Better statement spreading leads to better results
For many financial institutions, the standardization of financial statements remains a manual, repetitive process rife with the potential for delays and costly errors. Compounding these risks, a commercial loan may require over a dozen statements be analyzed in a consistent and uniform manner and be compiled simultaneously, which can be a significant drain on resources. Deploying automation – requiring little to no human intervention – produces more accurate spreads in a fraction of the time ordinarily spent on this manual task. Ultimately, it enables lenders to make data-driven credit decisions in real time, and enables a more thorough, detailed analysis of the risks and opportunities a new loan may present.
There is a better way
Finastra recognizes the significant opportunities that automated spreading presents and has partnered with industry-leader FlashSpread to deliver a fully-integrated SaaS solution. FlashSpread processes tax returns in less than 1 minute on average, and can often spread an entire deal in under 5 minutes – as much as 96% faster than doing it manually. And if the source documents are not high quality, FlashSpread even handles scans with low DPI (dots per linear inch) in printed documents, watermarks, hole punches, rotations, etc. In addition, the solution can identify incorrect values and manually adjust them, ensuring 100% confidence in data accuracy. FlashSpread further offers a validation tool to allow users to edit any values in the tax return and reports, while viewing the original file side-by-side.
FlashSpread saves 458 hours per year, per underwriter, resulting in a 22% productivity gain and a 96% reduction in processing time.
Source: Example of realizable benefits earned, will vary based on individual institution underwriting processes
Finastra and FlashSpread deploy a seamless integration that extracts and validates financial data, structuring it to deliver high quality, made-to-order spreads that expedite your underwriting procedures. FlashSpread flexibly integrates to the CreditQuest Analyzer tool for on-prem clients or, alternatively, is configured to pair with the LaserPro Analyzer SaaS solution for a fully cloud-native experience. No matter your technology configuration, Finastra and FlashSpread have the solution.
Eliminate data entry, manual work, and enable multiple files to be uploaded, while enhancing the speed and accuracy of extraction from any tax return media.
Upload tax returns via a secure document portal for swifter analysis and loan decisioning.
Leverage the fluidity of the tax return and proprietary algorithms to catch any errors or omissions due to poor image quality, watermarks, or incorrectly prepared tax returns.
Convert PDFs and scanned tax returns into financial reports with the touch of a single button.
Time and expense management are essential priorities that an automated financial statement spreading tool can help financial institutions optimize. Equally important, though, is the accuracy and reliability of the spreads; LaserPro Analyzer places guardrails around the financial analysis process to ensure uniform precision balanced with operational flexibility.
Benefits of the Finastra-FlashSpread integration
Review loans up to 12 times faster, freeing resources to pursue additional revenue opportunities.
Faster, better decisions
More accurate analysis saves rework time and improves decisioning, dramatically accelerating loan closing and revenue recognition.
Reduce cost and risk
FlashSpread converts scanned or digital PDFs of business and tax returns into digital assets for building global cashflow and debt service analyses, flexibly formatted for your unique requirements.
Finastra's FlashSpread-LaserPro Analyzer cloud-native solution converts raw documents to finished spreads in minutes
Finastra’s FlashSpread-LaserPro Analyzer integration is the hand-in-glove solution converting raw financial documents to formatted spreads suited to your exacting requirements. Faster decisioning leads to faster closings.
The future of financial analysis has arrived
Finastra and FlashSpread have partnered to deliver state-of-the-art technology that revolutionizes the time-consuming manual statement spreading process.
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Whether on-prem or cloud, discover how FlashSpread will revolutionize your underwriting sequence!