Loan Monitoring Software Use Cases for Bank Credit Officer
A credit officer can use loan monitoring software to track and manage the loans they are responsible for. The software can be used to automate many of the tasks associated with loan management, such as tracking payments, calculating interest, and generating reports.
For example, a credit officer can use the software to:
Track the status of all loans: The software can be configured to automatically update the status of loans based on the information received from borrowers, such as payment records and credit reports.
Generate reports: The software can generate a variety of reports that provide information on the status of loans, such as the number of loans in default, the total value of loans outstanding, and the average interest rate on loans.
Monitor credit risk: The software can be used to monitor the credit risk associated with each loan, and alert the credit officer if a borrower's credit score drops below a certain threshold.
Automate follow-up actions: The software can be configured to automatically send follow-up emails, SMS or calls to borrowers who are late on their payments, or to borrowers who have missed payments altogether.
Track and analyze performance of loans: The software can also be used to track and analyze the performance of loans, such as the number of loans that have been repaid in full, the total amount of interest earned, and the average loan term.
Loan monitoring software can help credit officers to manage their loans more efficiently, identify potential issues early on, and take proactive steps to address them.
Use case scenarios for loan monitoring
Identifying potential loan defaults: A credit officer is tasked with managing a portfolio of loans. They are able to use loan monitoring software to set up alerts for loans that are at risk of defaulting. The software analyzes the loan data, such as payment history and creditworthiness of borrowers, and sends an alert to the credit officer when a loan is showing signs of default. The credit officer can then take proactive steps to address the issue and potentially prevent a loan default.
Assessing creditworthiness of loan applicants: A credit officer is reviewing loan applications and needs to quickly assess the creditworthiness of the applicants. The loan monitoring software allows the credit officer to input the applicant's financial information and the software automatically analyzes the data and assigns a credit score. This makes it easier for the credit officer to identify which applicants are most likely to be approved for a loan and which ones may need additional review.
Generating loan performance reports: A credit officer is responsible for monitoring the performance of loans and identifying areas for improvement. The loan monitoring software allows the credit officer to generate reports on loan performance. The reports show the number of loans approved, the number of defaults, and other key performance indicators. The credit officer can use these reports to identify trends and patterns in loan performance, which can help them make more informed decisions about future loans.
Automating loan disbursement and tracking: A credit officer is responsible for processing and disbursing loans. The loan monitoring software allows them to automate the loan disbursement process and track the status of each loan. The software also generates reminders for credit officer to follow up on overdue loans, this allows the credit officer to stay on top of their workload and ensure that loans are processed in a timely manner.
Streamlining loan application process: A credit officer is responsible for managing the loan application process. The loan monitoring software automates the process by allowing borrowers to submit applications online, and credit officer can review and approve the application in the software. This streamlines the process and allows credit officer to make a decision on the application quickly and efficiently.
Loan monitoring responsibilities for a credit officer
As a credit officer, you are responsible for assessing the creditworthiness of potential borrowers and making lending decisions. One important aspect of this process is ensuring that all loan documentation is in order and complies with regulatory requirements. However, with a large number of loans to manage and a constantly changing regulatory landscape, it can be difficult to keep track of all the documentation and ensure compliance.
Loan documentation exceptions monitoring software can help credit officers streamline this process and reduce the risk of non-compliance. The software can automatically scan loan documentation for errors and inconsistencies, and flag any exceptions that need to be addressed. This can include things like missing signatures, incorrect information, or missing documents.
One key benefit of using loan documentation exceptions monitoring software is that it can help you identify and address issues early on, before they become bigger problems. For example, if the software flags a missing signature on a loan application, you can reach out to the borrower and have them sign the document before it becomes a major compliance issue.
Another benefit of loan documentation exceptions monitoring software is that it can help you stay up-to-date with changing regulations. The software can be programmed to automatically check for compliance with the latest laws and regulations, so you can be sure that your loans are in compliance with the most current standards.
Loan documentation exceptions monitoring software can also help you improve the efficiency of your lending process. By automating the process of checking for errors and inconsistencies, the software can free up your time to focus on other important aspects of the lending process, such as assessing creditworthiness and negotiating loan terms.
In summary, loan documentation exceptions monitoring software can help credit officers streamline the lending process, reduce the risk of non-compliance, and improve the efficiency of their operations. By automating the process of checking for errors and inconsistencies, the software can help credit officers ensure compliance with the latest regulations and focus on other important aspects of the lending process.
BankStride loan monitoring software
BankStride Loan monitoring software can be a valuable tool for credit officers to manage and track loans. The software can help credit officers to easily access and analyze important loan data, including payment history, creditworthiness of borrowers, and loan performance.
One key use case for loan monitoring software is to help credit officers identify potential issues with loans before they become serious problems. The software can be configured to send alerts to credit officers when loans are in danger of defaulting or when borrowers are at risk of becoming delinquent on their payments. This allows credit officers to take proactive steps to address the issue and potentially prevent loan defaults.
Another use case is identifying the best loan opportunities. The software can be configured to automatically analyze borrower creditworthiness, income and other financial data, and recommend loans that are most likely to be successful. This can help credit officers to make more informed decisions and increase the success rate of loans.
Loan monitoring software can also help credit officers to stay organized and manage their workload. The software can be used to track and manage loan applications, approvals, and disbursements. This can help credit officers to stay on top of their workload and ensure that loans are processed in a timely manner.
In addition, the software can also be used to generate reports on loan performance. These reports can be used to identify trends and patterns in loan performance, which can help credit officers to identify areas for improvement and make more informed decisions about future loans.
