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banklabs Archives - BankLabs

Construtech 50 2018 logo

BankLabs Selected to Constructech 50 for 2018

By | Award, Insights | No Comments

BankLabs is honored to be named to Constructech’s Top 50 companies in 2018 for construction technology for our construction payment automation product, +Pay. This program recognizes the leading technology and software companies – from companies with a single offering to companies that may house multiple software or hardware platforms.

Our +Pay product is cloud-based and accessible from any mobile device or computer. It standardizes builders and general contractors payment process to improve efficiency, provide real-time data access and help their sub-contractors succeed.  Features include electronic payment requests from sub-contractors, including supporting lien waivers and invoices. The product automates 1099 tax reporting and provides fast and easy electronic payments to sub-contractors.

 

Tech 100 2018 logo

2018 HousingWire Tech100 Winner: BankLabs

By | Award, Insights

 

BankLabs is honored to be named to Housing Wire’s 2018 Tech 100 List for our construction loan automation product, Construct. This program recognizes the leading technology and software companies – from companies with a single offering to companies that may house ten or more different software platforms.

Our Construct, cloud-based service automates the construction loan management process for community banks. It is accessible from phones, tablets or computers, and eliminates the need for paper files and spreadsheets, increases bank productivity, mitigates the risk of overfunding projects and improves the experience for the builder, borrower and inspector. Using Construct, a builder is able to view available funds via computer or mobile device and submit a draw request. Notifications are then sent via text or email to the inspector, borrower and bank personnel.

View the full list of winners here.

Banklabs logo

BankLabs Expands Operations in Arkansas

By | Insights, Press Release

BankLabs Expands Operations in Arkansas with Support from Arkansas Economic Development Commission

BankLabs, a national provider of innovative mobile technology products for financial institutions, today announced that it is creating up to 19 full-time professional FinTech positions at its operations in Little Rock and is seeking highly qualified employees.

“Our goal is to differentiate the financial institutions that are not happy with the status quo from those that are resistant to change,” said Matt Johnner, president and co-founder of BankLabs. “Our clients want new ways to do things that leverage their strengths. BankLabs Chairman and CEO Mike Montgomery, has a rich history as a leader with Arkansas-based Systematics and Alltel Information Services. We both look forward to the next wave of innovation that BankLabs can help create.”

BankLabs seeks to grow the Arkansas economy into one that is focused on hi-tech, high-paying jobs, he said, and is pleased with the support from the Little Rock Regional Chamber of Commerce and Arkansas Economic Development Commission (AEDC) including tax credits and introductions to identify talented candidates.

“BankLabs is directly contributing to the resurgence of Arkansas as a FinTech leader,” said AEDC Executive Director Mike Preston. “The company is not only helping banks, but also creating FinTech marketplace options that expand business opportunities for everyone in the industry and across the globe. We are hopeful that the state’s support will not only help BankLabs grow its Little Rock team, but also help to improve the state’s economy.”

BankLabs recently added +Pay to its product offerings, automating the payment stream to sub-contractors from banks, general contractors, builders, title companies or disbursing agents. +Pay integrates seamlessly with BankLabs’ Construct product, which automates the residential and commercial construction loan process for banks and non-bank lenders. Together, they make the world’s first cloud-based vertically integrated construction finance platform.

“The expansion of BankLabs is another example of Little Rock’s growing FinTech industry,” said Little Rock Mayor Mark Stodola. “With our large banking presence and the 3rd VC FinTech Accelerator Powered by FIS occurring this summer at the Tech Park, the growing cluster of FinTech companies in Little Rock is now stronger than ever.”

Little Rock Regional Chamber of Commerce Board Chair Cathy Tuggle said, “We are excited to have an innovative company like BankLabs decide to continue its growth in the capital city. The Little Rock Technology Park and Venture Center have helped create a start-up environment where companies like BankLabs can flourish. This project is another wonderful example of our community’s entrepreneurial investment already succeeding.”

BankLabs is currently looking to fill highly paid professional product development and customer success positions in Arkansas. To apply, visit banklabsstaging.mystagingwebsite.com.

About BankLabs

The mission of BankLabs is to reimagine banking products of the future through community-oriented technologies that create new fee income, attract deposits, expand loan opportunities and differentiate the financial institution from competitors. BankLabs believes that community banking is a way of doing business, not a size, location or traditional definition. For more information, visit banklabsstaging.mystagingwebsite.com.

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American Banker: As construction lending rebounds, tech investment follows

By | Article, Insights

American-Banker-bank-labs-construction-lendingAs featured in American Banker.

