IRVINE, Calif.–(BUSINESS WIRE)–In September, Sunwest Bank announced the renewal of its partnership with new FinTech, Blooma, as part of a larger digital transformation initiative. The multi-year contract represents a long-term relationship between the two entities that began in 2021 with the introduction of Blooma to help automate and streamline the bank’s portfolio management processes for its commercial real estate division.
Sunwest, which serves the western United States and has over $2 billion in assets, is known for its aggressive stance on technology adoption under the helm of President Carson Lappetito. Under his leadership, the bank has embarked on a comprehensive plan to overhaul and optimize internal processes in the name of superior customer experience. A task that has been carried out in collaboration with key players in the banking technology area – most recently, with Blooma.
“At Sunwest Bank, our vision and focus on digitalisation, process improvement and improving our customer experience is of utmost importance. This is achieved through build-versus-buy analysis, selection and integration of the best and most innovative technology solutions to deliver real value to our users and customers. As such, Sunwest Bank is pleased to partner with Blooma.ai to integrate and leverage their platform into our CRE processes and workflows to accelerate our underwriting processes and expedite loan decisions for our customers,” said Matthew March, Chief Information Officer for Sunwest Bank.
Blooma is an online platform purposefully designed for the CRE segment and offers a centralized, all-digital CRE solution that uses Artificial Intelligence (AI) and Machine Learning (ML) to automate the underwriting process and allows CRE professionals to evaluate (and close) multiple deals in a shorter time. The platform includes two core use cases – a CRE origination intelligence suite that optimizes the deal evaluation process and a CRE portfolio intelligence platform that drives continuous monitoring efficiency and reduced credit risk.
Today, Sunwest is currently leveraging the monitoring capabilities of the platform to consolidate and digitize their entire CRE portfolio, and plans to expand the use of the platform to pre-flight in the coming months.
Most importantly, the Blooma platform aims to solve the larger connectivity problem for banks with its flexible architecture that provides easy implementation and seamless integration with existing tools, a key feature of Sunwest’s growing technology stack. Together, management at both Blooma and Sunwest are working to create a best-of-breed technology stack as part of a frictionless experience for their CRE team.
About Sunwest Bank
Founded in 1969, Sunwest Bank is a privately held commercial bank with more than $2.0 billion in assets. Headquartered in Irvine, CA, with operations in California, Arizona, Idaho and Utah; Sunwest is an entrepreneurial commercial bank with a long tradition of providing excellent service to entrepreneurs, privately held companies, family offices, small and medium-sized businesses and real estate developers throughout the western United States. Sunwest Bank is a member of the FDIC and Equal Housing Lender.
About Blooma
Blooma is a cloud-based lending solution designed to significantly improve loan origination and portfolio monitoring processes for operators in the CRE space. The platform automates the deal evaluation process and empowers users to make informed investment decisions quickly. Lenders on the system have reduced loan origination times by up to 85%, enabling an average of 50% more transactions with the same number of employees. To date, the platform serves several commercial banks, private banks and brokers. Learn more at www.blooma.ai.
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