North Carolina-based First Bank, with 102 branches and assets of $5.6 billion, has partnered with loan origination platform provider Baker Hill, and will leverage the fintech’s consumer lending and online loan application solution to support its continued growth.
“Our goal at Baker Hill is to help community financial institutions, like First Bank, generate efficient and profitable growth,” President and CEO of Baker Hill, John M. Deignan said. “With the support and expertise of our team, combined with the intuitive design of our solutions, First Bank is positioned to maximize its growth potential and more importantly, best serve its customers by providing a positive lending experience.”
Baker Hill VP of Marketing Mike Horrocks and Sr Product Manager Eric LaPlante demonstrating NextGen Small Business Online Loan Application & Auto Decisioning Solutions at FinovateSpring 2018.
Baker Hill leverages 30 years of industry experience to provide banks and credit unions with cloud-based loan origination and portfolio management solutions for business and consumer lending. The company’s NextGen loan origination, risk management, and analytics solution makes it easier and faster for businesses to apply for loans, and conforms to the specific credit policies of each individual institution to provide sound creditworthiness determinations based on application data, credit scores, and other calculated information.
More than 20% of the top 150 banks in the U.S. and 20% of the top 25 credit unions use Baker Hill’s technology. The company’s commercial lending clients manage more than $1.3 trillion in commercial loan opportunities, while Baker Hill’s small business lenders have submitted almost $153 billion in SME loan applications via its platform.
George Lewis, SVP for Credit Administration for First Bank, praised both the support Baker Hill provided during the onboarding process as well as the company’s “longstanding reputation within the industry.” Calling it a “valuable partnership,” Lewis aded “We look forward to the benefits these implementations bring to both our customers and our employees.”
Baker Hill demonstrated its NextGen Small Business Online Loan Application and Auto Decisioning Solutions at FinovateSpring 2018. Last month, the company announced an agreement with Virginia’s Old Point National Bank, which will deploy Baker Hill’s loan origination technology to support both commercial and consumer lending. In addition to the company’s return to the Finovate stage this spring, Baker Hill upgraded its omni-channel marketing suite in April, and teamed up with Built Technologies in March to recommend each company’s solutions to the other company’s clients.
With offices in both Carmel, Indiana, and Beaverton, Oregon, Baker Hill was founded in 1983. The company was acquired by the Riverside Company, a $4.6 billion global private equity firm, in a 2015 leveraged buyout.
As part of the agreement Universum will leverage Risk Ident’s FRIDA, a self-learning anti-fraud technology. FRIDA automatically analyzes individual transactions to establish relationships between transactions and quickly identify fraudulent connections. Retailers’ fraud managers receive an overview of flagged transactions, marking potential fraudulent activities, within seconds.
Universum will also deploy Risk Ident’s DEVICE IDENT, device fingerprinting technology that analyzes consumers’ devices and identifies fraudulent correlations with their use in real time. Retailers integrate DEVICE IDENT into the checkout page on their website and can quickly take action when the system notifies them of potential fraudulent activity.
