Construction lenders and builders rely on Built Technologies to accelerate the lending and payment processes that are adding new levels of efficiency to the industry. They’ve added Baton to heighten client engagement during the onboarding process.
Built empowers the construction finance ecosystem with software tools that help the entire industry make better lending and spending decisions. Always looking to improve, Built uses Baton to streamline its implementation process.
Built connects everyone in the construction ecosystem; the lenders, their customers, builders, borrowers, inspectors and title companies, all together in a single location, maximizing communication efficiency by having everything in the same place. While there’s always risk involved in the lending process, Built is providing a new process where banks can better mitigate risk and promote better relationships with customers.
Built’s implementation team assists lenders with their entire in-progress construction loan portfolio; how they move loans into a closed state when construction begins, how they do inspections and draws on properties, and more. Built is involved in pretty much everything a lending bank needs to complete—to move money—in order to get construction projects done.
Business Challenges:
Banks that employ construction lending and payment software place an extra high value on efficiency, security and streamlined processes. A top priority for the Built implementation team is to make sure they deliver value from the moment Sales hands-off the project. To ensure this required proficiency, Built adopted Baton’s Implementation Management Software (IMS) for their client onboarding process, and specifically with the workflow of their lending banks.
Other tools Built tried lacked real visibility into the project plan. Those tools required added work, like exporting the project into an Excel document or a PDF before sharing it with the client. Before Baton, there were two or three extra steps with each client update. They had to export, then make sure it’s accurate, and then send it over. And if anyone made any changes, they’d have to do that all over again. That extra work is eliminated with Baton.
Highlights & Benefits
- Baton helps Built move away from overly complex project management tools and embrace a more agile method where multiple “sections” in a project could be done in parallel. They now enjoy the flexibility to work ‘out of chronological order,’ when necessary.
- Speaking of flexibility, Built leverages Baton’s “Client Presentation Mode,” a curated view of the project, ideal for guiding a project meeting along. With this feature, Built doesn’t have to create new project plans—or edit the plan as they send it off—to let each client clearly know precisely what they need to be working on.
- Using Baton, Built was able to provide their clients with more visibility early on. With a “live space” for client collaboration and Baton’s unique client engagement report, they saw increased client engagement in just a couple of months.
- Built also uses Baton for internal process improvement; to identify bottlenecks in project plans, plan for project resource requirements, and forecast resource needs across their entire portfolio.
- Banking customers operate in a highly regulated industry, making Baton’s commitment to SOC2 compliance and best-in-class security the safest IMS option for Built’s lenders.
- Baton has been well-received in an industry where outdated technologies are not rare. According to Moon, Built’s client engagement metrics have skyrocketed, “getting 20- to 30- to 40% more clients coming in…I have some good client feedback and also have numbers to back that up.”
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