Committees : Lending
Paynet, Inc. President & Co-Founder William Phelan looks at the reasons behind this and the true cost of the small business credit gap.
WSFS Financial Corp entered into a partnership with LendKey to offer its own competitive student loan products.
Woodforest partnered with Charlotte-based PrecisionLender to help relationship managers (RMs) win better deals that aligned with the bank’s strategy.
Once, most lending was done by traditional financial institutions, like banks.
NBKC partnership with Roostify illustrates how savvy use of technology platforms can also benefit the lender’s bottom line.
Banks must expand their technology tool set, especially when originating small business loans.
Chip Mahan tells the story of how Live Oak Bank needed a cutting edge lending platform, and decided not to hire an outside vendor, but to create the platform itself.
By partnering with Built Technologies, Franklin Synergy Bank was able to streamline its construction loan administration and increase its construction loan capacity by over 33 percent.
There are a ton of choices out there for banks and credit unions to evaluate fintech solutions to improve the small business lending experience.
If financial institutions want to preserve and grow their SMB lending business, they will need to revisit two aspects of their loan origination strategy.