US-based company Crowe has launched a new comprehensive loan review solution to automate and streamline bank loan reviews.
The new solution called Crowe Credit360 for Loan Review Departments is designed to address time-consuming manual assessments of credit applications. The deployment of the cloud-based offering also eliminates the chances of human-errors in the review process.
Go deeper with GlobalData
Crowe risk consulting principal Scott Miller said: “A number of loan review solutions exist in the marketplace, but they are not very dynamic, and some require add-on purchases that quickly increase their price and diminish their ROI.
“At Crowe, we have firsthand experience doing loan review work. We combined this expertise with our firm’s technology specialisation to build a scalable, cost-effective solution that offers thorough loan analysis documentation with dynamic reporting and data gathering.”
The new solution combines innovative sampling, tracking and reporting tools along with dynamic data-gathering capabilities in a single platform.
Overall, Crowe Credit360 for Loan Review Departments will allow the financial institutions to devise systemic themes from reviews.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataIt can also aggregate data uniformly, support work paper conclusions and provide real-time reports. Furthermore, the solution can be used to track production of loan review teams in real time.
Miller added: “Using technology to automate some of the labour-intensive tasks frees up staff to focus on higher-value activities such as allowing more time for quality control review, sampling higher percentages of the portfolio and providing analyses they would not otherwise have time to complete.”
The introduction of Crowe Credit360 for Loan Review Departments complements existing Crowe Credit360 suite of solutions.
The Crowe Credit360 suite includes five modules to enable banks to manage different aspects of credit risk management. These solutions can be independently or in combination.
