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?
These days, consumers can accomplish just about anything thanks to connected devices, whether a smartphone, tablet or smartwatch. Smart assistants have taken this idea even further, allowing consumers to complete certain activities, such as purchasing household items like laundry detergent, by a simple voice request. As a result, consumers have expectations that are higher than ever, including when it comes to managing their finances and even when applying for a loan. However, the lending process for many financial institutions is still wrought with friction, which negatively impacts the borrower experience.