Why Financial Institutions Switch to Baker Hill NextGen®

Why Financial Institutions Switch to Baker Hill NextGen®

As a Sales Development Representative with Baker Hill, I have conversations every day with banking leaders across the country. While there certainly are unique challenges facing individual institutions, it is striking how many banks and credit unions are trying to overcome the same obstacles.

Lately, I’ve been fielding a lot of calls with folks who are less than enamored with their existing loan origination software provider. In most cases, the overriding sentiment is that their loan origination vendor has overpromised and underdelivered. Here are a few of the top concerns I’m hearing:

Total cost of ownership

The bankers I talk with often cite frustration with a lack of transparency around the increasing investment costs in their loan origination system. Perhaps their vendor of choice was selected in part because of the “lower” one-time implementation fee and subsequent ARR – and then proceeded to add undisclosed costs and back-end charges once the project was underway. If the institution wants to add seats as it grows? They’re told to get out their checkbook.

Baker Hill’s portfolio-based pricing levels the playing field, creating consistency across financial institutions of all types and sizes when investing in an loan origination software solution. What’s more, our solution includes unlimited access, so you don’t have to worry about paying for additional seats.  And with our single-platform approach, clients benefit from manageable end-user learning curves – resulting in significantly lower operational costs. (You can find out how much your institution could save here.)

Questionable project delivery and advisory services

A lot of loan origination software vendors outsource critical services like implementation and client support, resulting in headaches for everyone involved. They’re never sure who to call when something breaks or whether they’ll get a prompt response. Sometimes the system admin is directed to a faceless chatbot. The institution wonders if they are as important to their vendor as its big bank clients are. They’re concerned that they’ll be underprioritized when their teams need critical assistance (and from what I’m hearing, they’re often right to be concerned.)

Your partnership with Baker Hill includes dedicated in-house delivery and client support teams right here in the States. We aren’t a global corporation and that’s by design. We aren’t beholden to shareholders, so we don’t disappear to chase down the next sales opportunity once you’ve partnered with us. We are invested in helping your institution succeed and prosper, so when your team needs guidance, we’re on it.  

Lack of industry expertise

Sometimes these conversations with bankers turn to the issue of proficiency. Not once have I been told that experience doesn’t matter. If you want an industry expert collaborating with you to configure your institution’s loan origination workflows, you probably want someone who’s actually worked in a bank or credit union and who knows the industry inside and out. That depth of expertise is what’s going to help make your loan origination software project successful.

Baker Hill was founded by bankers more than 35 years ago, so we’ve seen a thing or two. But that wealth of experience doesn’t keep us from regularly innovating and introducing new systems functionality. In fact, Baker Hill NextGen® is the result of a years’ worth of dedication to research, development, and training. That investment has allowed us to attract the best of the best when it comes to tech talent – talent that never stops asking “how can we make this even better?”

We’re proud to say that these endeavors have received recognition from some of the industry’s most renowned organizations, including our most recent accolade: “Best Risk Management Platform” in the 2021 FinTech Breakthrough Awards. And in 2019, The AITE Group named Baker Hill NextGen “Best-in-Class Commercial Loan Origination Software” based on our high scores in client strength and product features. Learn more here.

Inability to match solutions with needs

I can’t tell you how many times banking leaders tell me they’re using loan origination software but haven’t even unpacked some of the platform’s functionality. Why? Because they just haven’t seen a need to do so. They never needed it in the first place, but “it came with the package.”

Or, on the other end of the spectrum, they’ve found that the technology didn’t solve for their needs – that some elements of the loan origination solution weren’t quite built out properly or didn’t integrate with the bank or credit union’s other systems.

Fully scalable to each institution’s unique objectives and needs, Baker Hill NextGen® is a modular-based loan origination system and is designed to grow with your organization as it evolves. Need a best-in-class commercial loan origination system but aren’t quite ready for a leap into portfolio monitoring? We’ve got you covered. Want to start with a statement spreading solution to dip your toes into automation? Baker Hill pioneered the market in spreading software. Baker Hill NextGen® is a single-point platform with a multitude of lending software solutions, but we’ll never pressure customers into an all-or-nothing approach. You won’t be tied to any functionality your institution doesn’t need.  We advocate for a crawl-walk-run approach, conducting regular usage reviews, and offering ongoing product and procedure guidance.

Selecting and implementing enterprise loan origination software is an investment into both your institution’s legacy and in its future. By keeping in mind the challenges other banking leaders face with their lending software providers, you can avoid pitfalls that drain money, time, and retention efforts.

If you’d like to explore the ways Baker Hill’s award-winning loan origination system can add value to your institution, request a consultation today.

You might also like:

5 Steps to Choosing the Right Loan Origination System

5 Reasons to Upgrade Your Commercial Loan Origination Software