FDIC Chair Says Community Banks Won’t Survive Without Tech Innovation

FDIC Chair Jelena McWilliams stated at the conference on the future of banking that fintech is a must for community banks.

It is easy to see her point in the example of digital lending.  The fastest growing part of lending is personal loans as shown below.

But non-bank Fintechs are capturing how half of this $300B+ market from a 0% share 10 years ago.

The solution for FIs is to provide their own digital lending technology under their brand, their underwriting and their control for loans on their books.  That is why we provide off-the-shelf MinuteLender® technology for consumer and small business loans automating an application in 15 seconds, loan offer or disposition in another 15 seconds and complete document completion in minutes, all in branch or out on a smart device digitally.  FIs have the lowest cost of funds, existing customer relationships, proven underwriting and documented compliance.  They just need the MinuteLender® technology as a growing array of our clients demonstrate.