Following this announcement, financial technology provider Baker Hill will combine its expertise and suite of solutions with Harmony Bank in order to streamline commercial and secure lending processes and manage increased loan volumes. Both financial institutions will focus on meeting the needs, preferences, and demands of customers and clients, while also remaining compliant with the regulatory requirements and laws of the industry.
Harmony Bank selected Baker Hill NextGen Accelerate, a preconfigured version of the firm's commercial loan origination system (LOS), in order to leverage its scalable digital lending capabilities which were developed for rapid deployment.
Baker Hill represents a business that focuses on optimising loan origination processes by combining expertise in the technology market with expertise in the banking market. The financial institution provides resources and a suite of tools to its communities, partners, and businesses, as well as its configurable, single platform Software-as-a-Service (SaaS) solution for commercial, customer loan origination, small and medium-sized businesses (SMBs), and risk management firms.
Baker Hill NextGen Accelerate was designed to provide community financial institutions with an improved framework in order to accelerate the digitalisation and modernisation of the commercial lending process. The product features the same LOS tool as Baker Hill NextGen, including guided workflows and automated checklists, but with a streamlined and optimised implementation timeline of 90 days. In addition, Baker Hill NextGen Accelerate is expected to scale the commercial lending needs of financial institutions and partners, giving them the opportunity to develop in an ever-evolving market in a secure manner.
Harmony Bank will implement Baker Hill NextGen Accelerate in order to optimise its lending processes. By streamlining commercial lending workflows and automating manual tasks, Baker Hill is expected to optimise the financial institution’s team members. This process is set to efficiently and securely close more loans and meet the financial needs of local borrowers. At the same time, the collaboration will improve and centralise workflows, which is expected to better define tasks and roles within the lending process.
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