One month after bringing its loan origination platform to $5.6-billion North Carolina-based First Bank, Baker Hill is back in the news. The fintech is teaming up with West Texas State Bank (WTSB) to support efficient loan growth with its NextGen Loan Origination for Commercial and Consumer Lending platform. The technology, in the words of West Texas State Bank Chief Lending Officer and COO Les Robbins, will help the bank “streamline the origination process with … roles-based, intuitive lending solutions.”
WTSB will leverage Baker Hill’s technology to standardize both its commercial and consumer lending processes, and automate many otherwise manual tasks. In addition to making the underwriting process more efficient, the platform enables bank professionals to access customer data across loan types to create the kind of comprehensive financial portrait that makes risk management easier and more accurate.
“By providing tools to improve lending efficiencies and capturing the data needed to make quality credit decisions, Baker Hill NextGen empowers financial institutions, like West Texas State Bank, to maximize their growth and profitability potential,” Baker Hill President and CEO John M. Deignan said. “Additionally, our team’s industry expertise and consultative approach ensures that our clients get the most value possible out of their technology investment. We look forward to working with West Texas State Bank and helping this institution drive speed, efficiency, and accuracy within its lending operations.”
Founded in 1983 and headquartered in Carmel, Indiana, and Beaverton, Oregon, Baker Hill demonstrated its NextGen Small Business Online Loan Application & Auto Decisioning Solutions earlier this year at FinovateSpring 2018. Baker Hill serves 500 financial institutions, including more than 20% of the top 150 U.S. banks and 20% of the top 25 U.S. credit unions. The company was acquired by Riverside Company in 2015 for $100 million.