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The business case for adopting digital automation for small business and consumer loans

Posted by Trevor Knott, Sr. VP Business Development on Dec 4, 2017 5:47:53 PM

Article originally published on CBInsight.com, November 29, 2017

The small business and consumer unsecured loan market is enormous—$1.3 trillion by some estimates. For community and regional banks under $10 billion in assets, however, this market is quickly becoming a missed opportunity. Banks this size have a mere nine percent penetration into the market for small business loans under $100K and only an 11 percent share of the personal loan/credit card market. These paltry numbers are disappointing, especially when you consider institutions of this size used to stake claim to these loans before ceding them to non-bank, online lenders.

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Topics: Digital Lending, Digital Strategy, non-bank lenders