Before any loan is ever advanced to a customer, bankers need to assess the customer’s repayment ability, which requires the collection and analysis of a vast amount of data from loan customers. Generally, the data includes balance sheets, income statements, cash flows/budgets, and a detailed inventory listing. While some institutions utilize an information system to process the large amount of data into information that is relevant, complete, accurate, and current, other institutions manually organize the data in a way that allows them to draw conclusions on their own. The later choice generally takes more

Technical headaches are alleviated because it is a total loan processing system. This system “helps maximize loan volume, minimize risk, and increase overall efficiency” (LoanCenter Business 1). It is an automated system that accepts or rejects loans based on the lending institutions credit policy. The costs associated with this system start from $50,000. For banks that do not want to buy expensive hardware or have to have MIS support on staff, this might be the route to go. Training is provided and a consultant or IT provider can implement the system. It is also accessible by multiple users in different locations.

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Robert Fylling from Valley Bank also stated that the software helps create cleaner, neater, and better presentations. Robert also noted that when auditors come in the data is much easier to produce for them.

The other specifications included can be seen at www.gateway.com. This computer is bundled with Microsoft® Windows® XP Home Edition but should be upgraded to the Professional package as the networking capabilities are more robust. It is also packaged with Microsoft® Works 7.0 but Office 7.0 might be a more suitable choice.

Some Individuals Have Been Unwilling to Embrace New Technology

There are several software packages that are used in the banking industry to evaluate risk which in turn helps the bank itself with Asset/Liability Management. Adding to the viability of a bank through its bottom line can be significantly better with the added use of a software package or system that would allow for “what it” situations and allow for better representation of a customer’s financial position through detailed reporting.

First National Bank also uses the Moody’s KMV™ Financial Analyst software but they do so in a different way. What they use is called “thin clients” which are machines (computers without hard drive and no software installed). They do not have any processing power nor for example KMV software installed on their machines-they are able to access the KMV software that is installed on the server and only view the data stored on the server. If the data needs to be modified the formal request needs to be submitted to people that are able to do so.

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