Wednesday, November 27, 2019

Biggest Threat to Banking: 74% Report Complacency and the Unwillingness to Digital Change


So states, Jim Marous, of The Financial Brand in his Top 5 Digital Transformation Trends for 2020.  His conclusion is backed up by the data.  While half of personal loans and over one-third of small business loans are provided digitally by FinTech companies, only 6% of FIs today are providing a fully- digital loan online.  74% report they have no immediate plans to change!


Fortunately more banks are offering personal loans through a mobile device up to $30k and small business loans under $100k to compete with FinTechs.  The American Banker reports today that $177B HSBC is following $100B Compass bank in offering “express” loans that can be delivered in minutes.  Banks of all sizes are offering targeted specific unsecured loan processes to serve customers with mobile personal and small business loans in minutes, including $13B United Community Bank$4 Billion Stock Yards Bank$1Billion  Pinnacle Bank$500 MM Pennian Bank and $200 MM Century Bank.


Community banks can win in this space.  They have advantages with the lowest cost of funds, existing customer relationships, sound underwriting and documented compliance.  They just need end-to-end digital technology.   

For example, our MinuteLender® generates a loan application in 15 seconds, provides a loan offer or disposition in 30 seconds, and executes all loan documents and completion in minutes, in-branch or out, all digitally on a smart or mobile device.  All is under the FIs control of branding, underwriting, compliance, and control for loans on their books.  Visit us at RCGILTNER Services, Inc. to learn more.





2 comments:

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