As construction lending starts to make a comeback, many community banks relying on lending to developers and builders are looking to use cutting-edge digital interfaces to help them attract more clients.

“It’s important for us to create convenience not only for our clients but for their clients as well [such as subcontractors] and give them quicker and more convenient access to funds,” said David Veurink, chief credit officer and head of commercial banking at Chicago-based Countryside Bank.

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Construction landscape

BankLabs Unveils +Pay to Automate Construction Payment Streams

By | Insights, Press Release

BankLabs, a national provider of innovative mobile technology products for community banks, today announced the addition of +Pay to its product offerings. +Pay integrates with Construct, the company’s construction loan automation product, to automate the payment stream between builders and sub-contractors. It speeds the payment process and eliminates the need for paper with electronic lien waivers and invoices, as well as automated 1099 tax reporting. 

With new payment options including Same Day ACH, +Pay enables sub-contractors to be paid efficiently and, in turn, efficiently pay their employees. This mobile and web-based service increases transparency in the payment stream process, which greatly reduces unnecessary friction between builders and subcontractors.

“Our software for cutting checks and making payouts was outdated, and we needed a product that could interface with our core system,” said David Veurink, chief credit officer and head of commercial banking at Countryside Bank. “+Pay does just that, and the team at BankLabs has been extremely responsive and customer-oriented in their approach.”

“Countryside Bank was our first customer on +Pay last year,” said Matt Johnner, president and co-founder of BankLabs. “They have been very helpful in working out any kinks and we are thrilled that they are seeing process improvements with our technology.”

Banks can leverage +Pay to increase both fee income and attract deposits. The two initial financial institutions using +Pay have already processed more than $126 million in construction payments combined, and more banks are already under contract.  In addition to financial institutions, builders and sub-contractors can also use +Pay.

About BankLabs

The mission of BankLabs is to reimagine banking through community-oriented technologies that create new fee income, attract deposits, expand loan opportunities and differentiate the financial institution from competitors. BankLabs believes that community banking is a way of doing business, not a size or location. For more information, visit banklabsstaging.mystagingwebsite.com.

Media Contact

For BankLabs
Catherine Mootz, 678-781-7227
cmootz@williammills.com

Banklabs logo

BankLabs Chooses William Mills Agency for Public Relations Services

By | Insights, Press Release

William Mills Agency, the largest independent public relations and content marketing firm specializing in the financial industry, announced today that it will provide PR services to BankLabs. BankLabs is a national provider of innovative mobile technology products helping community banks improve efficiency, increase time for relationships with customers and create marketplace options that expand business opportunities.

With offices in both Dallas and Little Rock, Ark., BankLabs has bank customers in 28 states and two countries, as well as development consortiums to facilitate development with bank partners. BankLabs’ CEO and Co-Founder Mike Montgomery uses 40 years of banking experience to cultivate innovative banking technology products.

BankLabs’ latest product, Construct®, is a web-based product that automates the construction loan management process for community banks. It’s paperless, accessible from any mobile device or computer, drives productivity and modernizes the experience for all parties involved.

The company also offers OREO (Other Real Estate Owned) Automation®, enabling community banks to quickly sell OREO properties by automating and tracking property details, inspection history, appraisals and payments. These transactions are secure, fully automated and provide examiners with an easily reviewable, paperless audit trail.

“WMA’s public relations strategy will support BankLabs in solidifying our position as a leader in providing community bankers with the tools they need to compete in today’s market,” said Matt Johnner, president and co-founder of BankLabs. “With our deep understanding of community banking and the agency’s overall industry knowledge and relationships, we’re enthusiastic about working with them to promote our mission.”

“William Mills Agency has built our reputation by helping our clients improve brand awareness and establish themselves as industry thought leaders through strategic, balanced public relations programs,” said William Mills III, CEO of William Mills Agency. “It’s a privilege to be selected as BankLabs’ agency of record (AOR), and we look forward to helping them communicate to community banks that can benefit from their services.”

About BankLabs
BankLabs was created by community bankers, for community bankers. The company designs innovative mobile technology products that help community banks improve efficiency, increase time for relationships and create fintech marketplace options that expand business opportunities outside their traditional local market. BankLabs couples the fundamental banking experience with modern, mobile-first, banker-first approaches to product design. The company is committed to the pursuit of creating web-based mobile apps to deliver competitive advantages to community banks. For more information, please visit banklabsstaging.mystagingwebsite.com.

