Tax return spreading embedded into digital lending platform, saving time and boosting efficiencies for banks and credit unions
Jack Henry & Associates, Inc. announced that Jack Henry Lending has embedded tax return spreading into its digital lending platform to streamline and automate the process, increasing efficiencies and reducing loan turnaround time for banks and credit unions.
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Tax return spreading has traditionally been a highly manual and cumbersome aspect of lending, adding time to loan fulfillment. By embedding tax return spreading into LoanVantage, banks and credit unions can automate the process and directly import both personal and professional tax return files into the spreads quickly and easily. The enhancement is compatible with any PDF document, scanned or digital, and includes several layers of sophisticated business logic to manage potential errors. Because it’s fully integrated within the lending platform, bank and credit union employees benefit from a faster, more streamlined experience.
Needham Bank, with nearly $3 billion in assets, has been leveraging Jack Henry’s digital loan platform for commercial lending for six years and recently added the tax return spreading enhancement. Wayne Dunn, FVP system development director for the bank, explained, “With Jack Henry, we’ve automated what was once a very manual and time-consuming process, bringing significant value to our bank. We’ve been able to save almost 40 hours a month and increase productivity by about 25% by leveraging the tax return spreading enhancement. At Needham Bank, we believe you can either work with vendors or you can work with partners; Jack Henry is a true partner.”
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Adding automated tax return spreading into Jack Henry’s all-digital loan origination, decisioning, and portfolio management workflows is just another example of how the platform is helping institutions improve the borrower experience, boost productivity, and seamlessly grow.
Gary Lewis, managing director for Jack Henry Lending, commented, “Financial institutions are being challenged to serve borrowers and fulfill loans more efficiently than ever before as new competitors emerge and margins continue to thin. With our tax return spreading enhancement, time spent on tedious tasks can be significantly reduced, freeing resources and focus for building borrower relationships and portfolio growth. Our digital lending platform is providing banks and credit unions across the country with a single solution to create, manage and support borrower relationships of all types, saving time, boosting efficiencies and carving out a strong competitive advantage.”
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