Press Release WebEquity Welcomes 600th Customer, Achieves 36% Growth in Past 18 MonthsFinancial institutions increasingly turn to Company’s on-demand software for loan processing and credit risk management |
OMAHA, NE -- WebEquity Solutions® LLC (WebEquity), the proven leader of on-demand lending software, announced today that in spite of the economic climate, it has grown its customer base by 221 new banks and credit unions in the past 18 months. In this environment of compressed margins and heightened regulatory scrutiny, institutions are recognizing that they can no longer afford fragmented lending practices, inadequate documentation and slow, paper intensive steps. Now, more than 600 financial institutions rely on WebEquity to automate their entire lending process, from loan origination, credit analysis and decisioning, to portfolio risk management. Institutions of all asset sizes are investing in WebEquity’s lending software. New customers include: First Bank of Pittsfield, Ill. ($10.8B); Indiana-based First Financial Bank, NA ($2B); Colony Bankcorp of Ga. ($1B); The First National Bank of Granbury, TX ($334M); Colorado-based First Southwest Bank ($257M); Exchange State Bank of Michigan ($102M); and, Herbert Credit Union Limited in South Dakota ($20M). “We recognized that it was crucial in today’s environment to put a new system in place for managing loans in a more robust fashion—Excel based approaches were no longer meeting our needs,” said Jeff Davis, chief credit officer, North Cascades National Bank in Washington State ($320M). “Through an extensive evaluation we found that WebEquity offers the most comprehensive set of features, analysis and reporting capabilities across all of our agricultural, commercial and consumer loans. We will gain greater efficiencies, better insight into our entire portfolio and be well-positioned to meet examiners’ expectations of our loan practices.” WebEquity’s strong growth can in part be attributed to the fact that it has been aggressively investing in R&D throughout the past 18 months, advancing its lending solution and further leapfrogging boutique and small regionally focused providers. The Company has also brought to market its Risk Management Dashboard—the industry’s first tool for pre- and post-approval stress testing on a single technology platform. It provides C-level management and board members with unprecedented insight into their loan portfolios to better manage and mitigate credit risk. WebEquity’s lending software provides institutions of all asset sizes with a single system for financial analysis and risk management of their commercial industrial, commercial real estate, agricultural, construction, small business and consumer credits. It creates a centralized database of an institution’s loan portfolios, making it easy and efficient for them to share and manage their loan information. Additionally, because WebEquity is an on-demand, hosted solution, customers are able to dramatically reduce their IT costs and resource requirements—there is no software installation, it reduces IT infrastructure costs and upgrades are automatic. “The robust growth we’ve experienced is a testament to our unique ability to automate and expedite the lending process across the different silos of loan disciplines,” said Doug McGregor, chief executive officer, WebEquity Solutions. “At the same time, we are also helping financial institutions to better cope with the trickledown effect from the mortgage crisis – intensified regulatory examination – with a game changing tool for stress testing credits before they’ve been put on their books, and for the life of each loan.” For more information about WebEquity’s on-demand lending solutions and the Risk Management Dashboard visit www.webequitysolutions.com or call 1.800.264.0787 ext. 3. About WebEquity Solutions®WebEquity® is the proven leader in on-demand lending software. More than 600 financial institutions and 20,000 lending professionals use WebEquity to automate and streamline their lending process and reduce operational costs, while making more uniform and profitable credit decisions. The company offers financial institutions a distinct advantage with a single solution that works for all loan types, an on-demand model that provides centralized, anywhere access, and the flexibility to configure the system so it fits their lending practices. WebEquity serves institutions in the U.S., Canada and Australia. For more information call 800-264-0787 or visit www.webequitysolutions.com. |
