Early in the COVID-19 pandemic, Renasant Bank looked for ways to continue providing loans during a critical time for financial institutions and their customers. Handling PPP requests was a significant challenge, and the finance team needed to accurately, efficiently report on all of it. To increase the complexity of the challenge, their entire risk metric for making loan decisions had changed.
“We did roughly 12,000 loans total in 2019, and we did 9,000 PPP loans in a period of four weeks in 2020,” said Cole McCarty, Senior Financial Analyst and Vice President at Renasant Bank.
“So in four weeks we accomplished essentially the entire production volume of the prior year, and in addition, we have to report on it, handle the fees, pay the agents, and all of those things.”
Cole and the finance team at Renasant Bank sought a solution to these challenges. The Axiom Financial Institutions Suite empowers them to pivot and create new processes quickly, as well as to handle reporting efficiently, no matter what the pandemic and market forces may bring.
Renasant Bank also gained the ability to quickly develop a new risk matrix, apply it to all of their loans, then trend and report off that, while accurately telling their investors very quickly where they stand from a risk standpoint. For these accomplishments, Cole and the Renasant Bank team are more than deserving of the 2020 Syntellis MVP Award for Financial Institutions.