When I was in banking we were always looking for that perfect system that would automate everything for the bank. Various core systems sent their sales reps to the bank to give us detailed demonstrations. They claimed that they can solve all of our efficiency problems. We selected a good system, but once converted we traded one set of shortfalls for another.
Our clients are using LQAS to plug any possible hole in their efforts to automate every task in the bank. We import all available core data into LQAS as a starting point. We have hundreds of standard reports and most clients have had custom reports created and installed into their system.
This gives the bank the capability to automate all management, board reports, and any other reports the bank requests to achieve near 100% automation. One of our earlier articles mentioned board report preparation reduced from one to two weeks to less than a day. This gives the bank the ability to grow without expanding staff. Loan Committee presentations are also a large time consuming function. It also involves the most expensive staff. These presentations take hours to all day to prepare. LQAS creates the presentation in 15 to 20 seconds.
One consultant explained to us that this advantage gives the bank the ability to stay with the same core system instead of spending the tremendous amount of time and money researching and converting to another system. The bank can also move to a less expensive system and have LQAS take up the slack to finally create the perfect system. This saves hundreds of thousands in IT expenses over the life of the contract.