Technology
Crowe Introduces New Solution That Automates Financial Spreading Process
The top 15 accounting firm has broadened its banking technology portfolio by releasing Crowe CX for Financial Spreading.
Aug. 27, 2024
Top 15 accounting firm Crowe has launched Crowe CX for Financial Spreading, a solution that streamlines the entire financial spreading process.
Crowe CX for Financial Spreading utilizes patented technology that transforms financial statements and tax returns into machine-readable files, which are automatically imported into the solution after borrowers upload their statements into the accompanying portal.
The new solution is part of the Crowe CX Lending Suite, a portfolio of solutions designed to automate and make more efficient the jobs to be done for lenders while delivering an enhanced experience to foster better borrower-lender interactions, the firm said.
“At Crowe, we are leveraging our deep expertise in banking to enable quicker and more informed decisions for our clients,” Brookton Behm, managing principal of the Crowe financial services group, said in a statement. “With the addition of Crowe CX for Financial Spreading to our Crowe CX Lending Suite, we are adding key functionality that can accelerate our clients’ commercial lending transformation journey through increased productivity, improved client experiences, and reduced risk—enabling our clients to concentrate on building relationships and refining the lending process.”
Built on the Microsoft Dynamics 365 platform, Crowe CX for Financial Spreading reduces manual data entry with automation technology. The solution can help dramatically cut down on human errors and inconsistency through automation while also increasing throughput, the firm said. The solution is bundled with a managed service, where a Crowe team of spreading specialists handle any spreading exception, resulting in stronger, faster decision-making and a more manageable and confident lending process.
“Crowe CX for Financial Spreading reduces the delays and accuracy challenges that are inherent in outdated manual methods and allows commercial lenders to build an on-time and complete picture of risk and borrower health,” said Michael Budinger, Crowe commercial lending transformation leader and financial services principal. “By automating the financial spreading process, lenders can be responsive and spend more time focusing their efforts on providing impactful, personalized service to borrowers.”
Crowe CX Lending Suite solutions have embedded customer relationship management capabilities enabled by Microsoft Dynamics 365, allowing for seamless connectivity and interaction with other Microsoft 365 applications lenders already use, including Microsoft Teams, Outlook, Word, and Excel.
For more information, visit Crowe CX for Financial Spreading.