US-based financial institution IBC Bank has joined forces with financial technology solutions provider Finanta to modernise its commercial lending operations.
Based in the UK, Finanta is engaged in offering financial technology solutions designed to transform commercial loan origination, collateral management, portfolio management, as well as all lines of business in commercial lending operations.
The firm’s platform is designed to improve operational efficiency for credit unions, banks, and non-banking lenders. It is said to help in enhancing customer experiences and accelerating digital transformation within the financial services sector.
This collaboration aims to enhance IBC’s digital transformation efforts and deliver a more seamless experience for its clients.
IBC Bank aims to expedite its digital transformation in commercial lending and explore additional business value through the integration with Finanta’s advanced commercial lending platform.
IBC Bank operations executive vice president Dalia Martinez said: “By leveraging Finanta’s comprehensive commercial lending solutions suite, IBC Bank will not only enhance their operational efficiencies but also provide their clients with superior lending products and services tailored to the dynamic commercial lending sector.”
As part of the alliance, Finanta will engage IBC Bank with advanced tools to optimise complex commercial lending processes. These tools will also address the challenges associated with loan origination, risk assessment, and regulatory compliance.
The automated commercial loan origination system will simplify the borrower application process, significantly reducing decision times through automated workflows for lien filing, flood determination, and appraisal processes.
In addition, the partnership will offer enhanced collateral management tools, helping IBC Bank to optimise asset use throughout the lending lifecycle with improved risk control and regulatory compliance measures.
The integration also introduces advanced risk management features, incorporating real-time analytics to enable informed, data-driven decisions on borrower risk and regulatory adherence.
Besides, digital credit analysis and presentation tools will allow IBC Bank to produce algorithm-driven credit reports, offering greater insight and transparency to its lending decisions.
Finanta’s construction loan management suite will streamline processes for commercial and residential projects, minimising manual intervention and spreadsheet use for loan officers and borrowers alike.
Furthermore, the collaboration will introduce artificial intelligence (AI)-driven financial services and predictive analytics for IBC Bank.
Finanta chief product officer Sai Chandrasekar said: “Our partnership with IBC Bank underscores our commitment to advancing commercial lending through our innovative lending suite.”
