Abrigo Earns Best-in-Class Ranking for its Commercial Loan Origination System by Aite-Novarica Group

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Nov 30, 2021, 08:00 ET

AUSTIN, Texas, Nov. 30, 2021 /PRNewswire/ -- Abrigo, the leading technology provider of compliance, credit risk, and lending solutions for financial institutions, is proud to again be recognized as a Best-In-Class vendor by Aite-Novarica Group in its November 2021 Commercial Loan Origination Automation report. Abrigo also earned the top score for client service among all loan origination system vendors evaluated.

Abrigo's technology, the Sageworks Lending and Credit Solutions, scored a Best-in-Class rating thanks to high marks in each of four categories evaluated: vendor stability, client strength, product features, and client services. The Aite-Novarica Group evaluated seven of the largest vendors providing technology for commercial loan origination (CLO), which the advisory firm described as "one of the riskiest activities a financial institution can undertake." Abrigo received the highest ranking for client services and ranked especially strong for product features. Low costs for implementation and ongoing service were key reasons for Abrigo's high scores in client service, the report noted.

"In the area of product features, Abrigo led because of its acquisitive history and Sageworks' roots in ALLL and CECL, which cumulatively give it one of the most complete product offerings among the examined vendors," David O'Connell, Strategic Advisor at Aite-Novarica Group said. "Also boosting Abrigo's overall score was a strong performance in client service, driven by low costs and clients' favorable take on the perceived value of the deployment relative to its costs and the obtained features and functionality."

Abrigo was consistently high in its scores across all categories compared to the other vendors examined, due to its breadth of services, as noted in the report. Aite-Novarica recognized customer benefits Abrigo has generated through acquisitions, including analytics capabilities for deposits and Abrigo Connect, a cloud-based data visualization and management tool. Designed specifically for financial institutions, Abrigo Connect uses unified data (including lending, credit, portfolio risk, and financial crime) within the Abrigo infrastructure for enterprise-level insights and analytics. "Uncommon here is Abrigo's effort to provide its lending FI clients—which actually pay for their vendors' acquisitions and mergers—benefits of a higher order than mere one-stop shopping after a merger or acquisition," the report said.

Another key differentiator for Abrigo is its ability to leverage its retail-based practices with its consumer lending software. "More so than many of its peers, Abrigo's presence in the CLO space is complemented by capabilities for retail lending, wherein scale, speed, and throughput are paramount," the Aite-Novarica report stated. "By accommodating the needs of this demanding market, [Abrigo] acquires approaches to data and user interfaces that migrate to, and accelerate the digitalization of, commercial lending."

"Abrigo is thrilled to be recognized with this Best-in-Class ranking by Aite-Novarica," said Jay Blandford, President of Abrigo. "We remain highly innovative and focused on implementation and support as we add to our solution set, because it is vital to our success for financial institutions to be able to serve their communities."

Abrigo supports more than 2,300 financial institutions, with more than 950 institutions leveraging the company's LOS – the most U.S. clients among the vendors evaluated. Bankers interested in seeing Abrigo's section of the Aite-Novarica vendor matrix can download the report on abrigo.com or contact us at [email protected] with questions.

About Abrigo
Abrigo enables U.S. financial institutions to support their communities through technology that fights financial crime, grows loans and deposits, and optimizes risk. Abrigo's platform centralizes the institution's data, creates a digital user experience, ensures compliance, and delivers efficiency for scale and profitable growth. Visit www.abrigo.com to learn more. Follow Abrigo on social media using @WeAreAbrigo.

About Aite-Novarica Group:
Aite-Novarica Group is an advisory firm providing mission-critical insights on technology, regulations, strategy, and operations to hundreds of banks, insurers, payments providers, and investment firms—as well as the technology and service providers that support them. Comprising former senior technology, strategy, and operations executives as well as experienced researchers and consultants, our experts provide actionable advice to our client base, leveraging deep insights developed via our extensive network of clients and other industry contacts. Visit Aite-Novarica on the web.

SOURCE Abrigo