In
his new book, Creating Strategic
Value Through Financial Technology, Jay Wilson of Mercer Capital quotes
William Easterlin, CEO of Queensborough National Bank, on why digital lending
is so important to community banks:
“I need something that is going to help me make the
loans I’m already making, but far more efficiently.”
His
comment reflects what every community bank CEO knows: they don’t make money on business loans under
$100,000 or consumer loans under $50,000.
Why? Because the origination,
underwriting, delivery, compliance and operations costs are too high and
inefficient. Yet over half of all
business loans are under $100,000 and community banks poorly serve the $1.4
trillion in personal loans held by their customers elsewhere. Community banks often make small business and
consumer loans to serve their customers and markets, just unprofitably and inefficiently, as Mr. Easterlin states.
MinuteLender® allows community and regional
banks to efficiently and profitable deliver small business and consumer loans,
with applications and offers accomplished in a minute, and loan executed with e-sign in
five minutes. No other platform can
deliver that result.
And it is all done under your brand, your underwriting for loans on your balance sheets integrating your deposit and loan relationships, with your compliance and control, on a smart device or computer, in-branch or at home. Learn more about MinuteLender® and start making the loans you are already making profitably and efficiently, give customers a superior customer experience and drive new revenue.
And it is all done under your brand, your underwriting for loans on your balance sheets integrating your deposit and loan relationships, with your compliance and control, on a smart device or computer, in-branch or at home. Learn more about MinuteLender® and start making the loans you are already making profitably and efficiently, give customers a superior customer experience and drive new revenue.
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