As risk management for commercial loan portfolios take center stage for community banks, their accounting firm partners add Qualtik to help.
Boston based Wolf & Co and Wisconsin based Wipfli are accounting firms, each with hundreds of banks and credit unions as customers. The firms recently tapped Qualtik, the loan analytics software company, to provide tools to help them offer more efficient data driven decision making and risk management services for their customers.
In the midst of rising interest rates and increased vacancy rates, community banks, credit unions, and their regulators are watching commercial loan portfolios closely. Many commercial real estate loans have variable interest rates, as rates rise, borrower’s payments increase and can make it difficult for them to meet their payment obligations. In addition, industry and geographic specific factors are leading to higher vacancy in some areas, which means borrowers have less income to service their loans. This adds up to more risk for financial institutions. To proactively identify borrowers who may need help and mitigate risk, lenders run scenarios and concentration specific analysis. Banks and credit unions do this work themselves and often call on accounting firms to assist. Financial institutions and accounting firms typically do analysis using complex and time-consuming tools. That is now changing, “Financial institutions often use spreadsheets to analyze portfolios and struggle to best utilize the vast amount of data at their disposal,” said Carrie Connell, Partner at Wipfli. “The partnership of Qualtik and Wipfli enables lenders to gain deeper insights from their data and drive strategy.”
“Financial institution data can be challenging to wrangle,” said Andrew Billeter, Principal at Wolf & Co, P.C. “The flexibility, speed, and depth of analysis that Qualtik offers allows us to focus on what we do best, analyzing and interpreting results.”
Qualtik has been providing analytics software for banks since 2019. Banks use the software for stress testing, concentration analysis, and ratio monitoring. “Wipfli and Wolf & Company have a strong reputation and long history of being an integral part of growing banks,” said Mark Prior, Qualtik CEO. “We’re excited about the partnerships and opportunity to assist more lenders throughout the country.”
Founded in 2019, Qualtik equips financial institutions with technology to optimize analysis and reporting processes that inform data driven decisions. Qualtik products include intuitive and interactive concentration and stress testing tools that typically replace a suite of complex and error prone spreadsheets created by the financial institution. Lenders launch the Qualtik solution in as little as 3 weeks and import their data from a variety of systems including core systems, loan operating systems, and spreadsheets. Website: www.qualtik.com