A Minnesota software firm is trying to reduce the time examiners spend in banks.
Loan Wizard, a portfolio-management product from Minneapolis-based Inasyst, is designed to make loan reporting easier and compliance exams faster.
Loan information is stored in a data base. The product can sort the data by size, branch location, or other factors, and analyze it.
The information will be accessible to regulators through the data base, said Ron Ingersoll, president of Inasyst. Examiners will then have to spend less time doing research in banks, he said, reducing the institution's compliance burden.
Loan Wizard costs from $4,500 to $15,000, depending on the bank's asset size. For more information, call 612-449-6211.