West Virginia-based Pendleton Community Bank has selected 3E Software’s portfolio management system Teslar to improve efficiency and incorporate automation into its internal operations, focusing on the commercial lending process, reports Alex Hamilton of Fintech Futures, Finovate’s sister publication.
With nine bank branches across West Virginia, Pendleton Community Bank needed to support a 30% growth in asset size spawned by a recently completed merger with Bank of Mount Hope.
“We first watched a Teslar demo at an industry event, and we were immediately impressed with the platform’s sophisticated capabilities and ability to solve for common pain points,” said Bill Loving, CEO of Pendleton Community Bank.
“By partnering with Teslar, we will be able to automate document tracking, exceptions, and many other previously time consuming and inefficient aspects of the commercial lending process.”
According to Teslar, the bank’s time on “tedious manual tasks” will now be minimized, and employee resources will be free to focus on more strategic initiatives.
Joe Ehrhardt, CEO and founder of Teslar, added, “Savvy community institutions like Pendleton Community Bank are realizing that they must employ technology to enhance efficiencies if they want to scale and compete with the large national institutions.”
Teslar offers a lending and credit management SaaS solution that offers banks a holistic tool for managing credit and lending operations. At FinovateSpring 2015, Ehrhardt demoed how Teslar serves as a one-stop shop for lenders. And investors are taking notice. Earlier this year Teslar received a $2 million investment led by the Independent Community Bankers of America (ICBA).