Chris Crawford, PresidentApplied Micro Technology, Inc. (AMT) is a pioneer in the Document Management Services landscape that developed document tracking in 1984 and has been enterprise imaging since 1990. With their proprietary products LQAS (Loan Quality Assurance System), AMT assists financial institutions of all sizes with document tracking, imaging, and loan review automation.
A frustration and concern of many financial institutions today is the lack of organizational efficiency in tracking, imaging, maintaining, and quickly accessing billions of pages of loan information. In many cases a lender will spend up to an hour gathering information from at least seven sources just to make one loan decision. To add to their woes, the majority of tracking and imaging systems available today only perform a specific portion of a banks needs and are often not even specific to the banking industry itself. “AMT acutely understands the needs of financial institutions as it is founded and fully staffed by former bankers,” remarks Chris Crawford, President, AMT and former regulator. The company’s solutions LQAS automates all back areas of lending to reduce the information gathering stage from days to mere seconds.
The systems offered by AMT address every banking concern from tracking, imaging, reporting, and even disaster recovery. They are a disruptive company by nature in terms of technology, replacing competitors at mega banks as well as locally owned community banks! LQAS overhauls the current disparate banking systems of document management by first tracking all documents and then seamlessly integrating the images and indexing them directly to their proper place within seconds. The current system can scan a pile of documents and properly place them in one step virtually instantaneously. Also, the use of a MSSQL database to store the image locations allows access of any requested image within 1-2 seconds. Finally, LQAS solely runs on the banks own internal servers (versus the cloud) so that all safety or privacy issues are completely mitigated. To address the issue of time-consuming regulation reporting requirements, LQAS contains 70 percent of the information needed to create a report. This information is initially imported from the various systems in the bank. Document tracking, borrowing relationships, loan classifications with write-ups plus ALLL allocations, and collateral valuations are then handled by LQAS. Simply import the other 30 percent of external loan data needed that resides on the core and generate any new report out of 400 formats within seconds! In this way, LQAS drastically reduces the fact gathering process for financial institutions from days to seconds.
AMT is deeply familiar with internal banking processes and possesses the ability to maximize the bank’s reputation. As Crawford explains, “Regulators have a system called a CAMELS rating to categorize a bank’s condition from excellent (1) to near closure (5). AMT was able to boost two client’s CAMELS ratings by two within 18 months during the financial crisis of 2008. At the peak of the great recession over half of AMT’s clients still had bankrate scores of 4 or 5!” This success was in part due to the efficiency and organization provided by LQAS during the examination process. As Crawford reflects, “If the regulators think management has control of the situation they will give the bank leeway and move on to another bank that is not as well run.”
AMT acutely understands the needs of financial institutions as it is founded and fully staffed by former bankers
In a fast-paced, disruptive landscape AMT is continuing to shape the future of banking as their staff works daily adding enhancements or inventions that will continue to allow them to improve the efficiency and accuracy of document management. Moreover, they are currently tackling future problems by developing an automated Universal Imaging Conversion System that pairs with their proprietary iPad app to deliver secure image access to lenders anywhere in the world, instantaneously.
The iPad app was designed to give lenders mobility. Currently if a lender visits a client onsite they might take original or copies of documentation out of the bank. The documentation contains an enormous amount of sensitive information that could be disastrous to the bank if lost or misplaced. The iPad LQAS Loan Assistant allows the lender to securely carry all loan and customer information with them to various clients throughout the day. All needed borrower information again is only seconds away. Version 2.0 of the app can email document exceptions (deficiencies) to the client in seconds. The app has retrieved images from their demo system in less than two seconds when the iPad was in Florida and the server was at AMT headquarters in Texas. Crawford feels that this is the next big step in banking and another invention only available from AMT. Document imaging and the iPad app are options available if the bank wishes to add them.
The method of purchasing LQAS is also a groundbreaking concept in banking apps. They sell all systems on an extended trial. AMT installs a fully functioning system, creates the core download from data exported by the bank and supplies training. The typical trial is four months. This gives the bank time to make sure that all features covered in the demonstration are working as advertised. When Crawford was a banker several vendors would tell him anything to get the contract, then forget what was promised when systems were installed. “Through my experience I have understood and created a method which can minimize risk to the bank when purchasing LQAS,” concludes Crawford.