One of many greatest impacts of COVID-19 within the monetary providers world has been to invigorate the connection between banks and fintechs. This week’s information that Berkshire Financial institution has turned to cloud-based doc administration resolution supplier Cirrus to assist it handle monetary aid efforts for small companies is one other instance of this development.
“Cirrus’ portal performs a key function in expediting the method of managing SBA loans, enabling Berkshire Financial institution to collaborate remotely, execute quickly, and scale rapidly to effectively tackle the inflow in mortgage requests and alleviate the doc chaos related to SBA lending,” Cirrus founder and CEO David Brooks defined.
Challenged with an enormous influx of SBA mortgage requests, together with 942 Paycheck Safety Program loans on this system’s first day, Berkshire Financial institution will even profit from real-time transparency into the progress of every mortgage. The mixture of automation and better visibility through the mixing make the general lending course of sooner and extra environment friendly, for each the financial institution and the client.
This capability, Brooks famous in an article written final month, is essential. However so is scalability and the power of companies and the options they rely upon to react and adapt to new potential challenges. “With a brand new administration in place, it’s unsure what further aid applications could also be on the horizon,” Brooks wrote. “By taking time to judge present know-how and operational workflows to make sure they’re configurable and scalable to help PPP, monetary establishments will likely be higher positioned to accommodate future applications.”
Headquartered in Evergreen, Colorado, Cirrus works with banks and different companies to assist them higher handle the doc processing wants of their industrial and small enterprise accountholders throughout onboarding and when looking for financing. The corporate made its Finovate debut final yr at our all-digital convention, demonstrating model six of its front-end doc administration resolution.
Based in 2018, Cirrus contains The FIS FinTech Accelerator in Partnership with The Enterprise Middle and Queen Metropolis Fintech amongst its traders.
Berkshire Financial institution operates 130 department workplaces in New England and New York, and has $12.9 billion in property. The financial institution is owned by Berkshire Hills Bancorp, a Boston, Massachusetts-based financial institution holding firm.