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How Loan Review Automation Transformed FirstBank’s Process 

Table of Contents

FirstBank, an established client, was aware of the reliable products and services Valuant offered. When FirstBank needed to improve their loan review process, they knew that Valuant could be a suitable partner. Their original process included many manual tasks, whereas Valuant’s software provided automation, lending greater insights and results.

Challenge

After an acquisition, FirstBank was running their loan review for two sets of data using different approaches, leading to a lack of synchrony and a high risk for manual error.

Solution

Valuant developed their Loan Review System in direct response to FirstBank’s needs becoming the first client for the newly developed product.

Results

Valuant’s Loan Review System provided an automated process allowing FirstBank to focus more on insights and results rather than data input. 

Background and Challenge

Established in 1905 as Farmers State Bank, FirstBank TN has evolved over three decades expanding into the state’s most iconic cities without compromising their vision. FirstBank is the third largest bank headquartered in Tennessee, with 82 branch locations and $11B in assets—which means they rank within the top five percent of all U.S. banks in terms of asset volume. 

The focus of FirstBank’s work is to encourage each branch’s individual local culture by empowering their market presidents and managers who in turn are investing in their communities. The Ayers Foundation, set up by the current vice chairman, demonstrates how the organization dedicates time and resources to youth. The foundation supports a wide variety of programs with an emphasis on education and medical services for children. They have provided over 2,400 educational scholarships since 1999.

FirstBank was already an established Valuant client utilizing Day 1 and Day 2 accounting services, as well as model validation and income recognition. 

Now after the recent acquisition of Franklin Synergy, FirstBank needed a loan review solution. FirstBank essentially had two organizations performing the exact same calculations with different line sheets, mechanisms, and approaches. This inefficient approach meant a lack of synchrony as well as a heightened risk of manual error.

Solution

FirstBank prioritized automating their loan review processes. Prior to adopting Valuant’s solution, they utilized Microsoft Outlook Suite, which made it challenging to replicate their results. Valuant’s Loan Review completely automated the process through their consistent and transparent software.

FirstBank had always appreciated their partnership with Valuant for many reasons. For one, the dedicated team was always extremely approachable and responsive to any request.  The Valuant team took the time to understand and consider FristBank’s needs. 

When FirstBank communicated concern for their loan review process and mentioned how other big name providers were not as attentive to their needs, Valuant saw a golden opportunity. Working in direct response to FirstBank’s needs, Valuant created its Loan Review System with FirstBank as their first client. 

Valuant is a community bank’s vendor. Small enough to be responsive and make their clients a priority, but sophisticated and developed enough to run large projects and solve their client’s needs.

                                   Brian Huggins, Senior VP & Director of Credit Risk and Portfolio Analytics

Results

Valuant’s Loan Review System provided greater automation and organization for FirstBank, allowing the bank to focus more on the insights and results gained rather than acting as a scribe to get the data input. As Valuant’s newest product, FirstBank is pleased with the platform in its current stage knowing that 2022 will bring greater efficiency to their process as the platform continues to evolve. 

FirstBank believes a vendor should not try to be everything to everyone, but instead be the best in their niche– and this is just what they discovered through partnership with Valuant’s. 

Key Takeaways

1. Valuant’s Loan Review System provides greater automation and organization placing an emphasis on the results and insights rather than compiling and manipulating data. 

2. While comparatively a small vendor in the industry, Valuant has solutions that compete and exceed the offerings of the largest providers.

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