Farmers taps Teslar to automate lending ops
The Okla. bank will use Teslar’s platform to manage exceptions and past due loans
Farmers State Bank is partnering with Teslar Software to automate its commercial lending operations.
The $81 million bank plans to first leverage Teslar’s solution to better manage exceptions and past due loans before adding other modules over time, according to a release.
“Our bank has steadily grown over the past decade, and it was time to automate the manual loan processes we had relied upon for years to effectively support that scale,” Farmers State Bank president Chris Jordan said in the release. “With Teslar’s automated workflow and portfolio management tools, we’ll be able to maintain exceptional customer relationships even as we expand. Part of our strategic plan is to remain independent, and Teslar’s technology directly supports that goal.”
The Teslar product, which was introduced at the FinovateFall 2022 conference in September, automates and digitizes banks’ underwriting process. The software-as-a-solution (SaaS) product integrates into core systems through Finastra’s loan documentation system LaserPro and by XML or APIs to digitize personal documents like driver’s licenses.
Quinton, Okla.-based Farmers State Bank works with agricultural, consumer and small business loans. The product will enable its loan officers to monitor customer needs while its dashboard gives the bank’s loan operations staff a central location to complete each step in the lending process, according to a release.
The partnership is the latest in a string of Oklahoma-based banks integrating Teslar’s technology to grow their respective loan portfolios: The $1 billion Liberty National Bank in 2020 and $800 million Grand Savings Bank in 2017 leveraged the software to help integrate automated systems into their existing platforms to speed workflow processes.
Editor’s Note: This story has been corrected to clarify that Farmers State Bank is not currently utilizing the Teslar platform for indirect lending. An earlier version of the story stated that this was the case. It is the policy of Bank Automation News to correct erroneous information.
