Technology will help credit union streamline lending processes and manage compliance risk
Grow Financial Credit Union, headquartered in Tampa, Fla., has selected Wolters Kluwer’s ComplianceOne® Lending and CASH Suite™ solutions to streamline its commercial lending processes and enhance compliance risk management throughout its 26 branch locations.
ComplianceOne is a highly configurable loan origination solution and loan processing system that gives financial institutions the ability to manage regulatory and operational risk tied to each of their business lines. The installed software application manages lending workflows, interfacing with core systems to automate transactions from start to finish and generating compliant documents for loan origination.
CASH Suite is comprised of 10 integrated modules for financial analysis and credit risk management software for commercial lending. When integrated with ComplianceOne lending, it drives workflow and analysis capabilities from lead generation to post-close servicing and reporting, helping lenders achieve straight-through processing across every step of the commercial loan lifecycle.
As Grow Financial continues to experience rapid growth within its commercial lending business, its use of the ComplianceOne Lending origination and workflow solution makes managing compliance with lending transactions faster and more efficient, connecting the major areas of the credit union’s business operations to its core processor through one, simplified user interface. Combined with Wolters Kluwer’s commercial lending software solution, CASH Suite, the offerings provide Grow Financial a centralized view into its commercial loan processing services, allowing it to easily measure workflow performance to maximize both employee and operational efficiency.
“As we looked at the lending climate ahead coupled with our continued expansion into commercial lending, it became clear that we needed to gain more control over our commercial lending workflow processes,” said Joe Rosado, SVP, Real Estate Lending & Business Solutions at Grow Financial Credit Union. “Adding these solutions to our commercial lending arsenal better positions us for future growth, providing the enhanced capabilities we need to make sound business decisions.”
“This alliance emphasizes our commitment to providing commercial lenders with reliable options for managing their loan portfolios,” said Samir Agarwal, Vice President of Banking Solutions in Wolters Kluwer’s Compliance Solutions business. “As the market continues to embrace the use of financial technologies, credit unions and other financial institutions that implement a workflow solution will find themselves at a significant advantage.”
Wolters Kluwer’s Compliance Solutions business, part of the company’s Governance, Risk & Compliance division, is a market leader and trusted provider of risk management and regulatory compliance solutions and services to U.S. banks and credit unions, insurers and securities firms. The business helps these financial institutions efficiently manage compliance obligations tied to loan and deposit origination transactions and workflows, manage risk and regulatory compliance challenges, and gain the insights needed to focus on better serving their customers and growing their business.
About Wolters Kluwer Governance, Risk & Compliance
Governance, Risk & Compliance (GRC) is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency, and produce better business outcomes. GRC offers a portfolio of technology-enabled expert services and solutions focused on legal entity compliance, legal operations management, banking product compliance, and banking regulatory compliance.
Wolters Kluwer (AEX: WKL) is a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. Wolters Kluwer reported 2018 annual revenues of €4.3 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide.
About Grow Financial Credit Union
Grow Financial Federal Credit Union is recognized as one of the leading credit unions in the nation with $2.5 billion in assets, approximately 200,000 members and 26 neighborhood stores throughout Tampa Bay and the Columbia/Charleston areas of South Carolina. Originally founded to provide a safe place to save and borrow money for the military and civilian personnel of MacDill Air Force Base, Grow has since expanded membership to include employees of more than 1,100 local businesses. Established in 1955, Grow has its corporate headquarters in Tampa, Florida. Visit www.growfinancial.org for more information.