Riverstone Bank is struggling. Their efficiency ratio declining.
Expenses as a percentage of revenue are increasing to an uncomfortable level.
The fix – digital transformation with simplified integrations.
Data is the new oil, but connecting to siloed legacy platforms is the pipe.
Having a unified view across the Fiserv, Jack Henry, FIS, nCino, Abrigo, Salesforce, appraisal management platforms like YouConnect and other banking systems was the key to unlock efficiency – especially for relationship managers.
A welcome bonus was a huge cost savings of not having to replace some legacy systems that came from bank mergers.
The Challenge
Every month, the executive team would pore over reports, trying to find ways to reduce operating expenses and improve net revenue. Yet, the bank’s systems were like a maze.
Core banking, loan origination and appraisal management were all handled by different platforms that didn’t communicate with each other. Bank acquisitions multiplied the number of legacy systems that created duplicative work.
Employees spent countless hours logging in and out of these systems, manually re-entering data and double-checking for errors. It was clear that something had to change.
The Discovery
One day, during a routine industry conference, Riverstone’s Chief Technology Officer, Maria, attended a session on innovative banking solutions. There, she learned about Glances, a platform designed to unify disparate systems into a single, seamless interface.
Intrigued by its promise to eliminate data silos and reduce manual effort, Maria decided to explore further.
The Integration
Maria presented Glances to the executive team. The solution was simple yet profound: integrate the bank’s various platforms, including Outlook, into one cohesive view. The team decided to implement Glances, hoping it would be the key to unlocking greater efficiency.
The integration process was surprisingly smooth. Unlike traditional IT projects that took months and drained resources, Glances was up and running within weeks. It required minimal lift from the bank IT department, allowing them to focus on other critical tasks.
The Transformation
Relationship managers now had a single point of access to all borrower data, reducing the time spent on administrative tasks.
Errors from manual data entry became a thing of the past. The bank’s response time to regulatory audits improved significantly, as all necessary documentation was readily accessible.
Most importantly, the efficiency ratio began to improve. Operating expenses decreased as processes became streamlined and more automated. The bank could allocate resources more effectively, focusing on growth and customer service rather than getting bogged down by inefficiencies.
The Outcome
With Glances in place, the transformation at Riverstone Bank started in lending but moved to other departments.
Riverstone Bank’s journey with Glances became a story of success and innovation. They had managed to turn the tide, transforming their operations and setting a new standard in the industry.
The improved efficiency ratio was not just a number—it was a testament to the bank’s commitment to embracing technology and driving meaningful change.
