CARMEL, Ind.--(BUSINESS WIRE)--Baker Hill, a leading provider of technology solutions for common loan origination, risk and relationship management, CECL compliance, and smart data analytics, was selected by TechPoint, the nonprofit, industry-led growth initiative for Indiana’s technology ecosystem, as a nominee for its 20th annual Mira Awards presented by Angie’s List and Salesforce.
Recognizing highly innovative and ground-breaking technology products, Baker Hill has been nominated for “New Tech Product of the Year” for its 2018 launch of its flagship product, Baker Hill NextGen®. With the most comprehensive combination of loan origination and risk management functionality in a single platform, Baker Hill NextGen® empowers financial institutions to work smarter and drive more profitable relationships.
“Today, most financial institutions use multiple, disjointed systems for loan origination and portfolio management, limiting their ability to compete effectively with the largest institutions,” said Niles Bay, CTO and COO of Baker Hill. “Banks and credit unions face more competitors today than ever before, contending with alternative lenders like Kabbage and OnDeck for market share. There is a need to supercharge profitability while shrinking risk and loss; however, most solutions today focus on one or the other, often forcing financial institutions to make tough choices about where to focus their investments and resources.”
As a direct response to this industry-wide challenge, Baker Hill built a system that addresses both loan origination (from online loan applications to complete lending process management) and portfolio risk management, making it possible for its clients to aggressively compete while driving profitability. Leveraging its three decades of feature-rich solutions, Baker Hill completely rebuilt its legacy products, transforming them into the only platform of its kind with a modern, roles-based user interface that works across all devices.
Bay added, “While a product facelift may have delighted most of our clients, we leveraged our deep industry knowledge to truly innovate our multiple legacy systems, reimagining how they could come together in a single platform to meet the growing needs of the market and the increasing demands of customers for anytime, anywhere loan origination capabilities. Baker Hill completely redesigned its platform through a collaborative approach, conducting extensive studies and round-the-clock coding to create the most innovative system in lending history – Baker Hill NextGen®.”
Baker Hill NextGen® is committed to helping institutions stay ahead of regulatory changes. Most recently, the company dedicated significant resources to help banks and credit unions turn the upcoming Current Expected Credit Loss (CECL) requirements into a strategic advantage. This new standard has been referred to by bank regulators as “the biggest change ever to bank accounting” and is expected to have a massive impact on the financial industry. Not only will CECL change the way financial institutions conduct business – not just in lending, but across all departments – but it will also impact how institutions manage their capital.
“Since opening our doors nearly 35 years ago, Baker Hill continues to be one of the industry’s leading financial technology providers while creating local jobs and putting Indianapolis on the map as one of U.S.’s rising tech hubs,” said John M. Deignan, President and CEO of Baker Hill. “Today, Baker Hill and Baker Hill NextGen® have experienced unparalleled success. We’re thrilled to be recognized for our efforts and named a nominee for a Mira ‘New Tech Product of the Year’ award.”
“There is little doubt that tech will continue to be an area of significant growth for Indiana, as we see local tech companies growing, out-of-state companies opening offices here and large enterprises from other industries becoming increasingly tech enabled,” said Mike Langellier, CEO of TechPoint. “This is a special year, as we celebrate the 20th anniversary of the Mira Awards, and we look forward to recognizing the people, companies and places that are Indiana’s current and future success stories.”
Winners will be announced at a black-tie awards ceremony and gala on Saturday, April 13th at the JW Marriott — Indianapolis. The Mira Awards gala—the biggest tech awards event in the state—celebrates the people, products, companies and places chosen as “The Best of Tech in Indiana.”
TechPoint is the nonprofit, industry-led growth initiative for Indiana’s technology companies and overall tech ecosystem. The team is focused on attracting talent, accelerating scale-up companies, activating the community, and amplifying stories of success. For more information, please visit www.techpoint.org.
About Baker Hill
Baker Hill empowers financial institutions to work smarter, reduce risk and drive more profitable relationships. The company delivers a single unified platform with modern solutions to solve CECL calculations and streamline loan origination and portfolio risk management for commercial, small business and consumer lending. The Baker Hill NextGen® platform also delivers sophisticated analytics and marketing solutions that support sound business decisions to mitigate risk, generate growth and maximize profitability. Baker Hill is the expert solution for loan origination, portfolio risk and relationship management, CECL compliance and analytics for financial institutions in the United States. For more information, visit www.bakerhill.com.