Case Study: Saskatchewan-Based Innovation Credit Union...
Streamlining the lending process with Web Equity Manager®

Contact Person: Randy Graham | Manager Commercial & Ag Services Market Status: Innovation is a $525 Million Asset Credit Union serving communities throughout Northwestern Saskatchewan, Canada.

Background:

Innovation began looking for a new credit analysis software solution, particularly for their Agriculture portfolio. This solution would replace their existing DOS-based system, which according to Graham, "was becoming very difficult to operate on today’s technology platforms."

"Due to our branch network, we needed a tool, that as a supervisor, I could review credit requests on my desktop and refer to the information during a discussion with a rural account manager," said Graham. "A Web-based solution is what we needed."

"Another criteria was the ability to analyze and compare several year-end statements (balance sheet and income/expenses) on a single page format to facilitate the ability to complete a trend analysis," said Graham. "We also wanted a tool that would complete a cash flow projection based upon past averages, preferably over a five year period. At the end of our search, it seemed that we were comparing all other analysis programs to the ECI product."

Implementation of Web Equity Manager

"One of the first things we did with Web Equity Manager was to change some of the statement formats, that is, how our reports were printed and presented. We were also able to adopt our existing “Credit Commentary” in the Web Equity Manager system, which we had become quite reliant upon," said Graham.

Throughout the implementation process, Graham and his staff found the overall program quite user-friendly while delivering some very useful customer information. "Once we understood the capabilities of customizing the Chart of Accounts and the formatting of the Credit Action, we easily created reports which met our own review requirements," Graham said.

"With the cash flow projections we can complete an average projection after which we can make some variances if there has been a change to the operation. If no major changes are needed, we simply use the average for cash flow and debt servicing purposes."

"We have spent some time completing the “Collateral Analysis” which again, once initially completed, is simple to keep current and provides us valuable information from an approval standpoint," said Graham.

Graham admitted that, as with all analysis programs, the initial data input takes time, but the end reward is substantial.

"From my point of view, I am able to approve credits on my desktop regardless of whether the loan request is coming from an account manager down the hallway or from a branch 100 kilometers away," said Graham. "Our decision turn around time is generally the same day."

Graham attributes this turn around time factor to Web Equity Manager's "centralized data" concept. "Our account managers out in our branches can easily have a detailed discussion with a supervisor should that need arise, making the Web-based system a considerable resource for us," Graham said.

"Our clients are also seeing the benefits of this system, particularly with the five year historical view of their enterprises and that is assisting them in their decision making process as well," said Graham.

Innovation currently has about 800 agricultural customers on Web Equity Manager and are now inputting their larger commercial customers into the system and are realizing the same rewards on that side of the portfolio.

"There are many little tricks and inputting tips that we have learned from the ECI support staff. We believe we have a very good understanding and grasp of the program and see many benefits in using it going forward," Graham said.

Find out if Web Equity Manager® can help your organization realize more efficiencies in your lending processes. Contact us to schedule a NO-OBLIGATION demonstration of Web Equity Manager® today.

CALL US: 1-800-264-0787

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