Speed and convenience aren’t the only improvements your financial institution can make to its lending process – greater transparency should also be a priority.
I love the month of May! You get the outlandish hat designs of the Kentucky Derby, the speed of the Indianapolis 500, and that innovative design and speed all come together at FinovateSpring! Baker Hill was selected again to present at Spring 2018, where we demonstrated our new Online Loan Application and our Business Origination solutions (you can click here to see our FinovateSpring 2017 video).
They say numbers never lie. I am going to challenge that, at least in this blog. We ended 2017 with data that indicated a shift: smaller community banks (those under $10 billion) were outperformed by their larger competitors when it came to small business lending. Looking back, I think the biggest difference was the adoption of FinTech capabilities by those larger banks and with the openness of their channels to attract and grow their platforms. So how are the smaller banks responding? And most importantly how can we change that trend?