Citizens State Bank picks Lendsmart for mortgage solutions upgrade
Wisconsin-based Citizens State Bank has chosen digital lending platform Lendsmart to upgrade its mortgage and digital lending capabilities.
Citizens State Bank will implement Lendsmart’s AI technology which allows customers to autocomplete elements of mortgage applications, validates data in real-time to provide instant approvals and brings all parties together on a single platform.
“Our centralised platform reduces loan origination processing time and saves on operational costs to benefit both the lender and the borrower,” says Lendsmart CEO and founder AK Patel.
Lendsmart says its technology digitises up to 70% of lending and home buying processes, automates manual tasks, improves accuracy, minimises lender risk and cuts origination and operational costs.
Citizens State Bank says the upgrade will allow it to process a higher volume of loans and cut the waiting times for its customers down to a few weeks.
Founded in 1904, Citizens State Bank is a privately-owned community bank focused on commercial and personal banking products.
Citizens State Bank senior vice president and chief credit officer Shawn Tyler says that Lendsmart’s technology will allow the bank to keep pace with the rapid technological changes in the banking industry.
Tyler adds: “Lendsmart will allow us to offer a more efficient process with one end-to-end platform that brings together what was previously a disjointed process.”