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construct Archives - BankLabs

2018 HousingWire Tech100 Winner: BankLabs

By | Award

 

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 Signs 50th Bank to Utilize Construct

By | 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 www.banklabs.com.

 

Media Contact

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

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

By | Article

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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