Atlanta-based iLumen, a provider of financial data analysis and commercial portfolio management tools, has made its platform available to community and regional banks. Like several major corporate banks, regional banks like Univest Bank and Anchor Bank have implemented iLumen’s commercial platform to grow, control and manage their commercial and industrial portfolio.
Community and regional financial institutions can add another point of customer interaction with a client facing web portal, powered by iLumen analytics that allows the client to report their latest financial information directly to the bank via a secure interactive portal.
iLumen claimed that lenders receive frequent reporting from customers, allowing them to anticipate customer needs and advise on solutions. Further enabled by iLumen’s iDEA data platform, a bank can migrate legacy data to a new credit analysis platform while improving data quality.
William Maeglin, EVP of corporate banking Univest National Bank and Trust in Pennsylvania, said: “Portfolio Connection automatically analyzes my customer portfolio and highlights new customer opportunities based on their financial performance.
Using the automated client pitch book reports and benchmarking comparisons, I can easily create a customized client presentation with value-add financial analysis that helps me deliver a more consultative approach to engaging customers and prospects. It’s a clear differentiator in winning client approval and closing new business.
David Marks, director of information services at Anchor Bank, said: iLumen’s iDEA data platform and expertise in mapping client data was instrumental in helping us upgrade our lending technology while at the same time improving the quality of our customer data for risk compliance. Using the system as an enabler, we were able to cut the time and cost of converting our legacy data by over 50%.