Wolters Kluwer Financial Services said Citizens Bank of Oklahoma in Pawhuska has agreed to use its ComplianceOne system.
The Minneapolis company's software will allow Citizens to properly document its loans to stay in compliance with state and federal regulations. It allows documents to be customized for each loan, which the bank said will make documenting its lending activity easier.
"Many of our loans are extremely complex, and a cookie-cutter approach to documenting them just won't work," Jane Adler, a vice president at Citizens, said in a press release. Adler said ComplianceOne allows those documents to be edited through software, replacing a process of "making the changes to the documents manually outside, and then pushing them into the system."
The software further "makes sure we enter the correct and necessary information every step of the way," Adler said.