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Stearns Bank, Truepic Partner to Bring Remote Inspections, Reduced Wait Times to Loans

September 23, 2021, 07:12 AM
Filed Under: Industry News

Stearns Bank N.A., a Minnesota-based financial institution, has partnered with Truepic, a leader in digital image provenance and authenticity to innovate and accelerate its equipment lending to thousands of beneficiaries around the country. Stearns Bank has successfully deployed Truepic’s Vision platform to ensure authenticity of media at the point of capture allowing real-time inspections of equipment finance borrowers anywhere in the world. With this innovation, Stearns Bank has cut its borrowers' wait times by 4.8 days per loan, or 3,746 days collectively this year.

The platform’s patented fraud detection, image provenance and authentication technology identifies and pre-emptively reduces fraudulent activity and will cut collective costs by over 100,000 dollars this year. In addition, the technology empowers Stearns Bank to conduct inspections remotely and drive down transportation emissions associated with traditional oversight. In 2021, Stearns Bank will have prevented the emissions of over 20,000 pounds of Co2 associated with equipment finance inspections - the equivalent of over 450 trees’ absorption capacity.

“It’s encouraging to partner with a company whose values align with those of Stearns Bank,” said Jill Molitor, Director of Credit & Fraud Strategy at Stearns Bank N.A. “Truepic’s use of technology coupled with their environmental focus reinforce Stearns Bank’s commitment to surpass customer expectations with thorough safety, soundness and a sense of urgency.”

Stearns Bank has successfully conducted authenticated virtual inspections with the Vision platform in hundreds of cities in all 50 states and Canada. Stearns Bank plans to expand its use of Truepic’s technology across multiple lines of operations to amplify and multiply the many cost, time, risk and environmental benefits.

“Stearns Bank has been an innovator and was one of the earliest adopters of image authentication technology in the lending and banking industry. We are delighted that our technology can help drive immediate benefits to the bank’s customers and important Co2 reductions for society. We believe this is the future of digital banking and all trust transactions online and this is a wonderful start,” said Craig Stack, Founder and President of Truepic.

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