Royal Credit Union Expands Partnership to Baker Hill Nextgen
Baker Hill, the leading financial technology provider in delivering solutions for commercial, small business and consumer loan origination, risk and relationship management, CECL, and analytics, today announces that Royal Credit Union will be migrating to Baker Hill NextGen, Baker Hill’s unified solution that streamlines loan origination and portfolio risk management.
Royal Credit Union is a federally insured credit union proudly serving over 220,000 members in Minnesota and Wisconsin, providing business loans and services for over 40 years. Royal Credit Union’s long-time relationship has allowed for the implementation of many processing efficiencies. Reducing approval turn-around time from two weeks to one business day, the introduction of an online application increasing application volume by 34% in its first year, and refined financial requirements due to confidence in the underwriting pool are just a few of the advancements Royal Credit Union has achieved through its Baker Hill partnership.
“We have the comfort and confidence in their products and the proven customer service experience to move forward with what we believe will be a very smooth transition to Baker Hill NextGen,” said Karlee Wallin, vice president-small business lending manager of Royal Credit Union. “To date, our members have already realized benefits from our partnership with Baker Hill in the quick and easy online application and fast loan approval process. We are looking forward to building on these efficiencies with the ability to electronically upload financial information and enhance our mobile capabilities for ease of use.”
The timing of this transition to Baker Hill NextGen aligns with Royal Credit Union’s strategic plan to implement a Small Business Division. With the help of Baker Hill NextGen, Royal Credit Union will be creating the best possible member experience with a team of small business lenders devoted to serving this unique segment of membership. Enhanced reporting capabilities with Baker Hill NextGen® are expected to impact progress and strategic planning, while maximizing the capabilities of the system to provide the best member and team member experience in order to continue to building efficiencies, all allowing Royal Credit Union to proactively respond to member needs.
“An expanded relationship with Royal Credit Union is an exciting opportunity for Baker Hill NextGen,” said John M. Deignan, president and chief executive officer of Baker Hill. “We are looking forward to supporting the growth of their Small Business Division and of their member business owners of all sizes.”