Lake City Bank Optimizes its Small Business Lending with Cypress Professional Services
NORTH RICHLAND HILLS, Texas – May 28, 2009 – Lake City Bank of Warsaw, Ind. has chosen Cypress Professional Services (CPS), a division of Cypress Software Systems LP, to evaluate the bank’s small business lending processes and products, and perform a series of enhancements that increase productivity and efficiency in the institution’s lending operations. During the three-day project, the CPS team performed its Strategic Configuration Assessment service, evaluating and reconstructing Lake City Bank’s small business lending rules, database and products, and integrating those changes with the bank’s existing installation of BizMark, Cypress’ small business lending platform. The bank consulting project also included additional training for Lake City associates from its four commercial loan regions and its small business underwriters. “When we installed Cypress’ BizMark software a couple years ago, it made a good initial impact on our small business lending, but we later uncovered some operational and procedural issues that we felt kept the loan software from reaching its full potential,” said Lisa Bicknese, assistant vice president and loan product manager at Lake City Bank. “We engaged with Cypress Professional Services so they could help us resolve those issues and streamline our small business lending.” With the improvements, Lake City Bank has witnessed faster turnaround time on loan decisions and an overall smoother operational flow. The enhanced system also has allowed bank management to increase the maximum funding limit on their small business loans from $50,000 to their goal of $250,000 per loan. “By increasing the maximum funds on loans we process through BizMark, we free some of the lower priority loans from our commercial lending department and make them a top priority for our branch managers,” said Bicknese. “That results in faster service and higher satisfaction for our loyal small business clients.” Cypress Professional Services’ Strategic Configuration Assessment (SCA) helps institutions configure their Cypress products to accurately reflect the institution’s credit policy, lending workflow, products, notification processes, pricing strategy, decisioning strategy and other business needs. Cypress Software’s BizMark software automates the small business loan application and decisioning process. With BizMark, lenders can efficiently handle a variety of small business loan products, including commercial credit requests for lines of credit, term loans, corporate leases and corporate credit cards. The software gathers principal and financial statement data; retrieves and interprets consumer and business credit reports; performs ratio analysis; scores the results; and delivers a timely decision to the underwriter or relationship manager. About Cypress Software Systems Neil McGlone
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