Small Businesses Demand Loans on a Mobile Device in Minutes

Small businesses demand mobile user experiences, with 60% wanting lending to be an entirely online experience…

reports the recent HBR article, How Banks Can Compete Against an Army of Fintech Startups.  The key question for your FI is how you are going to compete?

The good news is community FIs have a long history of winning in serving small business.  Over half of the small business loans made in the past, according to the FDIC, are made by FIs under $10 Billion.  Further, you have major advantages in competing with Fintech:

·         You have a more stable and lower cost of funds.  Last year, community bank cost of funds was about 1% compared to 5% for many Fintech companies relying on wholesale funding.

·         You have established customer relationships.  Fintech companies report spending as much as 40% of revenue to acquire a customer.

·         You have established compliance.  While most Fintech providers are outside of existing compliance and are seeking “Fintech charters,”  you have established and well-know compliance.

All you need to win  in the future is the affordable digital technology, and that is what we provide to community FIs with MinuteLender:  your loans, your underwriting, your compliance and your control - all on a smart device in three minutes.  Let’s talk!