be challenges trying to integrate these different systems.”
Baker Hill NextGen creates a comprehensive solution, with all of the functions interacting seamlessly on one lending platform. “A bank doesn't have to spend all that money trying to break down those best–of-breed silos to have those systems interact between the different pieces,” Watts says. With this solution, “everybody is looking at the same information in the same solution and optimizing their efficiency. That's revolutionary.”
End-to-end solution, top-to-bottom view
One way to think about it, Watts offers, is bringing the front office and the back office together—the lenders who deal with borrowers on a day-to-day basis and the credit and loan operations staff who deal with underwriting and monitoring the portfolio. “Having a tool that brings the sales pipeline and the credit pipeline together so that everybody in the organization can see where those loan requests are,” he says, “will be invaluable to everybody.”
With all the critical information in one system accessible by the entire organization, it becomes useful not only for individual lenders or credit officers worried about their piece of the process, but also for managers and executives. “Being able to see a holistic view of the line of business or division of the institution is going to be extremely valuable,” Watts says.
Ultimately, Baker Hill NextGen achieves a goal many in banking have been seeking for years, says Watts. “Finally we're realizing the original vision of a common loan origination platform and portfolio risk management tool from start to finish.”
The world of banking is constantly changing. Are you using a solution that’s ahead of the curve? With an investment in Baker Hill NextGen, you can grow your bottom line, increase productivity, and streamline the lending process for your entire team from start to finish.