About William Mills Agency
Founded in 1977, the Atlanta-based company has established its reputation in the industry through successful execution of media relations, marketing services and crisis communication campaigns for hundreds of companies ranging in size from entrepreneurial start-ups to large, publicly traded corporations throughout North America, Europe, Africa and India. For more information, please visit www.williammills.com.

laptops and working team

BankLabs Signs 50th Bank to Utilize Construct

By | Insights, Press Release

BankLabs, a national provider of innovative mobile technology products for community banks, today announced the 50th bank to go-live with Construct, the cloud-based construction loan management product for lenders and their borrowers, builders and inspectors.

“In today’s technology-driven world, we wanted to provide an easy-to-use, web-based service to take the place of cumbersome spreadsheets and paper files. The importance of mobility continues to grow to differentiate the financial institution.”

Construct is a banker-centric, web-based service that automates the post-close administration of construction loans for lenders. Accessible from any phone, tablet or computer, it eliminates the need for paper files and spreadsheets, increases bank productivity, mitigates the risk of overfunding projects and improves the experience for both the builder and borrower.

Using Construct, a builder is able to view available funds via computer or mobile device and submit a draw request. Notifications are then sent via text or email to the inspector, borrower and bank personnel. The inspector takes pictures, enters notes and updates the percent complete via phone or tablet. Without the need for spreadsheets, the correct draw amount is automatically calculated and can be instantly viewed by the banker, borrower and builder along with inspection details, documents and photos. Reports are then automatically generated based on real-time data.

Construct has proven to reduce loan administration time by 50 percent, lower inspection costs, identify and mitigate potential risks and enhance the borrower/builder relationship through mobile access. Financial institutions using Construct have already seen an eight to 12 percent draw interest improvement, as well as a decrease in cycle time from days or weeks to minutes.

“Construct completely automates the traditionally manual loan administration, inspection and draw process, making life easier for the bank, builder and borrower using real-time workflow and proactive next step tracking,” said Matt Johnner, president and co-founder of BankLabs. “In today’s technology-driven world, we wanted to provide an easy-to-use, web-based service to take the place of cumbersome spreadsheets and paper files. The importance of mobility continues to grow to differentiate the financial institution.”

About BankLabs

BankLabs is a national provider of innovative mobile technology products that help community banks improve efficiency, increase time for relationships with customers and create marketplace options that expand business opportunities. BankLabs believes that community banking is a way of doing business, not a size. For more information, visit banklabsstaging.mystagingwebsite.com.

 

Media Contact

For BankLabs
Catherine Mootz, 678-781-7227
cmootz@williammills.com

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Dallas Innovates: Startup Helps ‘Level the Playing Field’ for Community Banks

By | Article, Insights

A startup that provides innovative technology to community banks is revolutionizing the process for making construction loans while also arming the institutions with another weapon against their biggest competitors — FinTechs and large multinational banks.

BankLabs, which is equally based in Dallas and Little Rock, was formed as part of Radius Group, a Little Rock, Arkansas holding company, in January 2016. It immediately hit the market with Construct, it’s appropriately named product that enables banks to automate the construction loan process.

BankLabs describes the current procedure used by most banks as a “noisy process” involving spreadsheets, paper files, and emails, creating “unnecessary delays and wasted opportunities to increase profit and enhance customer relationships.” By switching to the Construct app, BankLabs President Matt Johnner of Dallas said banks can improve efficiency by 50 percent.

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fintech cant beat community banks

FinTech Can’t Beat Community Banks

By | Blog, Insights

My team and I have been called contrarian, which we will take as a compliment; we believe that the best community banks will beat the best FinTech players. Best on best so to speak.

Why do we feel this way?

Because, FinTech cannot win against modern community banks that combine their in-market, relationship-based banking with progressive technology.

To start, we define things a bit differently than most…

Community Bank(ing): ‘It is a way of doing business, not a size. It is about in-market, relationship-based banking.’

Progressive Technology: ‘Mobile-first products built to be banker-first (not bank) to enhance customer relationships, plus, marketplace technology that expands loan opportunities.’

BankLabs‘ ‘why’ is to ensure the survival and growth of community banks. Traditional financial institutions and the companies that have historically served them face disruption like never before. There are approximately 2,400 FinTech companies hunting for success and community banking customers are in their crosshairs.

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BankLabs Wins 2017 FinTech Breakthrough Award for Best Consumer Banking Mobile App

By | Award, Insights

BankLabs has been awarded the 2017 FinTech Breakthrough for “Best Consumer Banking Mobile App.” FinTech Breakthrough is an independent organization dedicated to helping the best financial services and technology products and companies “Break Through” the crowded FinTech industry. The FinTech Breakthrough Awards recognize the top companies and products in the financial services and technology industry today. View the full list of winners here.