INRY and ServiceNow collaborate on the Small Business Loan Management solution
INRY saw an opportunity to use the Now Platform® to build a simple, streamlined app in record time. INRY reached out to developers at ServiceNow, and together they brought the Small Business Loan Management solution from concept to launch-ready in less than a week.
While Bridgewater Bank was excited to hear about a potential solution, it needed deployment on a tight timeline, taking advantage of the short window between the deadline for Phase 1 PPP loans and the start date of Phase 2 loan applications. ServiceNow and INRY created a demo over a weekend that used actual Bridgewater data. Bridgewater immediately saw the potential of the solution. Once the instance was set up, INRY had the app running in less than 24 hours. ServiceNow Financial Services Operations was also deployed to support the app launch and manage workflows.
“When I showed the app to departments, they were excited and could instantly see the benefits,” says Mark Hokanson, CTO at Bridgewater Bank. “INRY did a great job of guiding us through deployment and collaborating with our groups. The developers continued to work with us in the following weeks to create a solution that completely aligns with everything our teams needed in an app.”
Small Business Loan Management solution improves loan visibility while working within existing workflows
With the Small Business Loan Management solution, Bridgewater achieves a low portfolio risk since it works within the existing lending process. The bank now has one location for loan, credit, and administrative teams to find information about customers and loans. Teams no longer need to interrupt busy loan officers to ask about a customer. Instead, they can check on loan progress in real time, look up contact information, and follow up with requests for additional information.
Several integrations make the Small Business Loan Management solution more useful and simpler for Bridgewater. The app uses single sign-on with Azure Active Directory. A streamlined Google Form allows customers to start an inquiry for PPP loans directly through the Bridgewater website. Information is automatically pulled into a customer record in the Small Business Loan Management solution, at which point Place can easily review the inquiry and assign it to a loan officer based on each officer’s specialty or workload.
The app makes it easier for loan officers to stay organized, contributing to a reduction of up to 48% in workload per case file. It also reduces time usually spent by Place in manually updating loan status or passing customers to additional teams. For customers, the solution means that teams spend less time asking for redundant information, leading to a more streamlined, less stressful lending experience.
“Working on the Small Business Loan Management solution opened my eyes to what ServiceNow can deliver in such a short time,” says Hokanson. “It maximizes value to the business by allowing us to get to work with a platform without needing to spend months and significant investment in developing a solution.”
Bridgewater Bank discovers downstream benefits to centralizing customer loan information
The benefits of the Small Business Loan Management solution reach beyond the lending team. The app encompasses 11 roles in the loan approval process, integrating into workflows for senior leadership, credit analysts, loan administrators, and business services to provide seamless communication across teams and reporting for customers.
For instance, many PPP loan applicants want separate deposit accounts for these loans. The solution provides a way for the lending group to smoothly pass customers to people handling deposits to start setting up new accounts. Some applicants are also completely new customers of Bridgewater. Sales staff can use information about the company in the app to follow up with customers and suggest additional services that might help their business now or in the future.
“Bridgewater Bank is a top bank nationwide, and much of that is due to our employees,” says Place. “Supporting our employees with smarter processes leads to greater productivity and happier employees and customers. With ServiceNow and INRY, we help loan officers to do more so that they can deliver greater value to the bank and our customers as everyone navigates the challenges of the COVID-19 crisis.”