The Challenge: Lagging Legacy Functionality
Five years ago, Broadway National Bank was in search of ways to automate its systems and create greater efficiency in its lending process. The bank’s legacy system was lagging in functionality and couldn’t keep up with current technology. After vetting a number of solutions, Broadway Bank ultimately decided to partner with Abrigo (formerly Sageworks), due to its ability to integrate with its core, as well as the capacity to add new features over time.
Broadway Bank took a calculated approach to software implementation, purchasing new Abrigo modules and expanding its lending and credit risk suite each year. Broadway Bank began using Sageworks Credit Analysis five years ago, later purchasing additional modules such as Loan Administration and Workflow. This year, Broadway Bank purchased Sageworks ALLL, and it is currently in its implementation phase.