CECL Compliance Forcing Banks to find Technology Solutions

Current Expected Credit Loses Standard or CECL goes into effect in 2020, though banks are now starting to experiment with technology solutions to solve the problem it causes; the requirement forces banks to put potential loan losses on their books when they put an asset on their books; right now it can take a bank almost a week to go through a largely excel driven process; beginning to implement changes now can help banks stay ahead and begin using technology to solve other data driven problems; Bank Independent of Sheffield, Alabama has said since using technology from Sageworks they have cut down time from a week to a day. Source.