Overall, loan monitoring software can be a valuable tool for credit officers, helping them to manage and track loans, identify potential issues, increase loan success rate, stay organized and generate reports on loan performance. This can help credit officers to make more informed decisions and increase the success of their loans.
Covenant Tracking & Monitoring are important part of managing borrowers financial and reporting documents for loan monitoring. Almost 70% of banks still rely on some combination of spreadsheets, core ticklers, or other manual processes.
BankStride is a digital banking platform you've been waiting for. BankStride makes it easy for banks to automate loan documents, exceptions tracking, loan reporting and covenant monitoring. No more managing checklists, searching for files in emails, or waiting on updates from other parties. Just create your requests and let BankStride do the work for you.
Many Banks and lending companies depend on non-public client information to provide their
services. Examples include:
Automate Document Gathering
Checklist For Loan Reporting Requirements
Frictionless Customer Experience To Send Documents
Create Credit Exceptions & Tickler Tracking
Automated Loan Monitoring and Loan Compliance
Loan Reporting, Risk & Financial Reporting
Without a dedicated tool, professionals would have to manually manage checklists and calendar
events to keep track of all required information. BankStride automates this work while improving
security and reporting.
Why BankStride platform
BankStride is a web-based software solution for commercial banks and credit unions that works with customers to manage loan agreements and eliminate credit exceptions. FileStride improves credit exception management by reaching beyond the walls of the bank to work directly with customers.
BankStride is like autopay for customer information.
With BankStride, banking teams can schedule recurring requests for documents like financial statements and tax returns, compare actual and threshold covenant values (e.g. minimum DSCR), and send compliance certificates for signature via DocuSign.
Customers respond to information requests much like paying an online invoice – they clearly see what’s required of them and they act. Customers can respond using a login-less portal or by email – no account or password required.
How does this help banks
A borrower’s risk profile can change significantly over the years that follow a lending event. Managing loan agreement adherence through reporting and internal monitoring is an ongoing and tedious battle for banks.
Banks that pursue superb loan agreement management are faced with handling complex recurring tasks using the basic tools of email, spreadsheets, and calendar ticklers. Banks that let this work fall behind risk delaying their awareness of problematic loans or operating practices, jeopardizing capital and reputation.
With BankStride, banks gain high-resolution loan agreement monitoring that saves time and delights customers.
How does our bank customer use BankStride
Our bank customer uses BankStride to schedule and automate the activities required to monitor loan agreements.
For example, BankStride has proven effective in managing revolving lines of credit. BankStride automatically requests and reminds customers to submit monthly AR and AP listings, inventory analyses, and borrowing base certificates each month.
BankStride reminds the banking team to test various financial ratios. The results of the customer’s actions and the ratio testing all roll up to per-banker and per-office reports that can be run on-demand in seconds.
BankStride is powerful for bankers
Track financial reporting, covenants, and certificates.
Issue compliance certificates for signature via DocuSign.
REPORTS AT EVERY LEVEL
Bank leadership can drill down to identify pockets of risk and underperformance.
Every member of the team knows where to focus.
FLEXIBLE INFORMATION MANAGEMENT
BankStride supports one-off and recurring information requests.
Flexible storage layer configuration options available.
Easy for bank customers
Customers receive tokenized links that enable portal access.
Bankers can request information from anybody with an email address.
UPLOAD OR EMAIL
Easy to use customer portals show the customer exactly what is needed.
Email-based file ingestion enables customers to email files in response to requests.
Reminders and alerts are aggregated to prevent information overload.
Alerts can be toggled per-user.
Customizable reminder schedules.
STREAMLING LOAN UNDERWRITING, LOAN MONITORING, COVANENTS, FINANCIAL REPORTING
Automate Bank customer information requests for covenant monitoring , loan reporting, financial reporting and exception handling.
FiStride allows you and your customers to exchange information with zero friction so that you can reduce credit exceptions and recover valuable time.
The Workspace view in FileStride gives you a holistic overview of what you have, what you need, and where your customer stands.
Get a quick pulse check on where your projects stand with the Dashboard view in FileStride.
The Workspace view in FileStride gives you a holistic overview of what you have, what you need, and where your customer stands.
BANKERS STREAMLINE LOAN REPORTING DOCUMENTS
Know what you have, know what you need.
We're the digital banking solution you've been waiting for.
We make it easy to automate your loan reporting and covenant monitoring. No more managing checklists, searching for files in emails, or waiting on updates from other parties. Just create your requests and let BankStride do the work for you.
How it works
BankStride combines checklists with cloud storage to help you communicate and monitor your information requests and covenants.
All it takes to get started:
Request items by creating projects for one-off items or templated lists.
Review incoming files from your client and mark items as satisfied or complete.
Repeat with automatically recurring requests and reminders.
Who it's for
BankStride is a solution for individuals, teams, and banks that need a better way to request information. We've facilitated thousands of customer relationships and transactions with teams in banking, accounting, consulting, and advisory services, just to name a few.
Bankers increase efficiency and improve loan risk and compliance with loan monitoring, reporting and exceptions.
Know what you have,
know what you need
Create recurring requests with status indicators, reports and automatic nudges that keep everybody in the know.
Many ways in,
Customers have the option to send files through email or a login-less portal. Either way, we get the files where they need to go.
Built to empower bankers
Track and monitor financial reporting, covenants, and certificates, and identify pockets of risk and non-compliance.
Structured for you and
Add your colleagues with a single click, and manage access permissions so the whole team can get the job done.