RALEIGH, NC (November 5, 2014) -- Sageworks, a financial information company, today announced the launch of the Credit Analysis Challenge – a survey-based app that analyzes an institution’s credit processes and benchmarks them to industry averages. The Challenge, which takes less than five minutes to complete, provides banks and credit unions a quick analysis of how their institution stacks up against peers. It is available at CreditChallenge.sageworks.com.
The Credit Analysis Challenge asks bank and credit union executives to answer basic questions about their current credit analysis system, including time and resources required and how many new loans are processed each year.
“The Credit Analysis Challenge is designed to show each institution how it fares against peers when it comes to process efficiency and working through loans,” said Libby Bierman, analyst at Sageworks. “By aggregating data from banks across the country, the Challenge identifies the average and highlights areas in which the bank or credit union can save time and money on their current loan processes.”
Each institution participating in the Challenge receives a unique report tailored to its situation. The analysis incorporates data provided by the institution to generate a comparison with the industry average, and it provides an estimate of potential time and cost savings within the credit process. Additionally, the Challenge offers a look at the opportunities for redeploying resources for added growth in the institution’s loan portfolio. Built-in sharing functions allow Challenge participants to share results of the free assessment with others in their bank or in the industry..
About Sageworks
Sageworks is a financial information company that provides financial analysis, risk management and business valuation solutions to accounting firms and financial institutions. It has been recognized by Inc. magazine and Deloitte as one of the fastest-growing technology companies in the U.S. Visit www.sageworks.com to learn more.