RALEIGH, N.C.–Sageworks, a financial information company that provides Origination, Portfolio Administration and Portfolio Risk Management Solutions to banks and credit unions, has announced the enhancements and new products it is releasing:
- Sageworks Client Portal Collecting documents from borrowers – financials, tax returns, insurance, etc. – can be a bottleneck for reviews and renewals, slowing down loan decisioning and increasing document exceptions and risk, the company said. With Sageworks Client Portal, borrowers can conveniently upload files to a secure, easy to use site and lenders can stay focused on business development instead of document chasing.
- Sageworks Relationship Manager With Sageworks Relationship Manager, CUs can log, view and analyze all member interactions in one central location, equipping all staff to view the same data and better service the customer. Relationship Manager also provides customizable activity and opportunity tracking (see image at right), which enables leadership at the institution to forecast and identify business development trends, the company said.
- Sageworks Analytics & Reporting. Sageworks said theproduct is a powerful, custom reporting application that lets clients produce reports using data from the institution and data contained in Sageworks, which builds upon Management Reporting that was previously offered through Sageworks.
- Future-GAAP Calculations Banks and credit unions are starting to plan for the current expected credit loss (CECL) model within the allowance calculation, and Sageworks said it has made it easy for Sageworks ALLL users to run parallel calculations. With the August 26 product release, clients can run a variety of CECL-compliant loss rate methodologies without disrupting their current GAAP-compliant ALLL today. It equips users to easily plan ahead for the accounting change.
- Sageworks Standard Report. Credit unions often have staff serving multiple roles, which means they need an easy to use solution that gets them back to the borrower quickly. The Standard Report, which is being added to Sageworks Credit Analysis, aggregates data and calculations within the Sageworks suite pertaining to a relationship. Users can choose which sections, financial calculations and borrower information to include, but – because it is easy to use and does not require formatting, it keeps lenders focused on servicing borrowers instead of wasting time in spreads and documentation.