Case Study: Stearns Bank achieves faster loan processing and lower inspection costs with Truepic

Stearns Bank cuts loan wait times by 4.8 days with Truepic

Stearns Bank N.A., a Minnesota-based financial institution, faced the challenge of accelerating its equipment lending process while ensuring the authenticity of media used for remote inspections. To innovate and reduce fraud, the bank partnered with vendor Truepic and implemented its Vision platform.

By using Truepic's technology to conduct authenticated virtual inspections, Stearns Bank significantly cut its loan processing times and reduced collective costs by over $100,000. The solution also delivered a substantial environmental benefit, preventing over 20,000 pounds of CO2 emissions. Truepic's platform enabled the bank to securely expand its operations across all 50 states and Canada.

Stearns Bank N.A