Our CEO Dan O'Malley was recently interviewed by American Banker and Bank Innovation regarding our partnership with Bremer Bank, a top 50 SMB lender and the 11th largest agricultural lender in the U.S.
From American Banker's Penny Crosman:
“Most bankers are service driven,” O’Malley said. “When a customer calls them up, they want to help. We allow bankers to have the tools to sell a business loan as part of the service experience.”
The Numerated software prequalifies all the prospects in a bank’s footprint. When a local businessperson calls, a banker can tell them they’re eligible for a type of loan and what the terms would be.
“The banker is not required to go through credit training in taking the application; they can be not credit-trained and still be able to sell loans because the system is doing the credit work for them,” O’Malley said. The software makes loan decisions within about 45 seconds, he said.
From Bank Innovation's Monica Melton:
The end-to-end solution includes sales and marketing components that target qualifying customers determined by the bank’s data. The application process, decisioning, counteroffers, documentation, and funding can be done through the platform.
Bremer Bank, which has $12 billion in assets and holds $8 billion in loans and leases, is the third bank of its size that Numerated has partnered with since the company’s inception last year. The bank plans to have the solution fully integrated by early 2019.
Part of the draw for Bremer was familiarity and transparency. Banks set their own underwriting criteria based on the market they serve. “Other platforms we looked at were very black-box in nature when you think of model risk management,” said Flanigan. “It’s been great to work with a staff that truly understands how a bank functions in making decisions."