Baker Hill, a leading financial technology provider, delivering solutions for common loan origination, risk and relationship management, CECL, and smart data analytics, announced today that it has experienced continuous momentum since the 2018 launch of its flagship product, Baker Hill NextGen®, followed by the market introduction of Baker Hill NextGen® CECL.
Supporting more than 20,000 bankers on its comprehensive loan origination and risk management platform, Baker Hill’s expansive client roster currently manages $1.3 trillion, and growing, in commercial loan opportunities. Additions to its roster this year include some of the industry’s most innovative and progressive institutions, including Brockton, Massachusetts-based HarborOne, Wisconsin-based CAP Services, Upperco, Maryland-based Farmers and Merchants and Massachusetts-based de novo bank New Valley Bank & Trust, among others.
New Valley Bank & Trust recently selected Baker Hill NextGen® to create efficiencies in the lending process and modernize the borrower experience. According to Jeff Sullivan, CEO and President of the bank, “As a new institution, we are committed to embracing innovations that prioritize responsiveness and drive opportunity for our customers, especially for those digitally-driven. To stay true to that commitment, we chose to partner with Baker Hill because of their proven experience and history in commercial lending. This, coupled with their leading-edge technology, will enable us to deliver the lending products our community needs and desires. We look forward to working with them to support growth now and in the future.”
Also new to the client roster is Farmers and Merchants Bank, partnering with Baker Hill for statement spreading to support the bank’s continued growth. Christopher T. Oswald, Executive Vice President and Chief Operations Officer, said, “Baker Hill’s long-standing reputation for exceptional technology and service greatly impacted our decision. We are looking forward to better reporting with quicker spreads thanks to all the underlying features and functionality of Baker Hill NextGen®. Better reporting will lead to better service for our customers which is at the heart of everything we do.”
Currently, Baker Hill manages nearly 18 million rules daily to monitor the financial strength of each clients’ commercial loan portfolios. The company maintains the CRM while tracking all associated products for more than 37 million commercial lending customers. Additionally, financial institutions have submitted almost $157 billion in small business loan applications using Baker Hill’s technology.
“Baker Hill NextGen® uses the most advanced, flexible and scalable technology stack in existence today, empowering financial institutions to work smarter and drive more profitable relationships,” said Niles Bay, CTO and COO of Baker Hill. “With the most comprehensive combination of loan origination and risk management functionality in a single platform, Baker Hill NextGen® continues to see tremendous growth and strong demand across the entire industry. We expect to see that trend continue.”
Most recently, the company allocated significant resources to develop Baker Hill NextGen® CECL to help banks and credit unions turn the upcoming Current Expected Credit Loss (CECL) requirements into a strategic advantage. Additionally, as a result of its substantial impact on the financial services industry, Baker Hill NextGen® was nominated for “New Tech Product of the Year” by TechPoint, the nonprofit, industry-led growth initiative for Indiana’s technology ecosystem.
Prosper 2019, Baker Hill’s annual client conference, was held in Nashville, Tennessee in April and boasted its highest year of registration yet with attendees representing 54 unique financial institutions. In addition to general sessions, the conference included daily breakout sessions focused on CRM innovations, loan portfolio wellness, and profitability for consumer and small business lending. “I don’t come to Prosper just for the fun. I come because of the people,” said Debra Hess, VP, Quality Control for Community Trust Bank. “There is a tremendous opportunity to meet and network with other institutions that may be facing the same challenges, and together we can share best practices and solutions to solve these challenges. It really feels like a family and I always look forward to attending.”
“Baker Hill and Baker Hill NextGen® have experienced unparalleled success. In fact, no other company can tout this level of achievement, pointing to the solution’s proven ability to support financial institutions’ success and positively impact the entire industry,” said John M. Deignan, President and CEO of Baker Hill. “Not only have we substantially grown our client base, but we’ve helped our clients achieve record success. For instance, our clients have experienced as much as 54 percent growth in new loan opportunities with the Baker Hill online loan application solution, and they’ve seen as high as 62 percent time improvement in the creation of commercial credit memos.”
Deignan added, “Baker Hill will continue to innovate, driving even more success for our clients and more growth for our company. It’s an exciting time.”
About Baker Hill
Baker Hill empowers financial institutions to work smarter, reduce risk and drive more profitable relationships. The company delivers a single unified platform with modern solutions to streamline loan origination and portfolio risk management for commercial, small business and consumer lending. The Baker Hill NextGen® platform also delivers sophisticated analytics and marketing solutions that support sound business decisions to mitigate risk, generate growth and maximize profitability. Baker Hill is the expert solution for loan origination, portfolio risk and relationship management, CECL and analytics for financial institutions in the United States. For more information, visit www.bakerhill.com.