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ComplianceFinanceDecember 18, 2020

Regional bank improves efficiency and accuracy with lien automation

A 115-year-old bank with a growing footprint had expanded from a singular branch to 150 locations across the southeast United States. With nearly $12 billion in deposits at the end of the first quarter of 2018, it was clear that this regional banking success story would continue.

Acquisitions show the need for process improvement

However, acquisitions in two new states pushed the bank to find new ways to improve its inefficient and costly manual lien management system.

Due to mistakes and inefficiencies with their in-house manual processes, the bank experienced frequent lien filing rejections from the Secretary of State. The errors also increased risk exposure as the bank could lose valuable collateral if borrowers defaulted on their debt. Things were further complicated by the changing filing requirements across multiple jurisdictions. Staff already at capacity with high loan volumes were pushed into an endless race of catch-up.

The bank knew they needed help.

Driving success with comprehensive lien management

Automation, centralization, efficiency, and proactive risk management were vital in resolving the bank’s headaches. By partnering with Lien Solutions, the bank successfully boosted workflow efficiency, improved lien accuracy and reduced loan risk. Here’s how we did it:

Step 1: Workflow analysis

A workflow analysis of existing manual processes identified steps that could be immediately eliminated to quickly boost overall efficiency. As a result, the bank eliminated an astounding 77% of the steps and hand-offs built into their previous manual process.

Step 2: Lien automation

Our award-winning SaaS platform, iLien, was deployed to enable fast, comprehensive lien searches, automated filing, and intelligent lien management services. The bank immediately improved filing accuracy with reduced keying errors and could better track liens to mitigate risk. 

Step 3: LOS integration

Integrating iLien with the bank’s existing LOS process significantly cut the time spent on due diligence, loan management, and lien processing. With seamless LOS integration, the bank gained better overall portfolio visibility at each step of the loan lifecycle.

Download the case study so you can learn how automation can help your business.

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