M&T Bank had to address numerous contracts that reference the LIBOR rate with varying degrees of complexity before June 2023. They hired numerous individuals to identify which contracts required attention and determine the most appropriate course of action.
Jon Storm, Vice President, Senior Systems Analyst at M&T Bank, was approached by the technology group tasked with discovery for finding solutions for the LIBOR remediation project. “They came to us with certain business requirements to see if Seismic could support them, and that answer turned out to be yes. We were a little surprised at the flexibility and extensibility of Seismic’s platform because we hadn’t undergone any major integrations yet. At the same time, we would meet additional goals of sales enablement, not just the LIBOR project,” explained Storm.
The platform was able to meet the business requirements for the project and was flexible and extensible enough to allow for future solutions. The platform also enabled the bank to limit the involvement of the sales force to a single system and reduce client touchpoints, making it easier to execute the remediation of loans.
The Seismic platform enabled the team to create a folder hierarchy to organize loan amendment documents into individual Workspaces and group them in a larger folder structure. It also made it simple to delegate and modify the folder structure to manage employee transitions like leaves of absence, attrition, promotions, and internal movement, resulting in easier project management.
The project achieved 100% adoption from the Relationship Managers (RMs) who had customer contracts that required LIBOR mediation. “Almost overnight we went from only dozens of people using Workspace and LiveSend among the RM population to 1,500 plus and an 80 to 85% adoption rate among the whole group of these technologies after one year in production,” shared Storm.
After one year in production, M&T bank reached a point of 83% of loans remediated, with little to no pushback from RMs.
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