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Old Point National Bank selects Baker Hill for new loan origination system and online loan application

Published 29 May 2018

Old Point National Bank has selected Baker Hill NextGen for commercial lending and direct consumer lending, as well as its online loan application solution.

Old Point National Bank, based in Hampton, Virginia with $988 million in assets, sought a new loan origination system for both commercial and consumer loans to streamline the entire lending process.

To accomplish this, Old Point needed a user-friendly, cloud-based system that fit within the bank’s IT infrastructure and an established vendor with strong implementation and support services. Given Baker Hill’s longstanding success in the lending space, the bank selected Baker Hill NextGen® for Commercial Lending and Direct Consumer Lending.

With Baker Hill NextGen®, Old Point National Bank will be able to originate commercial and consumer loans and manage risk on a single platform.

The solution’s intuitive, mobile-responsive architecture, fluid workflows and robust decision engine will help the bank boost productivity by seamlessly integrating into the bank’s existing core solution and reducing duplicate data entry.

The bank also plans to leverage the solution’s customizable reporting, pipeline management and cross-sell features to grow and nurture relationships with customers.

Additionally, Old Point National Bank will implement Baker Hill NextGen® Online Loan Application to offer customers a quick and easy way to apply for loans via their preferred device at any time, regardless of branch hours.

The feature’s responsive design maximizes digital outreach to customers while saving hours of manual data entry for the bank’s employees, lowering origination costs.

“With our new loan origination system, we expect to significantly improve the efficiency of our lending process and enhance the borrower experience,” said Erin Black, Senior Vice President and Marketing Director of Old Point National Bank.

Baker Hill empowers financial institutions to work smarter and drive more profitable relationships. The company delivers a single unified platform with solutions that streamline origination and portfolio management for business, consumer direct and indirect lending.

Old Point Financial Corporation is the parent company of The Old Point National Bank of Phoebus, a locally owned and managed community bank serving all of Hampton Roads and Old Point Trust & Financial Services, N.A., a Hampton Roads wealth management services provider.

Source: Company Press Release