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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

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.”