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Lending & Credit Risk

Broadway Bank Boosts Lending Efficiency and Customer Satisfaction with Abrigo

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.

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Everything we do is aimed at making the experience more user-friendly for the customer.
Matt Newman, SVP, Regional Credit Officer, Broadway Bank

Why Abrigo?

Broadway Bank understood that its core system could no longer support the technological needs and expectations of its customers, but it needed a partner that could integrate with its core. This was a huge differentiator for Abrigo.

Prior to Abrigo, Broadway Bank had never had a system for tickler tracking and financial covenant tracking. “This was the first time we’ve ever been able to say exactly who’s in compliance, who’s past due, and so forth,” said Matt Newman, SVP and Regional Credit Officer at Broadway Bank. The bank finally had the ability to capture insights and enhanced reportability functions into ticklers and covenant compliance. “We knew that real-time functionality existed for these types of reports, but before Abrigo, we only had access to this information about once a year.”

Rather than going off of “gut feelings,” lenders and management have been able to make decisions based off of insights. “I think that’s been one of the most impactful takeaways we’ve had – giving management better insights,” said Newman.

For many community financial institutions, including Broadway Bank, an obstacle to taking on more loans and growing the loan portfolio stems from a lack of resources and time. The increase in efficiency and timesavings has enabled the bank to do more with the same amount of staff.

“There are a number of reporting tools from Abrigo that automate things that we once had to manually enter,” Newman noted. “We’ve saved ourselves 40 hours of work per week just by creating efficiencies and getting things done faster.”

Enhancing the Experience – for Lenders and Customers

The Abrigo software has made a significant impact in automation and insights for Broadway Bank; however, those changes aren’t necessarily visible to those outside of the back office.

Sageworks Client Portal is the first time that Broadway Bank had taken Abrigo out to its customers – and it has made a great first impression. “Everything we do is to make the experience with Broadway Bank as user-friendly as possible for the customer,” said Newman.

Sageworks Client Portal mutually benefits both lenders and customers. Lenders can easily become “document chasers” when it comes to tracking down all of the documentation required in customer relationships. However, with Client Portal, institutions use a secure online portal to solicit files from customers in a single email.

Broadway Bank used Client Portal in conjunction with the Loan Administration module, enabling the institution to digitally collect, store, and automatically advance ticklers. Broadway Bank’s bankers are able to spend less time searching for files, and customers can quickly and easily provide documentation without ever stepping foot into the branch.

We’ve saved ourselves 40 hours of work per week just by creating efficiencies and getting things done faster.
Matt Newman, SVP, Regional Credit Officer

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