Leading financial technology providers Baker Hill and Validis announced last week that they have established a strategic partnership aimed at combining their respective companies’ innovative technologies. Baker Hill stands as one of the leading providers of cloud-based loan origination, CECL compliance, risk and relationship management, and smart data analytics solutions, while Validis has established itself as a pioneer in the financing data sharing and standardization sector. Together, the companies plan to integrate two of their leading product offerings with the goal of offering higher value to client financial institutions.
Specifically, the strategic partnership will aim to combine Validis’ financial data sharing and standardization technology platform DataShare with Baker Hill NextGen, a cloud-based solution for lending, CECL compliance, analytics and risk management. The fintech companies believe that this integrated product will automate many of the steps involved in underwriting during the commercial lending process, cutting weeks off of a traditional process. In turn, Baker Hill and Validis think that their integrated offering will allow financial institutions using the product to provide more personalized and higher value services to customers.
Once the partnership is off the ground, the financial institutions that count among Baker Hill and Validis’ clients will be able to access an automated statement spreading solution. The collection of financial information from customers will be streamlined, and institutions will be able to make credit decisions more efficiently and consistently.
One of the biggest advantages of Baker Hill and Validis’ combined offering is its ease of use for the companies’ clients. Financial institutions and borrowers alike will not need to worry about configuration or data preparation, as the platform handles both of these aspects automatically.
Validis CEO Joel Curry sees this partnership as the way to offer his company’s data sharing capabilities on a broader scale: “With DataShare, financial institutions gain a comprehensive view of an SMB borrower’s financial health, ultimately becoming a true partner to their customers. By combining this technology with Baker Hill NextGen, we are empowering financial institutions with fast and easy access to clients’ financial data in a standardized format.”
John M. Deignan, president and CEO of Baker Hill, agrees on the power of his company’s partnership with Validis. “Our partnership with Validis illustrates the impact of Baker Hill NextGen® and the need for powerful technology for both loan origination (from online loan applications to complete lending process management) and portfolio risk management, making it possible for financial institutions to aggressively compete while driving profitability,” he stated. “This relationship is an exciting venture for us and we look forward to the value it will provide the entire industry.”