PrecisionLender is a web-based pricing management solution to price nearly $10 billion in loans and deposits each month. With PrecisionLender, loan officers finally have a tool they can use to have a constructive conversation that focuses on the borrowers needs, and allows them to hand-craft a solution that works for both the borrower and the bank.
This is the best product if you want to fuel loan growth and promote competition among bankers within your bank. Not only does this tool help you to price your loans but your deposits as well. For these reasons, I am a huge fan of this tool. Also great is that it lets you know the live feed of rates. So rates like Libor are up to date
What do you dislike?
Sometimes the real time feed of rates cannot be so real time. This is particularly concerning because we are moving away from rates like Libor and banks may need to switch to things like SOFR. It will be interested to see how Precision lender responds to these changes in the market although I am not holding my breath
What business problems are you solving with the product? What benefits have you realized?
The ability to price loans with the deposits that back them is the huge trouble we overcome with this tool. It also allows us to map our loans back to the funds transfer pricing that our business gets from our central treasury group at our bank
Thanks for your feedback about PrecisionLender! It definitely makes a difference when you can pull in deposits and other non-credit products to see the full picture of profitability on a relationship.
You’re right that our rates are not “real-time” as we receive them at the end of each business day when they’re published and reflect the changes the following day. Also, we’re hearing about SOFR from our clients often these days, and we’re working through a way to include this update in our product road map. If you’re interested in helping us improve or test new features, please connect with our support team at firstname.lastname@example.org. We look forward to hearing from you!
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