To meet strategic growth objectives while also maintaining headcount (critical to profitability in low-margin times) and mitigating underwriting risk, banks are looking for efficiencies within credit underwriting and review that allow their lenders to do more with less and to differentiate their bank from other alternatives. Brandon Yaklich, Commercial Loan Officer of State Bank of Toulon in Toulon, Illinois, said the institution faced similar challenges. They needed a tool to be more efficient.
The bank implemented the Credit Analysis solution from Abrigo and relied heavily on the software's agricultural templates for loans to producers. The bank's portfolio was roughly 75% agricultural, so it was important to adopt a technology that took on the nuances of ag lending while still providing efficiency.
As part of the software, State Bank of Toulon also implemented the budgets, narrative reports, industry data, and projections that came with the solution. These features took the bank's usage beyond just spreading loans and into consultative relationships with its prospective and current customers.