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Northwest Bank Deploys Inovatec LOS Platform to Improve Loan Origination Processes
NYSE - LSE
Northwest Bank Deploys Inovatec LOS Platform to Improve Loan Origination Processes
Industry-Leading System Enables Lenders to Increase Efficiency and Lower Operating Costs
Inovatec Systems, a leading provider of cloud-based software solutions for lenders, announced that Northwest Bank has deployed Inovatec's Loan Origination System (LOS) to manage the bank's loan origination processes and workflows. Northwest Bank will leverage the Inovatec system to handle application processing, decisioning, reporting, and compliance needs for its automotive and power sports lending activities.
Headquartered in Columbus, Ohio, Northwest Bank serves consumers and businesses throughout Pennsylvania, New York, Ohio, and Indiana.
"The Inovatec LOS gives us a number of competitive advantages, including faster decisioning and fulfillment, greater accuracy, and lower operating costs," said John Guidone, Senior Vice President - Head of Consumer Lendingat Northwest Bank. "This system also allows us to deepen our relationships with both dealers and consumers by offering a fast, easy-to-use method to book loans. These attributes are extremely important in today's competitive environment, where there are a plethora of financing providers to choose from."
Inovatec's LOS is designed to automate and streamline every aspect of the loan origination process, including application scoring, decisioning, and reporting. Its cloud-based architecture optimizes scalability and configurability, enabling lenders to adjust lending programs to meet evolving business opportunities. The system offers a comprehensive document management capability, and integrates with leading third-party services, such as income verification, fraud detection, and payment acceptance capabilities, adding increased value to lenders.
"We are very pleased that Northwest Bank, which has an outstanding presence and reputation in the Eastern United States, has adopted the Inovatec LOS system to handle its loan origination needs," said Vlad Kovacevic, Chief Executive Officer of Inovatec. "This implementation reinforces the fact that a cloud-based LOS gives lenders the flexibility, simplicity, and cost benefits they need to meet evolving customer needs and industry demands."
About Inovatec Systems
Inovatec Systems Corp. is a leading provider of cloud-based loan origination and loan management solutions, serving lenders across North America. The company's innovative technologies enhance business outcomes by improving efficiency, accuracy, and customer satisfaction. For more information, visit www.inovatec.com.
About Northwest Bank
Headquartered in Columbus, Ohio, Northwest Bancshares, Inc. is the bank holding company of Northwest Bank. Founded in 1896 Northwest Bank is a full-service financial institution offering a complete line of business and personal banking products, as well as employee benefits and wealth management services. As of September 30, 2024, Northwest operated 130 full-service financial centers and eleven free standing drive-up facilities in Pennsylvania, New York, Ohio and Indiana. Northwest Bancshares, Inc.'s common stock is listed on The Nasdaq Stock Market LLC ("NWBI"). Additional information regarding Northwest Bancshares, Inc. and Northwest Bank can be accessed online at www.northwest.com.
Media Contact:
Glenn Goldberg
Parallel Communications Group, Inc.
516-776-3282
𝕏: @Parallel_PR
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[email protected]
SOURCE: Inovatec Systems
L.Mitchell--SMC
