Digital underwriting platform powered by artificial intelligence streamlines CRE lending.
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The regions’ real estate banking team has already seen significant efficiency gains since the introduction of the Blooma solution. Some components of the process’ workflow have been reduced from days to hours, allowing regions to communicate lending decisions more quickly. (Photo: Business Wire)
“Regions Bank consistently invests in its specialties, delivering a more seamless and intuitive customer experience supported by the dedication of our experienced banking teams,” said Scott Rhoad, director of the Income Property Finance segment for Regions. “Speed, certainty of execution and innovation are all key components of our value proposition, and combining our financial experience with Blooma’s technology supports an even more seamless customer experience. It’s another way we’re leveraging digital transformation to connect Regions’ commercial real estate customers with tailored options and valuable guidance.”
The region’s real estate banking team has observed efficiency gains in the pre-screening of multifamily, office, industrial and retail transactions and the collection of market data as the Blooma system has come online. Some components of the process’ workflow have been reduced from days to hours, allowing regions to communicate lending decisions to customers more quickly.
More specifically, the collaboration with Blooma simplifies processes, improves operational infrastructure and allows regions:
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Evaluate CRE loans against a wide range of configurable parameters
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Quickly analyze offer memoranda for important deal information
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Analyze and automatically classify borrower and/or guarantor finances
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Normalize multiple market data sources through a combination of data and analytics
“Blooma is continually looking for new, innovative ways to automate CRE pre-flight and portfolio monitoring,” said Blooma CEO Shayne Skaff. “It is always refreshing to meet a commercial bank that is actively looking for ways to further automate traditional manual processes in their bank. It was immediately apparent in our first meeting with Regions that leadership was proactive and intentional in their efforts to adopt technology to help advance the business. Together we are building tomorrow’s CRE lending technology.”
The digital solution gives customers an improved banking experience and is in line with Regions’ aim to innovate through technology that makes banking easier. Blooma is not a system or platform that interacts directly with clients; rather, it is a process improvement initiative within Region’s business that helps the bank deliver a simplified – and faster – customer experience.
“Regions Bank is driven by a spirit of continuous improvement in how we serve our customers,” concluded Rhoad. “We appreciate working with Blooma to help us take the client experience to even higher levels. Our clients are experiencing the difference as we deliver more timely financing decisions while better enabling them to achieve their business goals.”
About Regions Financial Corporation
Regions Financial Corporation (NYSE:RF), with
About Blooma
Blooma is a cloud-based lending solution designed to significantly improve loan origination and portfolio monitoring processes for operators in the CRE space. The platform automates the deal evaluation process and empowers users to make informed investment decisions quickly. Lenders on the system have reduced the loan start-up time by up to 85 per cent, enabling an average of 50 per cent more transactions with the same number of employees. To date, the platform serves several commercial banks, private banks and brokers. Learn more at www.blooma.ai.
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Jeremy D. King
Regions Bank
205-264-4551
Regions News Online: regions.doingmoretoday.com
Regional news on Twitter: @Regionsnytt
Source: Regions Financial Corporation
