Multifunctional Tools For Small Banks

Small business owners facing a multitude of challenges both financial and non-financial have to rely on affordable technology that helps increase operational efficiency.

Mike Gordon, vice president of the FICO banking industry practice, a provider of decision management solutions expects to see banks intensify their overall growth efforts and improved operational efficiencies. Lender servicers are now facing the need to improve customer relationships and collections’ management in times when unemployment and delinquency rates are at record highs.

The FICO Debt Manager was created to facilitate the collections process. Initially introduced in Europe it has already been adopted by collection agencies around the world. The software is designed to help improve collections’ productivity by increasing the recovery rate for unsecured loans, mortgages, deposits or other current accounts including credit cards.

In addition users can benefit from the debt manager pre-loaded debt collection strategies that can be customized for specific portfolios. Based on product type, balance, delinquency, and other factors.
Lender mapped host system options add another feature.

Similarly, the Independent Community Bankers of America partnered with mortgage technology service provider LenderLive Network, Inc. of Denver to offer members a solution that is multifunctional.

The partnership facilitated the ICBA Mortgage Solutions, a suite of services designed specifically for community banks.

President and CEO of ICBA Mortgage Corporation, the mortgage services subsidiary of ICBA Ron Haynie sees the partnership as a way to offer risk management tools that help banks improve their relationships with both business partners and borrowers looking for “common-sense mortgage loans that they can afford and afford to keep,”

ICBA Mortgage Solutions allows users to benefit from the platform supported by well-trained mortgage-lending professionals to help community bankers originate and process residential loans efficiently and sell them to multiple “community bank friendly” preferred mortgage investors.

ICBA member banks platform that enables community banks can use to deliver loans using their wholesale or correspondent channels to multiple investors.

Recent changes in the mortgage industry represent a tremendous opportunity for community banks to grow market share in mortgage lending,” which they cannot achieve unless they strategize the use of technology, argues president and CEO of LenderLive Rick Seehausen. Furthermore it facilitates direct and indirect access to the secondary mortgage lending market for nearly 5,000 ICBA members.

Small firms simply have to deal with efficiencies in every level to ensure overall efficiency. Even in-house e-mail requires well-organized management and streamlining.

And regulatory requirements add to those needs. For example, laws such as Sarbannes-Oxley, HIPPAA, and Gramm-Leach-Bliley, require that businesses archive employee email in case of litigation, audit “or other need for discovery of employee communications.” 

While simple and inexpensive to implement, most companies tend to overlook this type of regulatory compliance, says Siamak Farah, CEO of InfoStreet, Tarzana, Calif., a software-as-a-service provider whose flagship product StreetSmart is designed to fulfill small business management needs by improving communication. 

Responding to that demand InfoStreet introduced an automatic e-mail archiving web-based solution that is affordable and easy to use. It restores and archives emails after virus scanning the information to ensure the long-term integrity of the data. Plus, while end users and employees can restore their own lost emails at any time, they cannot delete the archives either intentionally or accidentally.

The StreetSmart Web-based subscription IT software requires no setup, is non-intrusive to existing email systems and supports all of the latest email configurations such as SMTP, POP, IMAP.