Coral Gables-based community bank is first of its size to offer Moody’s Analytics AI-driven spreading software
CORAL GABLES, FL / ACCESSWIRE / July 31, 2019 / Professional Bank, one of the fastest growing financial institutions in Florida, has joined the ranks of the nation’s largest institutions in automating business loan applications. As the first sub-$1 billion community bank in the nation to use Moody’s Analytics QUIQspread™ automated spreading technology - as part of a suite of Moody’s Analytics solutions that also includes CreditLens™, ImpairmentStudio™ and MARQ™ software - the institution reviews loan applications faster, more accurately and more efficiently than most lenders.
“This investment will incrementally enhance our deal flow management, loan review and approval process which will directly benefit our commercial borrowers,” said Professional Bank Chairman and CEO Daniel R. Sheehan. “Our team continues to focus on leveraging technology to improve service and strengthen credit quality controls as we continue to grow.”
The QUIQspread solution eliminates the need for loan applicants to format financial information for Professional Bank. Moody’s Analytics software extracts data and notifies the borrower upfront of missing information. As a result, loans are processed faster.
After organizing and analyzing the application, the cloud-based, secure program generates custom reports that are more accurate and 70% faster in generating spreads than manual reviews. Automation and constant error checking produce shorter loan review times than traditional lending practices. The software uses machine learning to learn from Professional Bank’s loan officers how to produce better analyses.
“We are thrilled to see Professional Bank leading the community bank industry in integrating QUIQspread and other advanced technology solutions into its business services,” said Eric Grandeo, Senior Director of the Moody’s Analytics Accelerator, which developed the QUIQspread solution. “We are confident these capabilities will give the institution a competitive edge in attracting and retaining corporate clients.”
This year, Professional Bank rolled out technologies such as an Apple Watch app, industry leading instant person-to-person payments called SPIN, and an interactive website with more technology-focused initiatives being launched later this year. They include products and services from the Cleveland Digital Innovation Center that opened last December.
“This is just the beginning of the great enhancements we are bringing to market for our clients and employees. The team effort and partnerships prove that the right culture and environment empower us to move fast and be a leader in the industry,” said Ryan Gorney, CIO of Professional Bank.
The Bank is implementing QUIQspread and related programs in the third quarter at its banking centers, including at its newest branches in Dadeland and Boca Raton, and its just-launched Loan Production Offices in Doral and Wellington.
This and other innovations come during a period of tremendous growth for the Bank. It reported $890 million in assets for the first time in its 10-year history during the second quarter of 2019. In December 2018, the parent company raised $20 million in new capital that is being used to invest in new locations, technology and talent.
About Professional Bank: Headquartered in Coral Gables, Fla., Professional Bank is one of South Florida’s fastest-growing community banks. A subsidiary of financial holding company Professional Holding Corp. Professional Bank specializes in construction, residential and commercial real estate financing as well as business loans and lines of credit, including SBA financing. Known for high-touch customized concierge services, the bank serves the needs of its customers through a full offering of deposit products, cash management services, online and mobile banking.
Founded in 2008, Professional Bank operates full-service branches and loan production offices in Miami-Dade, Broward and Palm Beach counties. For more information, visit myprobank.com.
QUIQspread, CreditLens, ImpairmentStudio and MARQ are all trademarks of Moody’s Analytics.
Todd Templin, BoardroomPR
SOURCE: Professional Bank