Bain: Community Banks Wake Up to Digital Lending

“Banks need to accelerate investments in digital lending if they are to avoid a material decline in profits and loss in market share.” 

So states Bain and Company in their just published research report.  Specifically, they point out that leading banks have already started to invest in creating better customer experiences 24/7 through online digital lending.  These investments generally have paid off with faster, better and cheaper lending processes  

But their research shows most banks are slow in identifying and digitizing lending opportunities. Bain outlines the key steps financial institutions should take to leverage their digital lending opportunity.

• Focus first on relevant, simple and easily bought offers.  These segments and offers are small business or micro lending, consumer lending and lending to low-to-moderate income households.

• Implement efficient, digitalized processes.  Automated, online digital lending can handle the lending process, renewals and monitoring for a few hundred dollars per loan, a fraction of the cost of current processes

• Enable migration of customers to anywhere, anytime self-service.  Digital online lending can occur 24/7.

• Assure rapid innovation and business reinvention.  A key is to leverage the easy opportunities with high profit segments first and not become delayed in trying to comprehensively change all loans processes

These are exactly the capabilities of our consumer online digital platform and our small busines online digital lending platform for community banks to serve small businesses and consumers.  Want to learn the opportunity and benefit for your bank?  Join us for the webinar:  Online Digital Lending for Community Banks.  Click on the title or visit www.rcgiltner.com.