Blog

Watch the Video: Digital Lending in Action

Posted by Michele Rehm, Marketing Manager on Feb 20, 2017 1:55:19 PM

What would your account holders' online lending experience look like if your institution offered it? View an excerpt of our most recent Educational Webinar, "The Digital Lending Opportunity for Community Financial Institutions," in which digital lending expert Bob Giltner demonstrates the online loan application process.

In this short video, you will see how two banks allow account holders to easily apply for loans from their own websites and get approval.... all in under three minutes! The banks incorporate digital lending technology using their own branding, underwriting parameters and risk tolerances to profitably offer account holders small business loans under $100,000 and consumer loans under $30,000.

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Topics: Digital Lending, Online Lending

Be Like Uber and Lend More Competitively

Posted by Trevor Knott, Sr. VP Business Development on Oct 26, 2016 4:44:58 PM

When the app-based driver service Uber hit the streets in 2010, it quickly siphoned off a large percentage of business from the taxi industry. Uber won over taxi riders with its on-demand response and digital delivery method.

Today, the same thing is happening with Online Lending and your customers.

In record numbers, consumers and small businesses alike are getting the short-term loans they need from online, non-bank lenders like LendingTree and OnDeck—preferring their rapid approval and delivery to traditional lending methods.

Unless you innovate like Uber, your institution could lose up to 60% of your retail and small business profits to non-bank entities in the next five years, according to a study by the consulting firm McKinsey & Company. 

The industry advisory firm Bain & Company concurs, saying, "Banks need to accelerate investments in digital lending if they are to avoid a material decline in profits and loss in market share."

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Topics: Digital Lending, Innovation, Online Lending