Calculating your institution’s reserves can be an overwhelming reality. The process of tracking complex financial data can be both tedious and difficult. Plus, with the current heavy regulations of the financial industry, institutions are working to comply with ever increasing laws and standards while still operating with limited budgets. Our goal is to simplify this process from the ground up. Redi’s iReserve is an integrated solution designed to optimize both the efficiency and accuracy of your Loan Loss Reserve (ALLL) management by eliminating manual processes.
The process works by extracting data directly from the bank’s loan and collateral management platforms on a daily basis. This provides you with up-to-date loan, collateral, charge-off and recovery information right at your fingertips!
The idea is to find balance. With iReserve you have the ability to easily determine available reserves while also tracking exactly where you institution is at any given time. Additionally, daily impairment analyses can be performed thus documenting each loan’s strength and potential required reserve. This allows you to move forward with comprehensive insight of your overall ALLL management process.
In today’s fast paced business world, Regulators are laser focused on the quality of each and every bank loan. With this in mind it is more important than ever to ensure you are up-to-date on the status of all Covenants and Supporting Documents needed for individual loans.
This is a tedious task that requires due diligence from beginning to end. Without it, a loan could be extremely high risk and the institution would not even know.
With the importance of this step, you may be wondering, “Why doesn’t my core system do this for me?”
With iTrack from Redi you are provided with more information than ever before. As each new loan is loaded onto the core system, iTrack pulls a feed directly from your core system and correlates all required covenant and documents associated with that particular customer.
This includes all names, e-mail addresses, phone numbers and physical addresses along with any other relevant data. Therefore, if a customer has multiple loans within the same back, you do not have to keep requesting the same information time and time again.
As part of its core features, iTrack automatically monitors any type of request or document to reduce the risk of the loan defaulting. All recurring requests, including Financial Statements and Tax Returns, are handled directly through the system. Plus, not only will the system make the request for you, it will also verify when and if the information is received from the customer.
Many core systems on the market today only set up a tickler for documents within the account or CIF record. iTrack takes things one step further and completes the entire process!
Each day you will received an updated Officer’s Dashboard complete with all documents that are doming due for that individual officer’s loans. Additionally, the officer can choose if they would like to contact the customer via email or letter.
From there the customization options are practically endless. Bank defined content can be set up with unlimited Templates. Officers are able to add custom text for key accounts. Incoming documentation is verified as accurate. With iTrack you can rest easy knowing the details are taken care of from beginning to end.