Let us just preface this by saying that “new” loan management software, is a relative term, because Covarity’s been standard issue for Canadian banks and credit unions for some time. We’ve been in operation since 2004, and over half of all margined loans in Canada are monitored on Covarity. As the industry standard, we simply understand the ins and outs of loan monitoring in Canada better than anyone else.
The Basics
Covarity is designed to reduce risk and improve efficiency, but then again, so is every other piece of software on the market. What really makes Covarity different is our commitment to rolling out improvements and innovations that make your unique job easier, so that you and your team can perform better.
With Covarity, you can request, collect, and analyze data automatically, and get instantaneous and detailed reports per loan, and for the portfolio as a whole, because we know that better decisions require good quality data that’s made accessible to the people that need it, when they need it. When you upload documents to Covarity, our document parsing tool automatically pulls out any relevant details, which means you’ve got less data to manually enter yourself. It also reduces error rates.
Better Data Means Better Decisions.
Garbage in, garbage out, as the saying goes.
Everything in Covarity is built to ensure that data is accurate, and to remove human error through automation. You can automate borrowing base calculations and financial covenants using the data provided by your clients, and ensure consistent and accurate across the portfolio, whilst still allowing for the flexibility that highly customized credit agreements require.
Ensuring you have an accurate single source of the truth means that identifying and preventing possible fraud is easy. Covarity will automatically identify data discrepancies using data from your borrowing base/ratio calculations.
We also understand that each FI is unique, and work closely with our clients to ensure that their needs are met.
Reach out today to schedule a demo.