By James Walter, CEO and co-founder of Finagraph
The good news is that to remain competitive, credit unions and smaller banks don’t need to spend millions of dollars in IT engineering. Instead, they should embrace financial intelligence and other customer-facing software solutions to manage resources and implement risk management measures more effectively.
Cloud technologies can help smaller financial institutions streamline long-drawn-out processes such as completing borrowing base certificates, while saving time and money. Additionally, banks of any size can access an on-demand, instant snapshot of portfolio companies, commercial borrowers and other organizations that regularly report financial data, which will help with identifying red flags (such as an increased debt-to-equity ratio) before they become a big problem.