American financial information company Sageworks has launched major enhancements to Sageworks Lending Solution for financial institutions including banks and credit unions.

The solution, historically best-suited for commercial loans, has now been enhanced with personal lending capabilities to support the company’s growth on another line of revenue.

Following the upgrade, banks and credit unions can evaluate both business and personal loans in one online system.

Additionally, the new features will enable loan officers to benefit from faster processing time for loans and from the unification of customer data, the company said.

The enhancements will also help to lower cost per loan by streamlining and automating the loan process.

The new platform offers an easily customisable application for personal loans, easily accessible online, and triggers specific document requirements based on qualities of the loan application, including loan size or product type.

In future, the company will also add automated feedback to borrowers throughout the application and decisioning process.

Sageworks president Jay Blandford said: “It is increasingly difficult for institutions to effectively compete in today’s market.

“With these enhancements to Sageworks Lending Solution, including the addition of Sageworks Personal Lending, banks and credit unions will be able to quickly and easily customise their application and decisioning processes for all kinds of customers seeking loans, and be able to serve them with the speed and caliber of service today’s borrower expects.”