Wolters Kluwer Compliance Solutions has been recognized with four wins by the prestigious 2020 American Business Awards, one of eight Stevie® Awards programs that recognize business achievements and product innovation. Compliance Solutions succeeded in winning submissions against a highly competitive field, earning three “Stevie Awards” for product innovation and one for customer service excellence. Winners were determined by entry scores compiled by more than 230 professionals worldwide who adjudicated hundreds of submissions over a three-month judging process.
Expere® Language Translation won a Silver Award in the Best Artificial Intelligence/Machine Learning Solution category. This learning-based, AI translation system leverages legal and language translation domain expertise to provide a seamless, integrated, accurate and scalable translation capability to provide loan documents translated into Spanish for limited English proficiency customers, enhancing the customer experience.
CASH Suite™, meanwhile, earned a Silver Award in the “Financial Services” category. CASH Suite is a comprehensive financial analysis and risk management software solution that promotes efficiency and effective decisions throughout the entire commercial lending lifecycle. The software is comprised of 10 integrated modules for business development, financial analysis, risk management and pricing, credit communication and approvals, covenant compliance tracking, portfolio management, stress testing, in depth reporting and workflow.
Online Loan Applications (OLA) earned a Bronze Award in the “Mobile On-Demand Application” category. OLA is designed for smaller lenders seeking to extend their online/digital reach and provide a better customer experience for online lending inquiries, thereby helping level the playing field against larger and internet-only lenders by offering a presence wherever and whenever a prospective borrower wants. With OLA, borrowers need not enter a branch to provide basic data to a lender, and community-based lenders can focus on cultivating local relationships and high-quality customer experiences rather than laborious data collection.
Finally, Compliance Solutions’ SupportLine won a Silver Award in the “Achievement in Customer Satisfaction” category. This customer service team plays a crucial role in addressing product usage, technology, and regulatory compliance inquiries for Compliance Solutions customers. It recently undertook a significant transformation, implementing an experiential training approach for its team members and focus on enhancing the overall customer experience—not just single customer interactions. Its success is demonstrated in increased customer satisfaction scores and a 49 percent reduction in the number of customer escalations beyond the first level of support.
“These American Business Awards reflect the great strides that we have made in product innovation as well as in our approach to providing an enhanced customer service experience,” said Steven Meirink, Executive Vice President and General Manager of Compliance Solutions. “Moreover, these accolades demonstrate our longstanding commitment to delivering solutions that enable financial services firms to improve their processes and better serve their customers, while also enhancing their ability to navigate an environment of dynamic, ongoing change in a compliant way.”
The American Business Awards were founded in 2002 to honor and generate public recognition of the achievements and positive contributions of organizations and working professionals worldwide. They’ve since become one of the world's most esteemed business award prizes. Details about The American Business Awards and the list of 2020 Stevie winners are available at www.StevieAwards.com/ABA.
Wolters Kluwer’s Governance, Risk & Compliance (GRC) division is leveraging its product innovation and domain expertise to offer a range of capabilities to the financial services industry in response to the COVID-19 pandemic. Compliance Solutions’ Paycheck Protection Program Supported by TSoftPlus™ supports stimulus loan applications and loan forgiveness processes under the CARES Act. Its Expere Servicing and Loss Mitigation technology and warranted documents, in combination with its Consulting Services team, are positioned to assist servicers in helping address the challenges that Paycheck Protection Program post-forbearance workouts will bring. Business Entity Search for CARES Act solution, offered by Wolters Kluwer’s Lien Solutions business, conducts bulk/batch corporate identity searches to verify the business status of potential borrowers. COVID-19 Noteworthy Developments Bulletins, meanwhile, aggregates COVID-19 related global regulatory changes, orders, notices and other informational updates for the financial services industry. The division has also launched a COVID-19 resource center to provide businesses and law firms with international, federal and state legislative updates.
Wolters Kluwer Compliance Solutions is a market leader and trusted provider of risk management and regulatory compliance solutions and services to U.S. banks and credit unions, insurers and securities firms. The business, which sits within Wolters Kluwer’s GRC division, helps these financial institutions efficiently manage compliance obligations tied to loan and deposit origination transactions and workflows, manage risk and other regulatory compliance obligations, and gain the insights needed to focus on better serving their customers and growing their business.
