“Every bank should be working
re-engineering the small business lending process,” says John Barlow of
Barlow Research in the recent WSJ article on banks enlisting digital lending technology to help. All should wake up to digital lending, reports
Bain and Company research.
When community banks are looking for revenue growth, no
place is better than their small business customers. The average bank has less than 20% of its
small business checking customers also using its loan services. The reason is their well-designed processes
for serving large loans needs fail in speed and simplicity for the 40% of all
business loans in the marketplace that are under $50k.
But digital lending technology platforms are now available
under your brand and your control with sound underwriting, full compliance and
data security. It is the game-changer
for your small business lending strategy and process in 2016. The next step is up to you.
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