Headquarters: York, S.C.
Size: $150 million
Project: Streamlining loan compliance documents.
Why it's cool: The bank took advantage of a free system tune-up and now saves paper and produces loans faster.
Paring Down Loan Docs
Even in banking, sometimes less is more.
Bank of York in South Carolina learned that during the summer of 2011 when it streamlined its loan origination process with help from Wolters Kluwer Financial Services.
The bank, which implemented the company’s ComplianceOne loan origination and deposit workflow system four years ago, had created a number of unnecessary loan documents within the solution. And there were several functionalities, like variable rate indexes, it was not using. All of this was slowing the lending process down according to William Langford, the bank's chief financial officer.
Wolters Kluwer Financial Services performed a complimentary review of the bank’s loan documentation process, helping it cull unnecessary templates from ComplianceOne and turn off irrelevant functionalities as a result. This enabled Bank of York to make its lending business more efficient and improve staff performance, said Langford.
The ComplianceOne checkup has Langford considering doing the same with other providers’ systems, including the bank’s core processor and asset/liability modeling, both from Jack Henry Corp. He would like to do at least one this year and another in 2013.