Choosing the right digital lending partner can be a daunting task with many things to consider. Every financial institution is different, but creating and executing a digital lending strategy is critical in order to stay competitive and win in today's enviornment.
Built on more than 35 years of innovation and experience serving community banks and credit unions, Baker Hill NextGen® has the digital lending tools community banks and credit unions need to drive loan growth, reduce risk and increase profitability. Our team of experts has helped financial institutions transform their lending processes with modern, digital loan origination solutions.
No matter where you are in the process, Baker Hill has the resources that can help you develop and implement your strategy for digital lending. If you're ready to learn how Baker Hill can partner with your institution to deliver a comprehensive digital lending experience, help you increase efficiency, and grow your loan portfolio, request a consultation with our team today.
Not quite ready for a consultation but want to see where your institution is in the race to digital digital lending maturity? You can take this quick assessment to find out if you're in the fast lane, on the right track, or still at the starting line when it comes to your digital lending strategy. After taking the assessment, you'll receive additional digital lending resources and information based on your results.
Additional Digital Lending Resources:
The Do’s and Don’ts of Digital Lending Transformation
In this article originally published in Bank Director, John Watts, SVP of Operations for Baker Hill writes "Bankers try to make the tech fit to their existing processes, rather than the other way around. If you’re already considering a digital transformation, you might be tempted to run out and overhaul your entire system right away. However, this can be an overwhelming approach, destining the project for failure. However, there are a few quick do’s and don’ts that can benefit every institution."
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Are Banks and Credit Unions Really Making the Most of Technology?
For many mid-size community banks and credit unions, the shift to technology has been slow. While the COVID-19 pandemic forced the hands of many smaller financial institutions, there is a mindset of resistance when it comes to implementing financial technology practices. This often hinders the results that the technology can provide, since bankers try to make the tech fit to their processes rather than the other way around. Learning new methods to do something you’ve done your entire career can be daunting, but the results for your customers and your institution are worth tackling the learning curve.
Managing Risk in Digital Lending
Risk comes in many forms: Operational, Credit, Regulatory, and Reputational. From origination to servicing these loans, there is one common theme: risk is everywhere. Technology partners, like a loan originations system, can help to manage that risk with a transformation from manual to digital.
The Dichotomy of Commercial Banking
“It was the best of times; it was the worst of times” Charles Dickens once said about the United States Commercial Banking landscape or close to it. Although Dickens may have been referring to the societies of 19th century Europe, a similar dichotomy exists if you’re a commercial banker. Can digital lending tools help you in you commercial lending processes through good times and the bad?
What We Learned in 2020: A New Digital Banking Strategy
The need to deliver a digital lending experience to a bank’s small business and commercial customers has been a rallying cry for several years. While the need has been there, the digital focus has been heavily centered on the consumer customer.