Since 1957, The First National Bank of Cortez (FNB) has been committed to improving banking services for its customers in Southwestern Colorado. The company offers personal and small businesses hassle-free setup and secure transactions for online banking. Like many Community Banks, FNB Cortez realized the necessity to digitally transform not only their external offerings but also internal operations. This shift set their sights on making their bank more effective, efficient, and marketable in their community.
Jim Hoffmann, President of FNB Cortez, said that the bank previously operated in an “archaic manner”. However, over the past five years, FNB Cortez has implemented innovative changes, including the use of Convene in addition to Zoom Meetings.
First National Bank aimed to digitize its boardroom, just as it did with its online banking services. After upgrading its online banking and mobile app, the company transitioned to Convene to initiate paperless board activities and faster internal loan approvals.
FNB Cortez Digitizes Its Board Meeting Process
FNB’s previous monthly meetings required a tedious preparation of large 3-ring binder board packets, with each copy for every member. Board members were then flooded with paperwork to skim through before and after meetings, which also needed to be discarded properly. Jim noted, “After we started using Convene, the meetings became much more efficient.”
Previously, the board secretary had to distribute or deliver the printed packets. Members would then receive their packets just a day or two before the meeting without much time to read them. With the help of Convene, members can now receive their packets five days before the meeting, providing additional time and saving unnecessary extra costs.
Another factor that slowed the meeting process was last-minute changes. Jim revealed that they typically had to make changes to packets ten minutes before meetings. Convene eliminates the hassle of slipping new details into paper packets since it automatically syncs changes online. Having digital packets allowed FNB to seamlessly finalize their packets and allowed directors to review changes online. “Everything will be there and finalized before the board meeting starts,” Jim noted.
Board Meeting Discussions Now Smoother
Early and easy access to meeting packs is vital for directors to prepare for discussions. With Convene simplifying the meeting preparation, board members can access packets on their own iPad. There’s no need to skim through paper packets and carry them around.
Jim highlighted that the Presenter Mode in Convene keeps everyone in sync with the discussion or current agenda topic. “If we (or the presenter) need to skip from one section to another, everybody’s magically there. They’re not flipping through their packet or trying to find it themselves.”
Additionally, Convene allows FNB to store all its confidential financial information in a secure environment and share it safely. The board secretary can create the meeting agenda and details in Convene and have the board review the items that are up for approval before the meeting.
No More Week-Long Approval Process for Loans
Besides simplifying the meeting process, FNB uses Convene to streamline its loan approval process. The loan committee no longer needs to arrange virtual meetings with the board for loan approval. “We don’t have to wait for the next board meeting; we just send it out via Convene for approval,” according to Jim.
By uploading loans to the portal, the board can easily log in, check the documents, and make a vote online via’s Convene’s Review Room. The loan committee and the board can easily collaborate in the Review Room at any convenient time without the need for frequent meetings.
Traditionally, the loan approval process could take weeks or longer. Using Convene enabled FNB to get loans approved in just a few days instead of a few weeks. The loan committee can quickly prepare loan presentations and send it to the board in no time.
Why First National Bank of Cortez Recommends Convene
The bank’s use of Convene has brought several benefits, including reduced costs and time savings, as well as improved security and efficiency. With Convene, FNB Cortez has minimized the need for paper copies, which has resulted in significant cost savings. The bank has also been able to streamline its loan approval process, reducing approval times from weeks to just a few days.
Convene has also improved the overall efficiency of FNB’s board meetings. Board members now have access to meeting materials well in advance, allowing them to prepare thoroughly and participate more actively in discussions. The ability to make last-minute changes without disrupting the meeting has also been a significant advantage for FNB Cortez.
FNB’s positive experience with Convene has led the bank to recommend the platform to other businesses looking to streamline their board meeting processes. Convene’s user-friendly interface and robust features have proven to be an asset, enabling the bank to manage its board meetings and loan approval process with ease.
In conclusion, Convene has been a game-changer for FNB, helping the bank modernize its boardroom and simplify its loan approval process. With the platform’s robust features and ease of use, FNB has been able to achieve more efficient, secure, and productive board meetings, which ultimately helps FNB to serve their customers and shareholders better.
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