Before pursuing a new solution, Bank Independent was using an Excel-based model to calculate its monthly allowance for loan and lease losses. While this solved for what they needed at the time, the system was inefficient, and it took a full week to calculate and check the allowance.
As so many other institutions using this method experience, Bank Independent faced a time-consuming and cumbersome calculation process, the possibility for user error and data security breaches, as well as the impending data requirements of the CECL model for the calculation coming down the pipeline.
Bank Independent purchased Sageworks ALLL in January 2017, and, with the help of the Abrigo integration team, were live just two months later despite having moved to a new core system a few months before. J. Raleigh Green II, Asset Quality Officer in the Credit Administration department at the bank, comments, “We are a very customer-service oriented bank, and the culture at Abrigo felt similar. The service time has always been great.”
“We were looking for a strategic partnership more than an everyday vendor relationship,” Green notes. Discussions during the integration process, he says, allowed Bank Independent to stay on the cutting edge of CECL preparation as well as understand system capabilities and contribute to enhancements moving forward.