Dan O’Malley became a believer in the power and speed of automated loan approvals a decade ago, while working as a senior director for Capital One Financial Corp., the big credit-card issuer. “We had a model for every single person in the United States, so that if you came onto the website, we could instant-decision you for a credit card,” he recalls. As chief digital officer at $9.9 billion asset Eastern Bank since 2014, O’Malley has brought the same taste for technology-driven speed to small-business lending. O’Malley, also head of Eastern Labs, the Boston-based bank’s innovation unit, says he can...
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John R. Engen is a freelance writer and a contributor to Bank Director magazine.